Fortinet Inc (NASDAQ:FTNT) Receives $85.17 Consensus Target Price from Analysts

Fortinet Inc (NASDAQ:FTNT) has received an average rating of “Hold” from the thirty brokerages that are presently covering the stock, MarketBeat.com reports. Three research analysts have rated the stock with a sell recommendation, sixteen have issued a hold recommendation and eleven have given a buy recommendation to the company. The average 1-year price target among brokers that have covered the stock in the last year is $85.17.

A number of analysts have weighed in on FTNT shares. Stifel Nicolaus raised QUALCOMM from a “hold” rating to a “buy” rating and increased their price objective for the stock from $57.00 to $100.00 in a research report on Tuesday, April 16th. Evercore ISI reaffirmed a “hold” rating and set a $80.00 price objective on shares of Fortinet in a research report on Tuesday, May 7th. Citigroup set a $47.00 price objective on Quanta Services and gave the stock a “buy” rating in a research report on Friday, May 3rd. ValuEngine raised Marriott Vacations Worldwide from a “sell” rating to a “hold” rating in a report on Monday. Finally, BidaskClub cut Retrophin from a “hold” rating to a “sell” rating in a report on Thursday, July 25th.

In related news, CEO Ken Xie sold 8,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $82.58, for a total value of $660,640.00. Following the completion of the transaction, the chief executive officer now directly owns 12,521,600 shares of the company’s stock, valued at approximately $1,034,033,728. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP John Whittle sold 1,250 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $92.44, for a total value of $115,550.00. Following the completion of the transaction, the vice president now directly owns 10,559 shares of the company’s stock, valued at $976,073.96. The disclosure for this sale can be found here. Insiders sold a total of 64,513 shares of company stock valued at $4,855,024 over the last ninety days. 17.20% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FTNT. Norges Bank purchased a new position in Fortinet in the 4th quarter valued at approximately $108,282,000. FMR LLC increased its stake in Fortinet by 495.1% in the 1st quarter. FMR LLC now owns 1,243,818 shares of the software maker’s stock valued at $104,444,000 after purchasing an additional 1,034,818 shares in the last quarter. AQR Capital Management LLC increased its stake in Fortinet by 35.5% in the 1st quarter. AQR Capital Management LLC now owns 3,803,217 shares of the software maker’s stock valued at $316,808,000 after purchasing an additional 997,004 shares in the last quarter. Geode Capital Management LLC increased its stake in Fortinet by 50.3% in the 4th quarter. Geode Capital Management LLC now owns 2,351,384 shares of the software maker’s stock valued at $165,377,000 after purchasing an additional 787,230 shares in the last quarter. Finally, BlackRock Inc. increased its stake in Fortinet by 4.0% in the 1st quarter. BlackRock Inc. now owns 10,830,955 shares of the software maker’s stock valued at $909,477,000 after purchasing an additional 411,632 shares in the last quarter. 73.21% of the stock is owned by hedge funds and other institutional investors.

Fortinet stock traded down $0.52 during mid-day trading on Thursday, reaching $82.44. 1,031,056 shares of the company were exchanged, compared to its average volume of 1,735,115. Fortinet has a twelve month low of $62.37 and a twelve month high of $96.96. The stock has a 50-day moving average price of $80.22. The stock has a market capitalization of $14.08 billion, a price-to-earnings ratio of 72.96, a PEG ratio of 4.34 and a beta of 1.09.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.26. Fortinet had a return on equity of 22.52% and a net margin of 18.64%. The company had revenue of $472.60 million during the quarter, compared to analysts’ expectations of $471.90 million. During the same period last year, the firm earned $0.33 EPS. The firm’s revenue for the quarter was up 18.4% on a year-over-year basis. Analysts forecast that Fortinet will post 1.31 EPS for the current fiscal year.

Fortinet Company Profile

Fortinet, Inc provides broad, integrated, and automated 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 wide area network acceleration; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.

Recommended Story: What is a Reverse Stock Split?

Analyst Recommendations for Fortinet (NASDAQ:FTNT)

Receive News & Ratings for Fortinet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortinet and related companies with MarketBeat.com's FREE daily email newsletter.