Morgan Stanley lowered shares of Fortinet (NASDAQ:FTNT) from an overweight rating to an equal weight rating in a research note published on Wednesday morning, MarketBeat reports. They currently have $53.00 price objective on the software maker’s stock.
Other equities research analysts have also recently issued reports about the stock. Robert W. Baird reaffirmed a buy rating and set a $56.00 price objective on shares of Fortinet in a research report on Tuesday, February 6th. Monness Crespi & Hardt reaffirmed a buy rating and set a $50.00 price objective (up from $45.00) on shares of Fortinet in a research report on Friday, January 19th. JMP Securities lifted their price objective on shares of Fortinet from $41.00 to $54.00 and gave the stock a market outperform rating in a research report on Friday, January 26th. Stifel Nicolaus lifted their price objective on shares of Fortinet from $42.00 to $46.00 and gave the stock a hold rating in a research report on Tuesday, February 6th. Finally, Citigroup lifted their price objective on shares of Fortinet from $41.00 to $45.00 and gave the stock a neutral rating in a research report on Tuesday, February 6th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the stock. Fortinet has an average rating of Buy and a consensus price target of $50.13.
Fortinet stock opened at $55.84 on Wednesday. The firm has a market cap of $9,424.48, a PE ratio of 107.38, a PEG ratio of 4.50 and a beta of 0.71. Fortinet has a 12-month low of $35.44 and a 12-month high of $56.53.
Fortinet (NASDAQ:FTNT) last released its quarterly earnings data 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. The business had revenue of $416.70 million during the quarter, compared to analysts’ expectations of $409.04 million. Fortinet had a net margin of 2.10% and a return on equity of 11.77%. The company’s revenue for the quarter was up 14.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.30 EPS. research analysts anticipate that Fortinet will post 0.74 earnings per share for the current year.
In other Fortinet news, VP Michael Xie sold 19,790 shares of Fortinet stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $45.30, for a total value of $896,487.00. Following the transaction, the vice president now directly owns 7,181 shares in the company, valued at $325,299.30. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP John Whittle sold 624 shares of Fortinet stock in a transaction on Monday, March 12th. The shares were sold at an average price of $54.44, for a total transaction of $33,970.56. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 156,190 shares of company stock worth $7,114,541. 16.40% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the business. JPMorgan Chase & Co. increased its stake in Fortinet by 30.0% in the third quarter. JPMorgan Chase & Co. now owns 443,180 shares of the software maker’s stock valued at $15,914,000 after purchasing an additional 102,195 shares during the period. Guggenheim Capital LLC increased its stake in Fortinet by 147.4% in the fourth quarter. Guggenheim Capital LLC now owns 432,467 shares of the software maker’s stock valued at $18,895,000 after purchasing an additional 257,687 shares during the period. Frontier Capital Management Co. LLC increased its stake in Fortinet by 2.5% in the fourth quarter. Frontier Capital Management Co. LLC now owns 1,010,210 shares of the software maker’s stock valued at $44,136,000 after purchasing an additional 24,194 shares during the period. Schwab Charles Investment Management Inc. increased its stake in Fortinet by 6.3% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 486,700 shares of the software maker’s stock valued at $21,264,000 after purchasing an additional 29,024 shares during the period. Finally, Toronto Dominion Bank increased its stake in Fortinet by 39.6% in the fourth quarter. Toronto Dominion Bank now owns 8,809 shares of the software maker’s stock valued at $385,000 after purchasing an additional 2,499 shares during the period. Institutional investors own 68.73% of the company’s stock.
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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.
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