Fortinet, Inc. (NASDAQ:FTNT) was upgraded by investment analysts at BidaskClub from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday.

FTNT has been the topic of several other research reports. Zacks Investment Research lowered shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and set a $45.00 price objective on shares of Fortinet in a research report on Monday, April 17th. Royal Bank Of Canada lifted their price objective on shares of Fortinet from $35.00 to $41.00 and gave the stock an “outperform” rating in a research report on Friday, April 28th. ValuEngine upgraded shares of Fortinet from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, Dougherty & Co lifted their price objective on shares of Fortinet from $38.00 to $46.00 and gave the stock a “buy” rating in a research report on Friday, April 21st. Nine investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $41.52.

Fortinet (NASDAQ:FTNT) traded up 0.12% during midday trading on Thursday, reaching $40.12. The company had a trading volume of 1,958,136 shares. The company has a market capitalization of $7.05 billion, a P/E ratio of 167.17 and a beta of 1.02. Fortinet has a 52-week low of $28.50 and a 52-week high of $41.33. The company’s 50 day moving average is $38.80 and its 200-day moving average is $36.33.

Fortinet (NASDAQ:FTNT) last posted its quarterly 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 firm 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%. The firm’s quarterly revenue was up 19.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.12 earnings per share. Equities analysts expect that Fortinet will post $0.91 earnings per share for the current fiscal year.

TRADEMARK VIOLATION WARNING: This piece was posted by American Banking News and is the property of of American Banking News. If you are accessing this piece on another publication, it was illegally copied and republished in violation of United States & international copyright and trademark law. The legal version of this piece can be accessed at https://www.americanbankingnews.com/2017/07/16/fortinet-inc-ftnt-upgraded-by-bidaskclub-to-hold.html.

In related news, Director Christopher B. Paisley sold 6,000 shares of Fortinet stock in a transaction on Monday, May 1st. The shares were sold at an average price of $39.04, for a total value of $234,240.00. Following the completion of the sale, the director now owns 67,949 shares of the company’s stock, valued at approximately $2,652,728.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP John Whittle sold 11,057 shares of Fortinet stock in a transaction on Tuesday, May 2nd. The shares were sold at an average price of $39.45, for a total transaction of $436,198.65. Following the completion of the sale, the vice president now directly owns 11,868 shares of the company’s stock, valued at approximately $468,192.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 29,857 shares of company stock valued at $1,178,454. 16.40% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. LS Investment Advisors LLC raised its position in Fortinet by 0.7% in the first quarter. LS Investment Advisors LLC now owns 13,415 shares of the software maker’s stock worth $514,000 after buying an additional 96 shares in the last quarter. Capstone Asset Management Co. raised its position in Fortinet by 1.4% in the second quarter. Capstone Asset Management Co. now owns 13,582 shares of the software maker’s stock worth $509,000 after buying an additional 190 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec raised its position in Fortinet by 1.2% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 17,000 shares of the software maker’s stock worth $653,000 after buying an additional 200 shares in the last quarter. Fisher Asset Management LLC raised its position in Fortinet by 0.8% in the second quarter. Fisher Asset Management LLC now owns 31,427 shares of the software maker’s stock worth $1,177,000 after buying an additional 252 shares in the last quarter. Finally, Ropes Wealth Advisors LLC raised its position 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 in the last quarter. 72.77% of the stock is owned by hedge funds and other institutional investors.

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.

Analyst Recommendations for Fortinet (NASDAQ:FTNT)

Receive News & Ratings for Fortinet Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortinet Inc. and related companies with MarketBeat.com's FREE daily email newsletter.