BidaskClub upgraded shares of Fortinet (NASDAQ:FTNT) from a buy rating to a strong-buy rating in a research report released on Tuesday.

A number of other equities research analysts also recently weighed in on the company. Zacks Investment Research upgraded Fortinet from a hold rating to a strong-buy rating and set a $74.00 price target on the stock in a research report on Friday, August 3rd. Morgan Stanley raised their price target on Fortinet from $55.00 to $67.00 and gave the company a hold rating in a research report on Friday, August 3rd. Bank of America raised their price target on Fortinet from $70.00 to $77.00 and gave the company a buy rating in a research report on Thursday, August 2nd. Citigroup raised their price target on Fortinet from $56.00 to $71.00 and gave the company a neutral rating in a research report on Thursday, August 2nd. Finally, Piper Jaffray Companies raised their price target on Fortinet from $64.00 to $80.00 and gave the company an overweight rating in a research report on Thursday, August 2nd. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating, ten have issued a buy rating and three have given a strong buy rating to the company’s stock. The company presently has an average rating of Buy and an average target price of $66.14.

NASDAQ FTNT opened at $76.50 on Tuesday. Fortinet has a twelve month low of $35.44 and a twelve month high of $77.39. The stock has a market cap of $12.73 billion, a price-to-earnings ratio of 146.85, a PEG ratio of 4.66 and a beta of 0.55.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Wednesday, August 1st. The software maker reported $0.41 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.19 by $0.22. Fortinet had a return on equity of 17.51% and a net margin of 5.43%. The business had revenue of $441.30 million for the quarter, compared to the consensus estimate of $425.66 million. During the same quarter last year, the business posted $0.27 earnings per share. The company’s revenue for the quarter was up 21.4% on a year-over-year basis. equities research analysts forecast that Fortinet will post 0.96 EPS for the current fiscal year.

In other news, CEO Ken Xie sold 50,000 shares of Fortinet stock in a transaction dated Thursday, May 24th. The stock was sold at an average price of $60.51, for a total value of $3,025,500.00. Following the transaction, the chief executive officer now owns 12,562,906 shares in the company, valued at $760,181,442.06. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP John Whittle sold 1,250 shares of Fortinet stock in a transaction dated Thursday, May 24th. The stock was sold at an average price of $60.00, for a total value of $75,000.00. Following the completion of the transaction, the vice president now owns 9,309 shares in the company, valued at approximately $558,540. The disclosure for this sale can be found here. In the last quarter, insiders sold 222,930 shares of company stock worth $15,685,248. Company insiders own 17.70% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Three Peaks Capital Management LLC purchased a new position in shares of Fortinet in the first quarter worth about $114,000. Smithfield Trust Co. increased its holdings in shares of Fortinet by 4,071.4% in the second quarter. Smithfield Trust Co. now owns 2,920 shares of the software maker’s stock worth $182,000 after buying an additional 2,850 shares during the period. Synovus Financial Corp purchased a new position in shares of Fortinet in the first quarter worth about $161,000. TD Asset Management Inc. purchased a new position in shares of Fortinet in the second quarter worth about $208,000. Finally, Tocqueville Asset Management L.P. purchased a new position in shares of Fortinet in the second quarter worth about $221,000. Hedge funds and other institutional investors own 67.57% of the company’s stock.

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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