Fortinet Coverage Initiated by Analysts at Northland Securities (FTNT)
Equities research analysts at Northland Securities began coverage on shares of Fortinet (NASDAQ:FTNT) in a research note issued to investors on Wednesday. The firm set an “outperform” rating and a $30.00 price target on the stock. Northland Securities’ target price points to a potential upside of 19.28% from the stock’s previous close.
A number of other analysts have also recently weighed in 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. Four equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. Fortinet currently has a consensus rating of “Buy” and an average price target of $25.65.
In other Fortinet news, VP John Whittle sold 21,032 shares of the company’s stock on the open market in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of $25.00, for a total transaction of $525,800.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Fortinet (NASDAQ:FTNT) opened at 25.15 on Wednesday. Fortinet has a one year low of $16.29 and a one year high of $25.46. The stock has a 50-day moving average of $23.00 and a 200-day moving average of $21.86. The company has a market cap of $4.101 billion and a P/E ratio of 104.71.
Fortinet (NASDAQ:FTNT) last released its earnings data on Wednesday, April 23rd. The company reported $0.11 earnings per share (EPS) for the quarter, beating the 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 previous year, the company posted $0.10 earnings per share. The company’s revenue for the quarter was up 24.4% on a year-over-year basis. Analysts expect that Fortinet will post $0.50 EPS for the current fiscal year.
Fortinet, Inc (NASDAQ:FTNT) provides network security solutions.
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