Fortinet Stock Price Up 4.1% on Earnings Beat (FTNT)
Fortinet (NASDAQ:FTNT)’s share price rose 4.1% during trading on Thursday after the company announced better than expected quarterly earnings, StockRatingsNetwork reports. The company traded as high as $23.16 and last traded at $22.95, with a volume of 3,640,710 shares traded. The stock had previously closed at $22.04.
The company reported $0.11 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.09 by $0.02. The company had revenue of $168.90 million for the quarter, compared to the consensus estimate of $157.96 million. During the same quarter in the prior year, the company posted $0.10 earnings per share. The company’s quarterly revenue was up 24.4% on a year-over-year basis.
Several analysts have recently commented on the stock. Analysts at FBR Capital Markets raised their price target on shares of Fortinet from $27.00 to $28.00 in a research note on Thursday. Separately, analysts at Cowen and Company raised their price target on shares of Fortinet from $22.00 to $23.00 in a research note on Thursday. Finally, analysts at Jefferies Group raised their price target on shares of Fortinet from $25.00 to $26.00 in a research note on Thursday. They now have a “buy” rating on the stock. Four equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $25.09.
The stock’s 50-day moving average is $22.41 and its 200-day moving average is $20.78. The company has a market cap of $3.684 billion and a price-to-earnings ratio of 84.77.
Fortinet, Inc (NASDAQ:FTNT) provides network security solutions.
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