BMO Capital Markets Reaffirms “Market Perform” Rating for Fortinet (FTNT)

BMO Capital Markets reiterated their market perform rating on shares of Fortinet (NASDAQ:FTNT) in a research report report published on Thursday morning, Marketbeat Ratings reports. BMO Capital Markets currently has a $90.00 price objective on the software maker’s stock, up from their prior price objective of $78.00.

Several other analysts also recently commented on FTNT. Zacks Investment Research downgraded Fortinet from a buy rating to a hold rating in a research note on Wednesday, January 2nd. Robert W. Baird reissued a neutral rating on shares of Fortinet in a report on Thursday, October 18th. BidaskClub raised Fortinet from a hold rating to a buy rating in a report on Wednesday, January 30th. Monness Crespi & Hardt increased their price target on Fortinet from $76.00 to $91.00 and gave the company a buy rating in a report on Friday, November 2nd. Finally, ValuEngine cut Fortinet from a strong-buy rating to a buy rating in a report on Friday, November 2nd. Two equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and twelve have issued a buy rating to the company. The stock has a consensus rating of Hold and a consensus target price of $80.68.

Shares of FTNT opened at $81.02 on Thursday. Fortinet has a 12 month low of $44.54 and a 12 month high of $94.37. The firm has a market cap of $13.80 billion, a price-to-earnings ratio of 71.70, a price-to-earnings-growth ratio of 4.22 and a beta of 0.90.



Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, February 6th. The software maker reported $0.42 EPS for the quarter, beating the consensus estimate of $0.31 by $0.11. Fortinet had a return on equity of 22.72% and a net margin of 18.44%. The business had revenue of $507.00 million for the quarter, compared to the consensus estimate of $496.33 million. During the same period last year, the business posted $0.32 EPS. The company’s revenue was up 21.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Fortinet will post 1.15 earnings per share for the current year.

In related news, CFO Keith Jensen sold 626 shares of the firm’s stock in a transaction on Monday, December 24th. The stock was sold at an average price of $65.00, for a total value of $40,690.00. Following the transaction, the chief financial officer now directly owns 829 shares of the company’s stock, valued at approximately $53,885. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP John Whittle sold 7,768 shares of the firm’s stock in a transaction on Monday, February 4th. The stock was sold at an average price of $79.69, for a total value of $619,031.92. Following the completion of the transaction, the vice president now directly owns 10,559 shares in the company, valued at $841,446.71. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 15,019 shares of company stock worth $1,129,961. 17.70% of the stock is owned by insiders.

A number of institutional investors have recently made changes to their positions in the stock. Sumitomo Mitsui Asset Management Company LTD raised its holdings in Fortinet by 1.6% in the 4th quarter. Sumitomo Mitsui Asset Management Company LTD now owns 9,549 shares of the software maker’s stock worth $672,000 after purchasing an additional 150 shares during the period. Reliance Trust Co. of Delaware raised its holdings in Fortinet by 4.8% during the fourth quarter. Reliance Trust Co. of Delaware now owns 4,358 shares of the software maker’s stock valued at $307,000 after acquiring an additional 200 shares during the period. Utah Retirement Systems raised its holdings in Fortinet by 0.8% during the fourth quarter. Utah Retirement Systems now owns 25,971 shares of the software maker’s stock valued at $1,830,000 after acquiring an additional 200 shares during the period. IFM Investors Pty Ltd raised its holdings in Fortinet by 2.4% during the fourth quarter. IFM Investors Pty Ltd now owns 8,965 shares of the software maker’s stock valued at $631,000 after acquiring an additional 208 shares during the period. Finally, Cornerstone Advisors Inc. raised its holdings in Fortinet by 27.7% during the fourth quarter. Cornerstone Advisors Inc. now owns 1,162 shares of the software maker’s stock valued at $82,000 after acquiring an additional 252 shares during the period. 71.30% of the stock is currently owned by institutional investors.

Fortinet Company Profile

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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