Fortinet (NASDAQ:FTNT) Now Covered by Analysts at JPMorgan Chase & Co.

JPMorgan Chase & Co. initiated coverage on shares of Fortinet (NASDAQ:FTNT – Get Rating) in a report released on Tuesday morning, The Fly reports. The brokerage issued an overweight rating and a $69.00 target price on the software maker’s stock.

FTNT has been the subject of a number of other reports. Wedbush lowered their target price on shares of Fortinet from $76.00 to $64.00 in a research note on Thursday, November 3rd. Royal Bank of Canada decreased their price objective on shares of Fortinet from $69.00 to $57.00 and set a sector perform rating for the company in a research note on Thursday, November 3rd. Robert W. Baird restated an outperform rating and set a $70.00 price objective on shares of Fortinet in a research note on Wednesday, October 19th. Morgan Stanley lifted their price objective on shares of Fortinet from $66.00 to $71.00 and gave the company an overweight rating in a research note on Thursday, December 22nd. Finally, KeyCorp decreased their price objective on shares of Fortinet from $63.00 to $62.00 and set an overweight rating for the company in a research note on Wednesday, November 16th. Seven analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. According to MarketBeat, Fortinet presently has a consensus rating of Moderate Buy and a consensus price target of $66.15.

Fortinet Stock Up 1.1 %

Shares of Fortinet stock opened at $51.09 on Tuesday. The firm’s 50 day moving average price is $50.82 and its 200-day moving average price is $52.35. Fortinet has a 52-week low of $42.61 and a 52-week high of $71.52. The company has a market cap of $39.91 billion, a P/E ratio of 56.39, a PEG ratio of 2.59 and a beta of 1.13.

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

Insider Buying and Selling at Fortinet

In other Fortinet 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 value of $171,875.00. Following the transaction, the vice president now owns 12,876 shares of the company’s stock, valued at $708,180. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 18.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Fortinet

Several hedge funds have recently made changes to their positions in FTNT. Heritage Financial Services LLC acquired a new stake in shares of Fortinet during the second quarter worth about $29,000. Capital Advisors Ltd. LLC lifted its position in shares of Fortinet by 400.0% during the second quarter. Capital Advisors Ltd. LLC now owns 505 shares of the software maker’s stock worth $29,000 after purchasing an additional 404 shares in the last quarter. Ronald Blue Trust Inc. lifted its position in shares of Fortinet by 632.9% during the third quarter. Ronald Blue Trust Inc. now owns 535 shares of the software maker’s stock worth $30,000 after purchasing an additional 462 shares in the last quarter. JFS Wealth Advisors LLC lifted its position in shares of Fortinet by 332.9% during the second quarter. JFS Wealth Advisors LLC now owns 645 shares of the software maker’s stock worth $36,000 after purchasing an additional 496 shares in the last quarter. Finally, TCI Wealth Advisors Inc. lifted its position in shares of Fortinet by 403.5% during the second quarter. TCI Wealth Advisors Inc. now owns 715 shares of the software maker’s stock worth $40,000 after purchasing an additional 573 shares in the last quarter. Institutional investors and hedge funds own 64.35% of the company’s stock.

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.