Shares of Fortinet Inc (NASDAQ:FTNT) have earned an average recommendation of “Hold” from the thirty ratings firms that are presently covering the firm, Marketbeat.com reports. Three analysts have rated the stock with a sell rating, fifteen have given a hold rating and twelve have assigned a buy rating to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $85.17.

Several research analysts recently weighed in on FTNT shares. Morgan Stanley increased their price objective on from GBX 1,430 ($18.69) to GBX 1,560 ($20.38) and gave the stock an “equal weight” rating in a research report on Tuesday, June 11th. OTR Global upgraded Fortinet to a “positive” rating in a research report on Monday, April 15th. 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. Zacks Investment Research lowered Glu Mobile from a “buy” rating to a “hold” rating in a research report on Tuesday, April 9th. Finally, JPMorgan Chase & Co. set a €56.70 ($65.93) price objective on Fresenius SE & Co KGaA and gave the stock a “buy” rating in a research report on Monday, June 24th.

In other news, VP John Whittle sold 1,250 shares of the stock in a transaction on Monday, June 17th. The stock was sold at an average price of $75.23, for a total value of $94,037.50. Following the sale, the vice president now directly owns 9,309 shares in the company, valued at $700,316.07. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Keith Jensen sold 3,723 shares of the stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $81.75, for a total value of $304,355.25. Following the completion of the sale, the chief financial officer now owns 1,607 shares in the company, valued at $131,372.25. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 64,513 shares of company stock valued at $4,855,024. Company insiders own 17.20% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in FTNT. Legacy Advisors LLC acquired a new stake in shares of Fortinet in the first quarter valued at $30,000. Valeo Financial Advisors LLC raised its stake in Fortinet by 2,117.4% in the second quarter. Valeo Financial Advisors LLC now owns 510 shares of the software maker’s stock valued at $39,000 after buying an additional 487 shares in the last quarter. Bremer Bank National Association acquired a new stake in Fortinet in the first quarter valued at $44,000. CX Institutional raised its stake in Fortinet by 112.6% in the first quarter. CX Institutional now owns 778 shares of the software maker’s stock valued at $65,000 after buying an additional 412 shares in the last quarter. Finally, Dubuque Bank & Trust Co. acquired a new stake in Fortinet in the first quarter valued at $69,000. Institutional investors and hedge funds own 73.22% of the company’s stock.

Fortinet stock traded up $0.02 during mid-day trading on Thursday, hitting $85.36. The company’s stock had a trading volume of 1,033,884 shares, compared to its average volume of 1,328,064. The firm has a market cap of $14.58 billion, a price-to-earnings ratio of 75.54, a PEG ratio of 4.34 and a beta of 1.09. Fortinet has a 1 year low of $62.27 and a 1 year high of $96.96. The business has a fifty day moving average price of $79.59.

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

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Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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