Analysts at Capital One Financial assumed coverage on shares of Fortinet (NASDAQ:FTNT – Get Free Report) in a research note issued to investors on Wednesday, Briefing.com reports. The brokerage set an “overweight” rating and a $74.00 price target on the software maker’s stock. Capital One Financial‘s target price would suggest a potential upside of 17.27% from the stock’s previous close.
A number of other brokerages have also recently commented on FTNT. Rosenblatt Securities reiterated a “buy” rating and issued a $90.00 target price on shares of Fortinet in a research report on Monday, August 28th. Guggenheim upgraded shares of Fortinet from a “neutral” rating to a “buy” rating and set a $70.00 target price for the company in a research report on Monday, August 7th. Morgan Stanley cut their price objective on shares of Fortinet from $84.00 to $80.00 and set an “overweight” rating for the company in a research report on Friday, August 4th. BMO Capital Markets cut their price objective on shares of Fortinet from $88.00 to $72.00 and set a “market perform” rating for the company in a research report on Friday, August 4th. Finally, Barclays cut their price objective on shares of Fortinet from $86.00 to $71.00 and set an “overweight” rating for the company in a research report on Friday, August 4th. Ten equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $73.26.
Read Our Latest Stock Analysis on Fortinet
Fortinet Stock Performance
Fortinet (NASDAQ:FTNT – Get Free Report) last posted its quarterly earnings data on Thursday, August 3rd. The software maker reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.04. The company had revenue of $1.29 billion during the quarter, compared to analysts’ expectations of $1.30 billion. Fortinet had a net margin of 21.24% and a negative return on equity of 698.28%. The firm’s revenue for the quarter was up 25.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.18 earnings per share. As a group, research analysts forecast that Fortinet will post 1.24 earnings per share for the current fiscal year.
Insider Activity at Fortinet
In related news, EVP Patrice Perche sold 7,530 shares of the firm’s stock in a transaction that occurred on Wednesday, June 21st. The shares were sold at an average price of $71.15, for a total value of $535,759.50. Following the sale, the executive vice president now owns 25,730 shares of the company’s stock, valued at $1,830,689.50. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Fortinet news, CFO Keith Jensen sold 5,100 shares of the firm’s stock in a transaction that occurred on Friday, August 18th. The shares were sold at an average price of $57.20, for a total transaction of $291,720.00. Following the sale, the chief financial officer now owns 4,578 shares of the company’s stock, valued at $261,861.60. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Patrice Perche sold 7,530 shares of the firm’s stock in a transaction that occurred on Wednesday, June 21st. The stock was sold at an average price of $71.15, for a total transaction of $535,759.50. Following the sale, the executive vice president now directly owns 25,730 shares in the company, valued at approximately $1,830,689.50. The disclosure for this sale can be found here. Insiders have sold a total of 67,218 shares of company stock valued at $4,429,412 over the last 90 days. 17.54% of the stock is owned by corporate insiders.
Institutional Trading of Fortinet
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FTNT. Penserra Capital Management LLC increased its holdings in shares of 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 acquiring an additional 41 shares during the period. Evergreen Capital Management LLC increased its holdings in shares of 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 acquiring an additional 43 shares during the period. Douglass Winthrop Advisors LLC increased its holdings in shares of 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 acquiring an additional 50 shares during the period. Covestor Ltd increased its holdings in shares of 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 acquiring an additional 57 shares during the period. Finally, Sawtooth Solutions LLC increased its holdings in shares of 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 acquiring an additional 66 shares during the period. Institutional investors and hedge funds own 65.00% of the company’s stock.
About Fortinet
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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