Fortinet Inc (NASDAQ:FTNT) – Equities research analysts at Gabelli lifted their FY2018 EPS estimates for Fortinet in a report released on Wednesday. Gabelli analyst H. Susanto now anticipates that the software maker will earn $0.83 per share for the year, up from their prior estimate of $0.78.
FTNT has been the topic of several other reports. JPMorgan Chase & Co. lowered Fortinet from an “overweight” rating to a “neutral” rating and set a $50.00 price target on the stock. in a research report on Tuesday, December 12th. Barclays raised their price target on Fortinet from $48.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Tuesday, February 6th. Zacks Investment Research upgraded Fortinet from a “hold” rating to a “buy” rating and set a $52.00 price target on the stock in a research report on Tuesday, February 13th. Monness Crespi & Hardt restated a “buy” rating and issued a $56.00 price target (up from $50.00) on shares of Fortinet in a research report on Wednesday. Finally, Deutsche Bank lowered Fortinet from a “buy” rating to a “hold” rating and set a $46.00 price target on the stock. in a research report on Tuesday, January 23rd. One analyst has rated the stock with a sell rating, twelve have given a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company. Fortinet has a consensus rating of “Buy” and an average target price of $48.58.
Fortinet (FTNT) traded up $0.83 during trading hours on Friday, hitting $50.34. The stock had a trading volume of 832,579 shares, compared to its average volume of 1,826,843. Fortinet has a 1-year low of $35.44 and a 1-year high of $51.00. The company has a market cap of $8,480.18, a price-to-earnings ratio of 296.12, a P/E/G ratio of 4.08 and a beta of 0.73.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Monday, February 5th. The software maker reported $0.32 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.29 by $0.03. Fortinet had a return on equity of 11.77% and a net margin of 2.10%. The business had revenue of $416.70 million for the quarter, compared to analyst estimates of $409.04 million. During the same period last year, the company earned $0.30 EPS. The firm’s revenue was up 14.9% on a year-over-year basis.
In related news, VP Michael Xie sold 19,790 shares of Fortinet stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $45.30, for a total value of $896,487.00. Following the sale, the vice president now owns 7,181 shares of the company’s stock, valued at $325,299.30. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Christopher B. Paisley sold 4,000 shares of Fortinet stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $46.71, for a total value of $186,840.00. Following the completion of the sale, the director now directly owns 72,937 shares in the company, valued at approximately $3,406,887.27. The disclosure for this sale can be found here. Insiders sold a total of 169,315 shares of company stock worth $7,699,275 in the last three months. Company insiders own 16.40% of the company’s stock.
Several large investors have recently added to or reduced their stakes in FTNT. SeaCrest Wealth Management LLC acquired a new stake in shares of Fortinet in the fourth quarter valued at about $109,000. Cerebellum GP LLC acquired a new stake in shares of Fortinet in the fourth quarter valued at about $125,000. First Mercantile Trust Co. acquired a new stake in shares of Fortinet in the fourth quarter valued at about $135,000. First Republic Investment Management Inc. acquired a new stake in shares of Fortinet in the fourth quarter valued at about $208,000. Finally, Ropes Wealth Advisors LLC increased its position in shares of Fortinet by 28.7% in the third quarter. Ropes Wealth Advisors LLC now owns 5,935 shares of the software maker’s stock valued at $213,000 after acquiring an additional 1,325 shares during the last quarter. 68.72% of the stock is currently owned by institutional investors and hedge funds.
Fortinet Company Profile
Fortinet, Inc is a network security company. The Company provides cyber security solutions to a range of enterprises, service providers and government organizations across the world. Its network security solution consists of FortiGate physical, virtual machine and cloud platforms, which provide integrated security and networking functions to protect data, applications and users from network-and content-level security threats.