Fortinet Coverage Initiated by Analysts at Piper Jaffray (FTNT)
Equities researchers at Piper Jaffray began coverage on shares of Fortinet (NASDAQ:FTNT) in a research report issued on Tuesday. The firm set an “overweight” rating and a $31.00 price target on the stock. Piper Jaffray’s price target would suggest a potential upside of 23.11% from the stock’s previous close.
Shares of Fortinet (NASDAQ:FTNT) traded down 1.31% on Tuesday, hitting $24.85. The stock had a trading volume of 935,827 shares. Fortinet has a 52 week low of $16.29 and a 52 week high of $26.23. The stock has a 50-day moving average of $24.58 and a 200-day moving average of $22.84. The company has a market cap of $4.070 billion and a price-to-earnings ratio of 114.45.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Wednesday, July 23rd. The company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.01. The company had revenue of $184.10 million for the quarter, compared to the consensus estimate of $171.58 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 24.9% on a year-over-year basis. On average, analysts predict that Fortinet will post $0.48 earnings per share for the current fiscal year.
In other Fortinet news, VP John Whittle unloaded 1,755 shares of the company’s stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $25.00, for a total value of $43,875.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.
A number of other analysts have also recently weighed in on FTNT. Analysts at Nomura reiterated a “buy” rating on shares of Fortinet in a research note on Thursday, July 24th. They now have a $30.00 price target on the stock, up previously from $27.00. Separately, analysts at Raymond James reiterated an “outperform” rating on shares of Fortinet in a research note on Thursday, July 24th. They now have a $29.00 price target on the stock, up previously from $25.00. Finally, analysts at JMP Securities reiterated a “market outperform” rating on shares of Fortinet in a research note on Thursday, July 24th. They now have a $30.00 price target on the stock, up previously from $26.00. Five equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $27.43.
Fortinet, Inc (NASDAQ:FTNT) provides network security solutions.
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