Fortinet Reaches New 52-Week High at $24.67 (FTNT)
Fortinet (NASDAQ:FTNT) reached a new 52-week high during mid-day trading on Thursday , Analyst Ratings.Net reports. The company traded as high as $24.67 and last traded at $24.40, with a volume of 323,133 shares trading hands. The stock had previously closed at $24.51.
A number of research firms have recently commented on FTNT. Analysts at Citigroup Inc. reiterated a “hold” rating on shares of Fortinet in a research note on Thursday, April 24th. They now have a $24.00 price target on the stock. Separately, 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, April 24th. Finally, 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, April 24th. Five investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $25.30.
The stock’s 50-day moving average is $22.52 and its 200-day moving average is $21.63. The company has a market cap of $3.983 billion and a P/E ratio of 102.12.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Wednesday, April 23rd. The company reported $0.11 earnings per share for the quarter, beating the analysts’ 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 last year, the company posted $0.10 earnings per share. Fortinet’s revenue was up 24.4% compared to the same quarter last year. On average, analysts predict that Fortinet will post $0.50 earnings per share for the current fiscal year.
Fortinet, Inc (NASDAQ:FTNT) provides network security solutions.
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