Fortinet’s (FTNT) “Outperform” Rating Reiterated at Oppenheimer Holdings, Inc.
Fortinet, Inc. (NASDAQ:FTNT)‘s stock had its “outperform” rating reaffirmed by investment analysts at Oppenheimer Holdings, Inc. in a report released on Thursday. They presently have a $45.00 target price on the software maker’s stock. Oppenheimer Holdings, Inc.’s price target indicates a potential upside of 19.27% from the stock’s current price.
A number of other research analysts have also weighed in on FTNT. Robert W. Baird raised shares of Fortinet from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $38.00 to $50.00 in a research note on Wednesday, March 29th. Stifel Nicolaus raised their price objective on shares of Fortinet from $36.00 to $42.00 and gave the company a “hold” rating in a research note on Monday, April 17th. BMO Capital Markets raised shares of Fortinet from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $44.00 to $46.00 in a research note on Friday, April 21st. They noted that the move was a valuation call. Dougherty & Co raised their price objective on shares of Fortinet from $38.00 to $46.00 and gave the company a “buy” rating in a research note on Friday, April 21st. Finally, Vetr raised shares of Fortinet from a “hold” rating to a “strong-buy” rating and set a $48.00 price objective on the stock in a research note on Monday, April 24th. Seven equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $41.26.
Shares of Fortinet (NASDAQ:FTNT) traded up 0.284% during midday trading on Thursday, hitting $37.837. 317,581 shares of the company were exchanged. The firm has a market capitalization of $6.65 billion, a price-to-earnings ratio of 164.509 and a beta of 1.05. Fortinet has a one year low of $28.51 and a one year high of $41.33. The firm’s 50 day moving average price is $39.14 and its 200 day moving average price is $36.04.
Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, April 27th. The software maker reported $0.07 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.02 by $0.05. The business had revenue of $340.60 million for the quarter, compared to analyst estimates of $334.44 million. Fortinet had a net margin of 3.06% and a return on equity of 7.34%. Fortinet’s revenue was up 19.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.12 earnings per share. Analysts forecast that Fortinet will post $0.91 EPS for the current fiscal year.
In related news, Director Ming Hsieh sold 4,743 shares of the firm’s stock in a transaction dated Thursday, June 8th. The shares were sold at an average price of $39.29, for a total transaction of $186,352.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP John Whittle sold 11,057 shares of the firm’s stock in a transaction dated Tuesday, May 2nd. The stock was sold at an average price of $39.45, for a total transaction of $436,198.65. Following the sale, the vice president now owns 11,868 shares of the company’s stock, valued at approximately $468,192.60. The disclosure for this sale can be found here. Insiders have sold 29,857 shares of company stock valued at $1,178,454 in the last 90 days. 16.40% of the stock is currently owned by corporate insiders.
Hedge funds have recently bought and sold shares of the company. Ropes Wealth Advisors LLC increased its stake in Fortinet by 11.1% in the first quarter. Ropes Wealth Advisors LLC now owns 2,755 shares of the software maker’s stock worth $106,000 after buying an additional 275 shares during the period. Harel Insurance Investments & Financial Services Ltd. increased its stake in Fortinet by 21.4% in the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 3,060 shares of the software maker’s stock worth $116,000 after buying an additional 540 shares during the period. Migdal Insurance & Financial Holdings Ltd. bought a new stake in Fortinet during the fourth quarter worth about $121,000. Flinton Capital Management LLC bought a new stake in Fortinet during the fourth quarter worth about $124,000. Finally, Thompson Davis & CO. Inc. increased its stake in Fortinet by 523.8% in the first quarter. Thompson Davis & CO. Inc. now owns 3,275 shares of the software maker’s stock worth $126,000 after buying an additional 2,750 shares during the period. Institutional investors and hedge funds own 73.32% of the company’s stock.
Fortinet, Inc is a network security company. The Company provides cyber security solutions to a range of enterprises, service providers and government organizations across the world. Its network security solution consists of FortiGate physical, virtual machine and cloud platforms, which provide integrated security and networking functions to protect data, applications and users from network-and content-level security threats.
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