Several brokerages have updated their recommendations and price targets on shares of Fortinet (NASDAQ: FTNT) in the last few weeks:

  • 10/31/2017 – Fortinet was upgraded by analysts at Zacks Investment Research from a “hold” rating to a “buy” rating. They now have a $44.00 price target on the stock. According to Zacks, “Fortinet reported better-than-expected third-quarter 2017 results. The year over year comparisons were also favorable on both the counts. Notably, Fortinet has outperformed the industry on YTD basis. Going ahead, we believe that the company’s strategy of focusing on selling subscription-based services will enable it to generate more stable revenues and help in expanding margins. Furthermore, acquisitions are a major positive for Fortinet as these help it to strengthen its product portfolio and capabilities, thereby boosting its top-line performance. Nonetheless, we are slightly concerned over the company’s declining revenue growth rate. Notably, over the last five quarters, the company’s revenue growth rates have been around 20%, which are significantly lower than its previous rates of over 30%. Also, a tepid Q4 guidance and downbeat revenue outlook for full year makes us slightly cautious about its near-term performance.”
  • 10/27/2017 – Fortinet had its “hold” rating reaffirmed by analysts at Evercore ISI. They now have a $38.00 price target on the stock.
  • 10/27/2017 – Fortinet had its “buy” rating reaffirmed by analysts at Piper Jaffray Companies. They now have a $46.00 price target on the stock.
  • 10/27/2017 – Fortinet had its price target lowered by analysts at BMO Capital Markets from $46.00 to $45.00. They now have an “outperform” rating on the stock.
  • 10/27/2017 – Fortinet had its price target raised by analysts at UBS AG from $46.00 to $47.00. They now have a “buy” rating on the stock.
  • 10/24/2017 – Fortinet had its “buy” rating reaffirmed by analysts at KeyCorp. They now have a $46.00 price target on the stock.
  • 10/18/2017 – Fortinet was upgraded by analysts at Deutsche Bank AG from a “hold” rating to a “buy” rating. They now have a $48.00 price target on the stock, up previously from $36.00.
  • 10/17/2017 – Fortinet was downgraded by analysts at Zacks Investment Research from a “strong-buy” rating to a “hold” rating. According to Zacks, “Estimates for the network security solution provider, Fortinet have remained stable of late. A look at Fortinet’s YTD price performance shows that the company has outperformed the industry to which it belongs to. We believe that the company’s strategy of focusing on selling subscription-based services will enable it to generate more stable revenues and help in expanding margins. Furthermore, acquisitions are a major positive for Fortinet as these help it to strengthen its product portfolio and capabilities, thereby boosting its top-line performance. Nonetheless, we are slightly concerned over the company’s declining revenue growth rate. Notably, over the last four quarters, the company’s revenue growth rates have been around 20%, which are significantly lower than its previous rates of over 30%.”
  • 10/12/2017 – Fortinet had its “buy” rating reaffirmed by analysts at Piper Jaffray Companies. They now have a $50.00 price target on the stock.
  • 10/5/2017 – Fortinet had its “buy” rating reaffirmed by analysts at Oppenheimer Holdings, Inc.. They now have a $45.00 price target on the stock.
  • 10/5/2017 – Fortinet had its “buy” rating reaffirmed by analysts at BMO Capital Markets. They now have a $46.00 price target on the stock.
  • 9/26/2017 – Fortinet was upgraded by analysts at Zacks Investment Research from a “hold” rating to a “buy” rating. They now have a $42.00 price target on the stock. According to Zacks, “Estimates for the network security solution provider, Fortinet have remained stable of late. A look at Fortinet’s YTD price performance shows that the company has outperformed the industry to which it belongs to. We believe that the company’s strategy of focusing on selling subscription-based services will enable it to generate more stable revenues and help in expanding margins. Furthermore, acquisitions are a major positive for Fortinet as these help it to strengthen its product portfolio and capabilities, thereby boosting its top-line performance. Nonetheless, we are slightly concerned over the company’s declining revenue growth rate. Notably, over the last four quarters, the company’s revenue growth rates have been around 20%, which are significantly lower than its previous rates of over 30%.”
  • 9/18/2017 – Fortinet had its “buy” rating reaffirmed by analysts at Oppenheimer Holdings, Inc.. They now have a $45.00 price target on the stock.

Shares of Fortinet, Inc. (FTNT) opened at $39.90 on Thursday. The company has a market capitalization of $7,016.87, a PE ratio of 73.36, a P/E/G ratio of 4.97 and a beta of 0.91. Fortinet, Inc. has a 52-week low of $28.50 and a 52-week high of $41.56.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, October 26th. The software maker reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.05. Fortinet had a return on equity of 10.92% and a net margin of 5.93%. The company had revenue of $374.20 million for the quarter, compared to the consensus estimate of $370.67 million. During the same period in the previous year, the business earned $0.18 earnings per share. The firm’s revenue for the quarter was up 18.2% on a year-over-year basis. analysts expect that Fortinet, Inc. will post 0.48 EPS for the current fiscal year.

In other Fortinet news, insider Keith Jensen sold 1,850 shares of the company’s stock in a transaction that occurred on Wednesday, November 8th. The stock was sold at an average price of $39.20, for a total transaction of $72,520.00. Following the sale, the insider now directly owns 1,374 shares in the company, valued at $53,860.80. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Christopher B. Paisley sold 4,000 shares of the company’s stock in a transaction that occurred on Monday, November 13th. The shares were sold at an average price of $40.02, for a total value of $160,080.00. Following the sale, the director now owns 72,606 shares in the company, valued at $2,905,692.12. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 19,317 shares of company stock worth $762,360. Company insiders own 17.00% 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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