Weekly Analysts’ Ratings Updates for Fortinet (FTNT)

A number of research firms have changed their ratings and price targets for Fortinet (NASDAQ: FTNT):

  • 2/6/2018 – Fortinet had its price target raised by analysts at Bank of America Corp from $48.00 to $49.00. They now have a “buy” rating on the stock.
  • 2/6/2018 – Fortinet had its price target raised by analysts at Morgan Stanley from $51.00 to $53.00. They now have an “overweight” rating on the stock.
  • 2/6/2018 – Fortinet had its price target raised by analysts at Credit Suisse Group AG from $33.00 to $37.00. They now have an “underperform” rating on the stock.
  • 2/6/2018 – Fortinet had its price target raised by analysts at Royal Bank of Canada to $46.00. They now have a “sector perform” rating on the stock.
  • 2/6/2018 – Fortinet had its price target raised by analysts at Citigroup Inc from $41.00 to $45.00. They now have a “neutral” rating on the stock.
  • 2/6/2018 – Fortinet had its price target raised by analysts at Barclays PLC from $48.00 to $50.00. They now have an “equal weight” rating on the stock.
  • 2/6/2018 – Fortinet had its price target raised by analysts at Stifel Nicolaus from $42.00 to $46.00. They now have a “hold” rating on the stock.
  • 2/6/2018 – Fortinet had its price target raised by analysts at BMO Capital Markets from $45.00 to $50.00. They now have an “outperform” rating on the stock.
  • 2/6/2018 – Fortinet had its “buy” rating reaffirmed by analysts at Robert W. Baird. They now have a $56.00 price target on the stock.
  • 2/5/2018 – Fortinet was given a new $42.00 price target on by analysts at Evercore ISI. They now have a “hold” rating on the stock.
  • 2/1/2018 – Fortinet was downgraded by analysts at Dougherty & Co from a “buy” rating to a “neutral” rating.
  • 1/26/2018 – Fortinet had its price target raised by analysts at JMP Securities from $41.00 to $54.00. They now have a “market outperform” rating on the stock.
  • 1/26/2018 – Fortinet had its “market perform” rating reaffirmed by analysts at Raymond James Financial, Inc..
  • 1/26/2018 – Fortinet was downgraded by analysts at Citigroup Inc from an “outperform” rating to a “market perform” rating.
  • 1/23/2018 – Fortinet was downgraded by analysts at Deutsche Bank AG from a “buy” rating to a “hold” rating. They now have a $46.00 price target on the stock.
  • 1/19/2018 – Fortinet had its “buy” rating reaffirmed by analysts at Monness Crespi & Hardt. They now have a $50.00 price target on the stock, up previously from $45.00.
  • 1/11/2018 – Fortinet had its price target raised by analysts at Robert W. Baird from $50.00 to $56.00. They now have an “outperform” rating on the stock. They wrote, “We continue to see the company as a market share taker with attractive valuation. We are adding FTNT to Baird’s Fresh Pick list with this note. Network Processor [NP] Catalyst. Fortinet refreshes each of its three ASICs every three to four years. A new high-end NP typically offers 2-3x performance over the previous generation, and has historically driven a refresh within the customer base. The current NP6 was released in late C13 and management is currently targeting the next release for C18.””
  • 1/9/2018 – Fortinet was downgraded by analysts at Barclays PLC from an “overweight” rating to an “equal weight” rating. They now have a $48.00 price target on the stock, up previously from $45.00.
  • 1/8/2018 – Fortinet had its price target raised by analysts at Oppenheimer Holdings Inc. from $45.00 to $50.00. They now have an “outperform” rating on the stock.

Shares of Fortinet Inc (NASDAQ:FTNT) opened at $46.54 on Monday. Fortinet Inc has a 12-month low of $35.44 and a 12-month high of $47.00. The stock has a market capitalization of $8,093.31, a price-to-earnings ratio of 273.76, a P/E/G ratio of 3.77 and a beta of 0.86.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Monday, February 5th. The software maker reported $0.32 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.29 by $0.03. Fortinet had a return on equity of 11.77% and a net margin of 2.10%. The company had revenue of $416.70 million for the quarter, compared to the consensus estimate of $409.04 million. During the same quarter last year, the business posted $0.30 earnings per share. The firm’s revenue was up 14.9% compared to the same quarter last year. analysts expect that Fortinet Inc will post 0.74 earnings per share for the current fiscal year.

In related news, VP John Whittle sold 11,728 shares of the stock in a transaction on Monday, February 5th. The stock was sold at an average price of $44.81, for a total value of $525,531.68. Following the sale, the vice president now owns 7,181 shares in the company, valued at $321,780.61. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Michael Xie sold 19,790 shares of the stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $45.30, for a total value of $896,487.00. Following the completion of the sale, the vice president now owns 7,181 shares in the company, valued at approximately $325,299.30. The disclosure for this sale can be found here. Insiders sold 86,223 shares of company stock worth $3,756,868 in the last quarter. 17.00% of the stock is currently owned by company insiders.

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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