Fortinet Given Consensus Rating of “Buy” by Brokerages (NASDAQ:FTNT)
Fortinet (NASDAQ:FTNT) has received an average rating of “Buy” from the twenty-three brokerages that are covering the stock, American Banking & Market News reports. Five research analysts have rated the stock with a hold recommendation and sixteen have issued a buy recommendation on the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $27.43.
A number of research firms have recently commented on FTNT. Analysts at Piper Jaffray initiated coverage on shares of Fortinet in a research note on Tuesday. They set an “overweight” rating and a $31.00 price target on the stock. Separately, 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. Finally, 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.
Shares of Fortinet (NASDAQ:FTNT) opened at 24.85 on Wednesday. Fortinet has a one year low of $16.29 and a one year high of $26.23. The stock has a 50-day moving average of $24.60 and a 200-day moving average of $22.87. The company has a market cap of $4.070 billion and a price-to-earnings ratio of 112.95.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Wednesday, July 23rd. The company reported $0.11 earnings per share for the quarter, beating the analysts’ 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 last year, the company posted $0.10 earnings per share. Fortinet’s revenue was up 24.9% compared to the same quarter last year. Analysts expect that Fortinet will post $0.48 EPS for the current fiscal year.
In other Fortinet news, VP John Whittle sold 1,755 shares of Fortinet stock in a transaction that occurred on Thursday, August 7th. The stock was 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.
Fortinet, Inc (NASDAQ:FTNT) provides network security solutions.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.