BidaskClub Upgrades Fortinet (NASDAQ:FTNT) to “Buy”

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Fortinet (NASDAQ:FTNT) was upgraded by analysts at BidaskClub from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday, BidAskClub reports.

Several other research firms have also recently issued reports on FTNT. Northland Securities reaffirmed a “buy” rating and set a $100.00 price objective on shares of Fortinet in a research report on Friday, May 3rd. Cowen lowered their price objective on Nordstrom from $44.00 to $36.00 and set a “market perform” rating for the company in a research report on Thursday, May 23rd. Morgan Stanley upped 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. Stifel Nicolaus raised QUALCOMM from a “hold” rating to a “buy” rating and upped their price objective for the stock from $57.00 to $100.00 in a research report on Tuesday, April 16th. Finally, Zacks Investment Research cut Glu Mobile from a “buy” rating to a “hold” rating in a research report on Tuesday, April 9th. Three equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and twelve have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $85.54.

Shares of NASDAQ FTNT opened at $84.71 on Friday. The business’s 50-day moving average is $76.41. Fortinet has a 1-year low of $62.27 and a 1-year high of $96.96. The stock has a market cap of $14.47 billion, a P/E ratio of 70.59, a price-to-earnings-growth ratio of 4.30 and a beta of 1.09.

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

In related news, VP John Whittle sold 3,691 shares of the company’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $87.48, for a total value of $322,888.68. Following the completion of the sale, the vice president now directly owns 6,402,500 shares of the company’s stock, valued at approximately $560,090,700. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Michael Xie sold 40,000 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $70.43, for a total value of $2,817,200.00. Following the completion of the sale, the vice president now directly owns 6,388,548 shares of the company’s stock, valued at $449,945,435.64. The disclosure for this sale can be found here. Over the last three months, insiders sold 64,513 shares of company stock valued at $4,855,024. Insiders own 17.20% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Legacy Advisors LLC acquired a new stake in shares of Fortinet in the 1st quarter valued at about $30,000. Valeo Financial Advisors LLC boosted its position in shares of Fortinet by 2,117.4% in the 2nd quarter. Valeo Financial Advisors LLC now owns 510 shares of the software maker’s stock valued at $39,000 after purchasing an additional 487 shares during the period. Bremer Bank National Association acquired a new stake in shares of Fortinet in the 1st quarter valued at about $44,000. CX Institutional boosted its position in shares of Fortinet by 112.6% in the 1st quarter. CX Institutional now owns 778 shares of the software maker’s stock valued at $65,000 after purchasing an additional 412 shares during the period. Finally, Dubuque Bank & Trust Co. acquired a new stake in shares of Fortinet in the 1st quarter valued at about $69,000. 73.26% of the stock is owned by hedge funds and other institutional investors.

About Fortinet

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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