Fortinet (NASDAQ:FTNT) was downgraded by investment analysts at Gabelli from a “buy” rating to a “hold” rating in a report issued on Thursday, Marketbeat.com reports.
Several other equities analysts have also recently issued reports on the stock. Oppenheimer lowered their target price on shares of Fortinet from $97.00 to $88.00 in a research note on Monday, January 7th. ValuEngine cut shares of Fortinet from a “strong-buy” rating to a “buy” rating in a research note on Friday, November 2nd. Monness Crespi & Hardt upped their target price on shares of Fortinet from $76.00 to $91.00 and gave the company a “buy” rating in a research note on Friday, November 2nd. Zacks Investment Research restated a “buy” rating and set a $84.00 target price on shares of Fortinet in a research note on Tuesday, November 13th. Finally, Dougherty & Co upgraded shares of Fortinet from a “neutral” rating to a “buy” rating and set a $85.00 target price on the stock in a research note on Monday, November 5th. Two research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and twelve have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $80.68.
Shares of Fortinet stock opened at $81.02 on Thursday. The stock has a market capitalization of $13.52 billion, a P/E ratio of 71.70, a PEG ratio of 4.14 and a beta of 0.90. Fortinet has a 1 year low of $44.54 and a 1 year high of $94.37.
Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Wednesday, February 6th. The software maker reported $0.42 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.11. The company had revenue of $507.00 million for the quarter, compared to analysts’ expectations of $496.33 million. Fortinet had a net margin of 18.44% and a return on equity of 22.72%. Fortinet’s revenue was up 21.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.32 EPS. On average, analysts expect that Fortinet will post 1.15 earnings per share for the current year.
In related news, Director Peter Dale Jr. Cohen sold 2,000 shares of the stock in a transaction that occurred on Monday, November 12th. The shares were sold at an average price of $74.26, for a total value of $148,520.00. Following the completion of the sale, the director now directly owns 3,467 shares of the company’s stock, valued at approximately $257,459.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP John Whittle sold 1,250 shares of the stock in a transaction that occurred on Friday, February 1st. The stock was sold at an average price of $78.20, for a total transaction of $97,750.00. Following the completion of the sale, the vice president now directly owns 10,559 shares of the company’s stock, valued at $825,713.80. The disclosure for this sale can be found here. Insiders sold a total of 17,019 shares of company stock valued at $1,278,481 over the last three months. 17.70% of the stock is currently owned by insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Delta Investment Management LLC purchased a new stake in Fortinet during the 4th quarter valued at approximately $563,000. Cooper Financial Group purchased a new stake in Fortinet during the 4th quarter valued at approximately $209,000. First Mercantile Trust Co. purchased a new stake in Fortinet during the 4th quarter valued at approximately $580,000. Navellier & Associates Inc grew its holdings in Fortinet by 13.8% during the 4th quarter. Navellier & Associates Inc now owns 74,759 shares of the software maker’s stock valued at $5,265,000 after buying an additional 9,085 shares in the last quarter. Finally, Cim LLC purchased a new stake in Fortinet during the 4th quarter valued at approximately $487,000. 69.67% of the stock is owned by institutional investors.
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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