The Fortinet, Inc. (FTNT) Price Target Raised to $41.00 at JMP Securities, Report finds

The Fortinet, Inc. (FTNT) Price Target Raised to $41.00 at JMP Securities, Report finds

FTNT has been the subject of several other research reports. Barclays PLC dropped their target price on shares of Fortinet from $42.00 to $34.00 and set an overweight rating for the company in a research report on Wednesday, October 12th. Robert W. Baird set a $34.00 target price on shares of Fortinet and gave the company a hold rating in a research report on Wednesday, October 12th. Royal Bank Of Canada dropped their target price on shares of Fortinet from $37.00 to $30.00 and set a sector perform rating for the company in a research report on Wednesday, October 12th. Dougherty & Co dropped their target price on shares of Fortinet from $40.00 to $35.00 and set a buy rating for the company in a research report on Wednesday, October 12th. Finally, Piper Jaffray Companies upgraded shares of Fortinet from a neutral rating to an overweight rating and set a $43.00 target price for the company in a research report on Friday, February 3rd. Eleven investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus price target of $37.83.

Fortinet, Inc. (NASDAQ:FTNT) had its target price boosted by JMP Securities from $34.00 to $41.00 in a research report released on Friday morning. JMP Securities currently has an outperform rating on the stock.

Shares of Fortinet (NASDAQ:FTNT) opened at 37.42 on Friday. The firm has a market cap of $6.49 billion, a PE ratio of 207.89 and a beta of 1.28. The company’s 50-day moving average price is $32.25 and its 200-day moving average price is $33.03. Fortinet has a 52-week low of $23.16 and a 52-week high of $38.33.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, February 2nd. The company reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.09. Fortinet had a net margin of 2.09% and a return on equity of 4.74%. The firm earned $362.80 million during the quarter, compared to analysts’ expectations of $344.59 million. During the same quarter in the previous year, the company posted $0.18 EPS. Fortinet’s revenue was up 22.4% on a year-over-year basis. Equities analysts expect that Fortinet will post $0.88 earnings per share for the current fiscal year.

In other news, CFO Matto Andrew H. Del sold 2,750 shares of the firm’s stock in a transaction that occurred on Monday, December 5th. The shares were sold at an average price of $29.39, for a total transaction of $80,822.50. Following the transaction, the chief financial officer now directly owns 6,418 shares of the company’s stock, valued at $188,625.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ken Xie sold 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 7th. The stock was sold at an average price of $30.38, for a total transaction of $1,519,000.00. Following the transaction, the chief executive officer now directly owns 12,835,800 shares in the company, valued at $389,951,604. The disclosure for this sale can be found here. Insiders have sold 216,530 shares of company stock worth $7,306,303 over the last ninety days. Insiders own 16.40% of the company’s stock.

Several hedge funds have recently bought and sold shares of FTNT. Frontier Capital Management Co. LLC raised its stake in Fortinet by 14.6% in the second quarter. Frontier Capital Management Co. LLC now owns 3,688,217 shares of the company’s stock valued at $116,511,000 after buying an additional 470,309 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Fortinet by 58.3% in the third quarter. JPMorgan Chase & Co. now owns 756,200 shares of the company’s stock valued at $27,927,000 after buying an additional 278,491 shares in the last quarter. Stephens Investment Management Group LLC raised its stake in Fortinet by 10.2% in the third quarter. Stephens Investment Management Group LLC now owns 626,205 shares of the company’s stock valued at $23,126,000 after buying an additional 58,211 shares in the last quarter. American Capital Management Inc. purchased a new stake in Fortinet during the third quarter valued at about $24,075,000. Finally, BlackRock Group LTD raised its stake in Fortinet by 1.9% in the third quarter. BlackRock Group LTD now owns 613,688 shares of the company’s stock valued at $22,663,000 after buying an additional 11,351 shares in the last quarter. Institutional investors and hedge funds own 71.48% of the company’s stock.

About Fortinet

Fortinet, Inc provides cyber security solutions to enterprises, service providers and government organizations across the world. The Company’s flagship 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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