Fortinet (NASDAQ:FTNT) was upgraded by investment analysts at OTR Global to a “positive” rating in a research note issued to investors on Monday, The Fly reports.
FTNT has been the subject of a number of other research reports. Zacks Investment Research cut Fortinet from a “buy” rating to a “hold” rating in a report on Wednesday, January 30th. BidaskClub cut Fortinet from a “buy” rating to a “hold” rating in a research note on Saturday, January 19th. Gabelli cut Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday, February 7th. Goldman Sachs Group cut Fortinet from a “buy” rating to a “sell” rating and cut their price target for the company from $95.00 to $59.00 in a research note on Friday, January 4th. Finally, BMO Capital Markets lowered Fortinet from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $90.00 to $78.00 in a report on Tuesday, January 22nd. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. Fortinet presently has an average rating of “Hold” and a consensus price target of $81.26.
Fortinet stock traded up $2.39 during trading hours on Monday, hitting $95.10. 958,527 shares of the stock traded hands, compared to its average volume of 1,747,723. The company has a market cap of $15.30 billion, a PE ratio of 84.16, a PEG ratio of 4.27 and a beta of 0.90. Fortinet has a 1 year low of $53.40 and a 1 year high of $94.37.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Wednesday, February 6th. The software maker reported $0.42 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.31 by $0.11. The business had revenue of $507.00 million for the quarter, compared to the consensus estimate of $496.33 million. Fortinet had a return on equity of 22.72% and a net margin of 18.44%. The company’s quarterly revenue was up 21.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.32 EPS. Analysts expect that Fortinet will post 1.25 EPS for the current fiscal year.
In other news, CEO Ken Xie sold 80,000 shares of Fortinet stock in a transaction that occurred on Monday, February 11th. The shares were sold at an average price of $81.64, for a total transaction of $6,531,200.00. Following the completion of the sale, the chief executive officer now directly owns 12,613,240 shares in the company, valued at approximately $1,029,744,913.60. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Michael Xie sold 9,124 shares of Fortinet stock in a transaction that occurred on Monday, February 11th. The shares were sold at an average price of $81.54, for a total transaction of $743,970.96. Following the sale, the vice president now owns 6,460,100 shares of the company’s stock, valued at $526,756,554. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 196,499 shares of company stock valued at $16,309,857. Insiders own 17.70% of the company’s stock.
Several hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. grew its stake in Fortinet by 6.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,202,619 shares of the software maker’s stock valued at $110,966,000 after buying an additional 74,061 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Fortinet by 25.1% in the 3rd quarter. Dimensional Fund Advisors LP now owns 396,228 shares of the software maker’s stock worth $36,558,000 after purchasing an additional 79,588 shares during the last quarter. LPL Financial LLC grew its position in Fortinet by 226.6% in the 3rd quarter. LPL Financial LLC now owns 17,647 shares of the software maker’s stock worth $1,628,000 after purchasing an additional 12,244 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in Fortinet by 1.5% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 239,352 shares of the software maker’s stock worth $22,085,000 after purchasing an additional 3,436 shares during the last quarter. Finally, Vident Investment Advisory LLC acquired a new stake in Fortinet in the 3rd quarter worth $415,000. Institutional investors own 74.74% of the company’s stock.
Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and wide area network acceleration; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.
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