Fortinet Hits New 52-Week High at $26.35 (FTNT)
Fortinet (NASDAQ:FTNT) shares hit a new 52-week high during trading on Wednesday , Analyst Ratings Net reports. The stock traded as high as $26.35 and last traded at $25.74, with a volume of 1,233,278 shares. The stock had previously closed at $25.88.
FTNT has been the subject of a number of recent research reports. 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. Five research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. Fortinet currently has a consensus rating of “Buy” and a consensus target price of $27.43.
The stock has a 50-day moving average of $24.79 and a 200-day moving average of $23.18. The company has a market cap of $4.199 billion and a price-to-earnings ratio of 117.61.
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.
Fortinet, Inc (NASDAQ:FTNT) provides network security solutions.
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