Fortinet Inc (FTNT) Given Consensus Recommendation of “Hold” by Brokerages

Shares of Fortinet Inc (NASDAQ:FTNT) have earned a consensus rating of “Hold” from the twenty-eight analysts that are presently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, sixteen have issued a hold recommendation, nine have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $74.75.

FTNT has been the topic of a number of research analyst reports. Zacks Investment Research downgraded Fortinet from a “buy” rating to a “hold” rating in a research report on Monday, July 2nd. Cleveland Research upgraded Fortinet from a “neutral” rating to a “buy” rating in a research report on Thursday, July 19th. Monness Crespi & Hardt boosted their target price on Fortinet from $64.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday, July 31st. BidaskClub downgraded Fortinet from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, August 1st. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $76.00 target price (up from $61.00) on shares of Fortinet in a research report on Thursday, August 2nd. They noted that the move was a valuation call.

In other news, Director Ming Hsieh sold 7,015 shares of the company’s stock in a transaction that occurred on Friday, September 7th. The stock was sold at an average price of $85.50, for a total transaction of $599,782.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP John Whittle sold 1,250 shares of the company’s stock in a transaction that occurred on Monday, September 17th. The shares were sold at an average price of $88.65, for a total value of $110,812.50. Following the transaction, the vice president now directly owns 9,309 shares in the company, valued at approximately $825,242.85. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 180,570 shares of company stock worth $13,358,587. Insiders own 17.70% of the company’s stock.



Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Smithfield Trust Co. grew its stake in shares of Fortinet by 4,071.4% during the second quarter. Smithfield Trust Co. now owns 2,920 shares of the software maker’s stock valued at $182,000 after buying an additional 2,850 shares during the last quarter. Alpha Cubed Investments LLC bought a new position in shares of Fortinet during the third quarter valued at approximately $203,000. TD Asset Management Inc. bought a new position in shares of Fortinet during the second quarter valued at approximately $208,000. Tocqueville Asset Management L.P. bought a new position in shares of Fortinet during the second quarter valued at approximately $221,000. Finally, Keybank National Association OH bought a new position in shares of Fortinet during the second quarter valued at approximately $222,000. 71.25% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NASDAQ:FTNT traded down $2.91 during mid-day trading on Tuesday, reaching $78.19. The stock had a trading volume of 1,813,902 shares, compared to its average volume of 4,106,299. The company has a market capitalization of $13.22 billion, a P/E ratio of 104.25, a P/E/G ratio of 4.84 and a beta of 0.63. Fortinet has a 1 year low of $37.15 and a 1 year high of $94.37.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Wednesday, August 1st. The software maker reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.22. The company had revenue of $441.30 million for the quarter, compared to the consensus estimate of $425.66 million. Fortinet had a return on equity of 17.51% and a net margin of 5.43%. The firm’s revenue for the quarter was up 21.4% on a year-over-year basis. During the same period in the previous year, the business earned $0.27 earnings per share. Equities research analysts predict that Fortinet will post 0.96 earnings per share for the current year.

About Fortinet

Fortinet, Inc provides broad, automated, and integrated 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 WAN acceleration; and FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of products, which offers a cloud-ready security information and event management solution for enterprises and service providers.

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Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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