Guggenheim Begins Coverage on Fortinet (NASDAQ:FTNT)

Guggenheim assumed coverage on shares of Fortinet (NASDAQ:FTNT – Get Rating) in a report published on Monday, The Fly reports. The firm issued a neutral rating on the software maker’s stock.

FTNT has been the topic of several other research reports. Robert W. Baird reaffirmed an outperform rating and issued a $70.00 price target on shares of Fortinet in a research report on Wednesday, October 19th. BTIG Research cut shares of Fortinet from a buy rating to a neutral rating in a research report on Friday, January 13th. Mizuho dropped their target price on shares of Fortinet from $65.00 to $60.00 and set a buy rating on the stock in a research report on Friday. Raymond James dropped their target price on shares of Fortinet from $70.00 to $60.00 and set an outperform rating on the stock in a research report on Thursday, November 3rd. Finally, Wedbush lowered their price target on shares of Fortinet from $76.00 to $64.00 in a report on Thursday, November 3rd. Seven investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $66.12.

Fortinet Stock Up 2.5 %

Shares of NASDAQ:FTNT opened at $50.51 on Monday. The business has a fifty day simple moving average of $50.92 and a 200 day simple moving average of $52.43. Fortinet has a 12-month low of $42.61 and a 12-month high of $71.52. The firm has a market cap of $39.46 billion, a P/E ratio of 55.75, a P/E/G ratio of 2.59 and a beta of 1.13.

Fortinet (NASDAQ:FTNT – Get Rating) last issued its earnings results on Wednesday, November 2nd. The software maker reported $0.28 EPS for the quarter, beating the consensus estimate of $0.20 by $0.08. The company had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.12 billion. Fortinet had a return on equity of 9,183.04% and a net margin of 18.12%. The firm’s revenue for the quarter was up 32.6% compared to the same quarter last year. During the same period last year, the business posted $0.15 EPS. As a group, equities research analysts expect that Fortinet will post 0.9 EPS for the current year.

Insiders Place Their Bets

In other news, VP John Whittle sold 3,125 shares of the company’s stock in a transaction dated Friday, November 11th. The shares were sold at an average price of $55.00, for a total transaction of $171,875.00. Following the completion of the transaction, the vice president now directly owns 12,876 shares of the company’s stock, valued at $708,180. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 18.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Fortinet

Several hedge funds and other institutional investors have recently modified their holdings of the company. Penserra Capital Management LLC raised its stake in shares of Fortinet by 6.6% during the first quarter. Penserra Capital Management LLC now owns 663 shares of the software maker’s stock valued at $226,000 after acquiring an additional 41 shares during the last quarter. Evergreen Capital Management LLC raised its stake in shares of Fortinet by 5.2% during the first quarter. Evergreen Capital Management LLC now owns 863 shares of the software maker’s stock valued at $295,000 after acquiring an additional 43 shares during the last quarter. Douglass Winthrop Advisors LLC increased its position in shares of Fortinet by 6.1% during the first quarter. Douglass Winthrop Advisors LLC now owns 867 shares of the software maker’s stock valued at $296,000 after buying an additional 50 shares during the period. Covestor Ltd increased its position in shares of Fortinet by 53.3% during the first quarter. Covestor Ltd now owns 164 shares of the software maker’s stock valued at $56,000 after buying an additional 57 shares during the period. Finally, Sawtooth Solutions LLC increased its position in shares of Fortinet by 3.7% during the first quarter. Sawtooth Solutions LLC now owns 1,872 shares of the software maker’s stock valued at $640,000 after buying an additional 66 shares during the period. 64.35% of the stock is owned by institutional investors.

Fortinet Company Profile

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Fortinet, Inc provides cybersecurity solutions to a variety of businesses, such as enterprises, communication service providers and small businesses. It operates through the following segments: Network Security, Infrastructure Security, Cloud Security, and Endpoint Protection, Internet of Things and Operational Technology.