Fortinet (FTNT) Coverage Initiated by Analysts at Cowen

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Cowen began coverage on shares of Fortinet (NASDAQ:FTNT) in a research report sent to investors on Thursday morning, BenzingaRatingsTable reports. The firm issued a market perform rating and a $85.00 target price on the software maker’s stock.

Several other analysts also recently issued reports on the company. BidaskClub downgraded Fortinet from a buy rating to a hold rating in a research note on Wednesday, May 8th. Evercore ISI reiterated a hold rating and set a $80.00 price target on shares of Fortinet in a research note on Tuesday, May 7th. Monness Crespi & Hardt reiterated a buy rating and set a $97.00 price target (up previously from $95.00) on shares of Fortinet in a research note on Friday, May 3rd. Citigroup downgraded Fortinet from a neutral rating to a sell rating and decreased their price target for the stock from $84.00 to $78.00 in a research note on Friday, May 3rd. Finally, Northland Securities reiterated a buy rating and set a $100.00 price target on shares of Fortinet in a research note on Friday, May 3rd. Three research analysts have rated the stock with a sell rating, seventeen have given a hold rating and eleven have issued a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus price target of $85.13.

Shares of NASDAQ FTNT opened at $77.74 on Thursday. Fortinet has a one year low of $59.81 and a one year high of $96.96. The stock has a market capitalization of $13.27 billion, a price-to-earnings ratio of 68.80, a PEG ratio of 4.19 and a beta of 0.93.

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

In related news, CFO Keith Jensen sold 11,251 shares of the stock in a transaction that occurred on Thursday, February 28th. The stock was sold at an average price of $86.95, for a total transaction of $978,274.45. Following the completion of the sale, the chief financial officer now owns 10,669 shares in the company, valued at approximately $927,669.55. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Ken Xie sold 8,000 shares of the stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $82.58, for a total value of $660,640.00. Following the sale, the chief executive officer now owns 12,521,600 shares of the company’s stock, valued at approximately $1,034,033,728. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 105,762 shares of company stock valued at $8,938,157. 17.70% of the stock is owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of the business. Signaturefd LLC raised its holdings in Fortinet by 10.7% in the 1st quarter. Signaturefd LLC now owns 1,288 shares of the software maker’s stock valued at $108,000 after acquiring an additional 125 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD raised its holdings in Fortinet by 1.6% in the 4th quarter. Sumitomo Mitsui Asset Management Company LTD now owns 9,549 shares of the software maker’s stock valued at $672,000 after acquiring an additional 150 shares in the last quarter. Fort L.P. raised its holdings in Fortinet by 10.4% in the 1st quarter. Fort L.P. now owns 1,673 shares of the software maker’s stock valued at $140,000 after acquiring an additional 157 shares in the last quarter. Sheets Smith Wealth Management raised its holdings in Fortinet by 2.7% in the 1st quarter. Sheets Smith Wealth Management now owns 7,004 shares of the software maker’s stock valued at $588,000 after acquiring an additional 184 shares in the last quarter. Finally, Reliance Trust Co. of Delaware raised its holdings in Fortinet by 4.8% in the 4th quarter. Reliance Trust Co. of Delaware now owns 4,358 shares of the software maker’s stock valued at $307,000 after acquiring an additional 200 shares in the last quarter. 72.96% of the stock is owned by hedge funds and other institutional investors.

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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