Fortinet, Inc. (FTNT) Coverage Initiated by Analysts at Northland Securities
Analysts at Northland Securities started coverage on shares of Fortinet, Inc. (NASDAQ:FTNT) in a research report issued on Thursday. The brokerage set an “outperform” rating and a $45.00 price target on the software maker’s stock. Northland Securities’ target price points to a potential upside of 19.27% from the stock’s current price.
FTNT has been the topic of several other reports. Monness Crespi & Hardt began coverage on shares of Fortinet in a research report on Wednesday, June 14th. They set a “buy” rating and a $45.00 price target on the stock. Oppenheimer Holdings, Inc. restated an “outperform” rating and set a $45.00 price objective on shares of Fortinet in a research note on Thursday, June 22nd. Susquehanna Bancshares Inc assumed coverage on Fortinet in a report on Wednesday, June 7th. They issued a “neutral” rating and a $45.00 price objective for the company. ValuEngine upgraded Fortinet from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Finally, Zacks Investment Research raised Fortinet from a “hold” rating to a “buy” rating and set a $44.00 target price on the stock in a research report on Wednesday, May 3rd. Seven investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $41.42.
Fortinet (NASDAQ:FTNT) traded down 0.03% during mid-day trading on Thursday, reaching $37.72. 416,611 shares of the company’s stock were exchanged. Fortinet has a 52-week low of $28.50 and a 52-week high of $41.33. The stock has a 50-day moving average price of $39.14 and a 200 day moving average price of $36.04. The company has a market cap of $6.63 billion, a PE ratio of 164.00 and a beta of 1.05.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, April 27th. The software maker reported $0.07 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.02 by $0.05. Fortinet had a net margin of 3.06% and a return on equity of 7.34%. The company had revenue of $340.60 million for the quarter, compared to the consensus estimate of $334.44 million. During the same period last year, the company earned $0.12 earnings per share. The firm’s revenue was up 19.7% compared to the same quarter last year. Equities analysts predict that Fortinet will post $0.91 earnings per share for the current fiscal year.
In other news, Director Christopher B. Paisley sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, May 1st. The shares were sold at an average price of $39.04, for a total transaction of $234,240.00. Following the transaction, the director now directly owns 67,949 shares of the company’s stock, valued at $2,652,728.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP John Whittle sold 11,057 shares of the firm’s stock in a transaction that occurred on Tuesday, May 2nd. The stock was sold at an average price of $39.45, for a total transaction of $436,198.65. Following the transaction, the vice president now directly owns 11,868 shares in the company, valued at $468,192.60. The disclosure for this sale can be found here. Insiders have sold a total of 29,857 shares of company stock worth $1,178,454 in the last quarter. Company insiders own 16.40% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its stake in shares of Fortinet by 7,159.6% in the first quarter. BlackRock Inc. now owns 13,177,758 shares of the software maker’s stock valued at $505,365,000 after buying an additional 12,996,236 shares during the period. MARSHALL WACE ASIA Ltd bought a new stake in shares of Fortinet during the first quarter worth about $77,398,000. Marshall Wace North America L.P. bought a new stake in shares of Fortinet during the first quarter worth about $77,398,000. Clearbridge Investments LLC increased its stake in shares of Fortinet by 27.7% in the first quarter. Clearbridge Investments LLC now owns 8,441,783 shares of the software maker’s stock worth $323,742,000 after buying an additional 1,831,096 shares in the last quarter. Finally, Renaissance Technologies LLC increased its stake in shares of Fortinet by 45.0% in the first quarter. Renaissance Technologies LLC now owns 3,795,400 shares of the software maker’s stock worth $145,554,000 after buying an additional 1,177,300 shares in the last quarter. Institutional investors own 73.38% of the company’s stock.
Fortinet Company Profile
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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