Fortinet (NASDAQ:FTNT) Upgraded to “Buy” at StockNews.com

Fortinet (NASDAQ:FTNTGet Rating) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Tuesday.

A number of other analysts have also weighed in on the stock. Citigroup lowered their price target on shares of Fortinet from $81.00 to $78.00 and set a “buy” rating for the company in a report on Friday, July 22nd. Morgan Stanley lowered their price objective on Fortinet to $66.00 and set an “equal weight” rating for the company in a research report on Monday, June 27th. Mizuho raised shares of Fortinet from a “neutral” rating to a “buy” rating and raised their price objective for the company from $68.00 to $70.00 in a research note on Thursday, May 5th. The Goldman Sachs Group raised their price target on Fortinet from $72.40 to $78.00 in a research report on Tuesday, April 12th. Finally, KeyCorp cut their target price on Fortinet from $82.00 to $70.60 in a research note on Wednesday, May 11th. Five analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $72.27.

Fortinet Trading Up 0.7 %

Shares of Fortinet stock opened at $60.06 on Tuesday. The firm has a market capitalization of $48.21 billion, a PE ratio of 78.61, a price-to-earnings-growth ratio of 4.33 and a beta of 1.14. The company’s fifty day moving average price is $62.79 and its two-hundred day moving average price is $62.00. Fortinet has a 52-week low of $48.73 and a 52-week high of $74.35. The company has a debt-to-equity ratio of 4.24, a current ratio of 1.28 and a quick ratio of 1.20.

Fortinet (NASDAQ:FTNTGet Rating) last announced its quarterly earnings results on Wednesday, May 4th. The software maker reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.07. Fortinet had a net margin of 17.79% and a return on equity of 67.94%. The firm had revenue of $954.80 million during the quarter, compared to the consensus estimate of $886.45 million. During the same period last year, the firm posted $0.11 EPS. The firm’s quarterly revenue was up 34.4% on a year-over-year basis. On average, analysts expect that Fortinet will post 0.76 EPS for the current year.

Insider Transactions at Fortinet

In other Fortinet news, CFO Keith Jensen sold 1,324 shares of the firm’s stock in a transaction that occurred on Tuesday, May 17th. The shares were sold at an average price of $283.43, for a total value of $375,261.32. Following the sale, the chief financial officer now owns 883 shares in the company, valued at $250,268.69. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, VP Michael Xie sold 1,653 shares of the stock in a transaction dated Monday, May 9th. The stock was sold at an average price of $248.85, for a total value of $411,349.05. Following the completion of the sale, the vice president now owns 5,954,424 shares of the company’s stock, valued at $1,481,758,412.40. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Keith Jensen sold 1,324 shares of the firm’s stock in a transaction dated Tuesday, May 17th. The stock was sold at an average price of $283.43, for a total value of $375,261.32. Following the transaction, the chief financial officer now owns 883 shares of the company’s stock, valued at $250,268.69. The disclosure for this sale can be found here. In the last 90 days, insiders sold 10,865 shares of company stock valued at $3,027,591. Company insiders own 18.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. boosted its position in Fortinet by 442.2% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,122,018 shares of the software maker’s stock valued at $120,064,000 after acquiring an additional 1,730,673 shares during the last quarter. Robeco Institutional Asset Management B.V. grew its stake in Fortinet by 391.1% during the second quarter. Robeco Institutional Asset Management B.V. now owns 2,019,623 shares of the software maker’s stock worth $114,271,000 after purchasing an additional 1,608,372 shares during the period. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in Fortinet by 345.3% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,014,957 shares of the software maker’s stock valued at $114,006,000 after buying an additional 1,562,454 shares during the period. Norges Bank bought a new position in shares of Fortinet during the 4th quarter worth approximately $367,905,000. Finally, Victory Capital Management Inc. grew its position in shares of Fortinet by 395.1% during the 2nd quarter. Victory Capital Management Inc. now owns 1,078,361 shares of the software maker’s stock worth $61,014,000 after buying an additional 860,561 shares during the period. Institutional investors and hedge funds own 67.47% of the company’s stock.

About Fortinet

(Get Rating)

Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. 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.

Further Reading

Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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