Fortinet (NASDAQ:FTNT) Rating Increased to Outperform at Daiwa Capital Markets

Fortinet (NASDAQ:FTNTGet Free Report) was upgraded by equities researchers at Daiwa Capital Markets from a “neutral” rating to an “outperform” rating in a report released on Tuesday, MarketBeat.com reports. The brokerage presently has a $75.00 price objective on the software maker’s stock. Daiwa Capital Markets’ price target would indicate a potential upside of 6.75% from the stock’s current price.

Several other research analysts also recently commented on the company. BMO Capital Markets lifted their target price on Fortinet from $70.00 to $82.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 7th. HSBC downgraded Fortinet from a “hold” rating to a “reduce” rating and set a $57.00 target price for the company. in a report on Wednesday, February 7th. William Blair downgraded Fortinet from an “outperform” rating to a “market perform” rating in a report on Friday, November 3rd. Evercore ISI reissued an “in-line” rating and set a $51.00 target price (down previously from $78.00) on shares of Fortinet in a report on Friday, November 3rd. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $75.00 price target (up previously from $50.00) on shares of Fortinet in a research note on Wednesday, February 7th. Two equities research analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, Fortinet currently has a consensus rating of “Hold” and an average target price of $71.55.

Check Out Our Latest Stock Report on FTNT

Fortinet Trading Down 0.3 %

NASDAQ FTNT opened at $70.26 on Tuesday. The firm has a market cap of $53.95 billion, a P/E ratio of 48.46, a P/E/G ratio of 3.14 and a beta of 1.09. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06. The stock’s 50-day moving average is $60.89 and its 200-day moving average is $59.19. Fortinet has a one year low of $44.12 and a one year high of $81.24.

Fortinet (NASDAQ:FTNTGet Free Report) last announced its earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.08. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The business had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same quarter last year, the firm earned $0.38 EPS. Fortinet’s revenue for the quarter was up 10.3% compared to the same quarter last year. Sell-side analysts anticipate that Fortinet will post 1.39 earnings per share for the current fiscal year.

Insider Transactions at Fortinet

In other news, CFO Keith Jensen sold 5,100 shares of the company’s stock in a transaction that occurred on Friday, November 17th. The stock was sold at an average price of $51.00, for a total transaction of $260,100.00. Following the transaction, the chief financial officer now directly owns 4,586 shares of the company’s stock, valued at $233,886. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Keith Jensen sold 5,100 shares of the company’s stock in a transaction that occurred on Friday, November 17th. The stock was sold at an average price of $51.00, for a total transaction of $260,100.00. Following the transaction, the chief financial officer now directly owns 4,586 shares of the company’s stock, valued at $233,886. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ken Xie sold 46,733 shares of the company’s stock in a transaction on Tuesday, January 9th. The stock was sold at an average price of $60.12, for a total value of $2,809,587.96. Following the sale, the chief executive officer now owns 51,701,091 shares of the company’s stock, valued at approximately $3,108,269,590.92. The disclosure for this sale can be found here. Insiders have sold 148,332 shares of company stock valued at $8,704,410 over the last ninety days. 17.54% of the stock is owned by company insiders.

Institutional Investors Weigh In On Fortinet

Several institutional investors have recently bought and sold shares of the stock. Penserra Capital Management LLC grew its stake in Fortinet by 6.6% in the 1st quarter. Penserra Capital Management LLC now owns 663 shares of the software maker’s stock valued at $226,000 after purchasing an additional 41 shares during the period. Evergreen Capital Management LLC grew its stake in Fortinet by 5.2% in the 1st quarter. Evergreen Capital Management LLC now owns 863 shares of the software maker’s stock valued at $295,000 after purchasing an additional 43 shares during the period. Douglass Winthrop Advisors LLC grew its stake in Fortinet by 6.1% in the 1st quarter. Douglass Winthrop Advisors LLC now owns 867 shares of the software maker’s stock valued at $296,000 after purchasing an additional 50 shares during the period. Covestor Ltd grew its stake in Fortinet by 53.3% in the 1st quarter. Covestor Ltd now owns 164 shares of the software maker’s stock valued at $56,000 after purchasing an additional 57 shares during the period. Finally, Sawtooth Solutions LLC grew its stake in Fortinet by 3.7% in the 1st quarter. Sawtooth Solutions LLC now owns 1,872 shares of the software maker’s stock valued at $640,000 after purchasing an additional 66 shares during the period. Institutional investors own 65.00% of the company’s stock.

About Fortinet

(Get Free Report)

Fortinet, Inc provides cybersecurity and networking 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 wide area network acceleration.

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Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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