Piper Jaffray Companies began coverage on shares of Fortinet (NASDAQ:FTNT) in a report issued on Friday, Benzinga’s Daily Ratings Newsletter reports. The firm set an “overweight” rating and a $116.00 price target on the software maker’s stock. Piper Jaffray Companies’ price objective would indicate a potential upside of 21.11% from the stock’s current price.
A number of other equities analysts have also recently commented on the company. Monness Crespi & Hardt boosted their price target on Fortinet from $102.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, November 1st. FBN Securities set a $115.00 price target on Fortinet and gave the stock a “buy” rating in a report on Friday, November 1st. Deutsche Bank set a $97.00 price target on Fortinet and gave the stock a “hold” rating in a report on Friday, November 1st. Morgan Stanley set a $82.00 price target on Fortinet and gave the stock a “hold” rating in a report on Friday, November 1st. Finally, Evercore ISI set a $90.00 price target on Fortinet and gave the stock a “hold” rating in a report on Monday. Three analysts have rated the stock with a sell rating, fourteen have issued a hold rating and ten have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $93.71.
Shares of NASDAQ:FTNT traded up $1.61 during trading on Friday, reaching $95.78. 31,846 shares of the company traded hands, compared to its average volume of 1,407,483. The company’s 50 day moving average is $80.20 and its two-hundred day moving average is $80.88. The firm has a market capitalization of $15.67 billion, a PE ratio of 84.76, a PEG ratio of 4.17 and a beta of 1.08. Fortinet has a 52 week low of $64.41 and a 52 week high of $96.96.
Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, October 31st. The software maker reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.11. Fortinet had a return on equity of 25.46% and a net margin of 19.23%. The firm had revenue of $547.50 million during the quarter, compared to the consensus estimate of $533.55 million. During the same period in the prior year, the company posted $0.49 EPS. The company’s revenue was up 20.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Fortinet will post 1.57 EPS for the current fiscal year.
In other news, CEO Ken Xie sold 8,000 shares of the stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $81.33, for a total value of $650,640.00. Following the completion of the sale, the chief executive officer now owns 12,523,273 shares of the company’s stock, valued at $1,018,517,793.09. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Michael Xie sold 40,000 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $78.13, for a total value of $3,125,200.00. Following the completion of the sale, the vice president now directly owns 6,338,989 shares of the company’s stock, valued at approximately $495,265,210.57. The disclosure for this sale can be found here. In the last ninety days, insiders sold 49,000 shares of company stock valued at $3,856,560. Insiders own 17.20% of the company’s stock.
Several hedge funds have recently modified their holdings of FTNT. BlackRock Inc. increased 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. Nomura Holdings Inc. increased its stake in shares of Fortinet by 185.2% in the second quarter. Nomura Holdings Inc. now owns 5,775,000 shares of the software maker’s stock valued at $182,556,000 after buying an additional 3,750,000 shares during the period. Oregon Public Employees Retirement Fund increased its stake in shares of Fortinet by 3,990.7% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 3,284,855 shares of the software maker’s stock valued at $47,000 after buying an additional 3,204,555 shares during the period. Blue Harbour Group L.P. acquired a new stake in shares of Fortinet in the first quarter valued at about $146,798,000. Finally, Eagle Asset Management increased its stake in shares of Fortinet by 67.1% in the third quarter. Eagle Asset Management now owns 5,994,014 shares of the software maker’s stock valued at $254,624,000 after buying an additional 2,407,086 shares during the period. 70.64% of the stock is owned by institutional investors.
Fortinet Company Profile
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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