Fortinet Given Consensus Recommendation of “Buy” by Analysts (NASDAQ:FTNT)
Fortinet (NASDAQ:FTNT) has earned a consensus rating of “Buy” from the twenty-three ratings firms that are covering the stock, Analyst RN reports. Five equities research analysts have rated the stock with a hold recommendation and sixteen have assigned a buy recommendation to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $27.43.
In other Fortinet news, VP Michael Xie unloaded 20,000 shares of the stock on the open market in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $24.99, for a total transaction of $499,800.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
A number of analysts have recently weighed in on FTNT shares. Analysts at Piper Jaffray initiated coverage on shares of Fortinet in a research note on Tuesday, August 12th. 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 25.11 on Wednesday. Fortinet has a 1-year low of $16.29 and a 1-year high of $26.23. The stock’s 50-day moving average is $24.69 and its 200-day moving average is $22.93. The company has a market cap of $4.112 billion and a price-to-earnings ratio of 115.50.
Fortinet (NASDAQ:FTNT) last released its earnings data 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. On average, analysts predict that Fortinet will post $0.48 earnings per share for the current fiscal year.
Fortinet, Inc (NASDAQ:FTNT) provides network security solutions.
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