BMO Capital Markets Cuts Fortinet (NASDAQ:FTNT) Price Target to $325.00

Fortinet (NASDAQ:FTNTGet Rating) had its target price reduced by BMO Capital Markets from $360.00 to $325.00 in a report released on Thursday, The Fly reports. BMO Capital Markets’ price objective indicates a potential upside of 24.54% from the company’s previous close.

A number of other equities research analysts have also recently issued reports on FTNT. Bank of America lowered shares of Fortinet from a “buy” rating to a “neutral” rating and cut their price target for the stock from $385.00 to $355.00 in a report on Friday, March 25th. UBS Group cut their target price on shares of Fortinet from $370.00 to $340.00 and set a “neutral” rating for the company in a research note on Friday, February 4th. Mizuho raised shares of Fortinet from a “neutral” rating to a “buy” rating and raised their price target for the company from $340.00 to $350.00 in a research note on Thursday, May 5th. Wedbush cut their price objective on Fortinet from $370.00 to $340.00 in a research note on Thursday, May 5th. Finally, Barclays raised Fortinet from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $364.00 to $395.00 in a report on Tuesday, March 29th. Nine equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat, Fortinet presently has a consensus rating of “Buy” and an average price target of $355.29.

FTNT stock opened at $260.96 on Thursday. Fortinet has a 52-week low of $195.96 and a 52-week high of $371.77. The company has a quick ratio of 1.48, a current ratio of 1.28 and a debt-to-equity ratio of 4.24. The firm has a market cap of $41.82 billion, a P/E ratio of 68.31, a PEG ratio of 4.06 and a beta of 1.21. The company’s 50-day simple moving average is $311.94 and its 200-day simple moving average is $319.26.

Fortinet (NASDAQ:FTNTGet Rating) last released its quarterly earnings results on Wednesday, May 4th. The software maker reported $0.94 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.14. Fortinet had a return on equity of 67.94% and a net margin of 17.79%. The company had revenue of $954.80 million during the quarter, compared to analysts’ expectations of $886.45 million. During the same quarter in the prior year, the firm posted $0.57 EPS. Fortinet’s quarterly revenue was up 34.4% compared to the same quarter last year. On average, analysts anticipate that Fortinet will post 3.64 earnings per share for the current fiscal year.

In other news, CFO Keith Jensen sold 3,127 shares of the business’s stock in a transaction that occurred on Thursday, February 24th. The shares were sold at an average price of $316.36, for a total value of $989,257.72. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Michael Xie sold 1,653 shares of the stock in a transaction that occurred on Monday, May 9th. The stock was sold at an average price of $248.85, for a total transaction of $411,349.05. Following the transaction, the vice president now directly owns 5,954,424 shares of the company’s stock, valued at approximately $1,481,758,412.40. The disclosure for this sale can be found here. Insiders have sold 10,084 shares of company stock worth $3,066,567 over the last ninety days. 18.60% of the stock is owned by insiders.

Several hedge funds have recently bought and sold shares of FTNT. Rise Advisors LLC purchased a new position in Fortinet during the 4th quarter valued at about $25,000. GW&K Investment Management LLC purchased a new position in shares of Fortinet in the first quarter valued at approximately $25,000. Atwood & Palmer Inc. acquired a new position in shares of Fortinet in the first quarter valued at approximately $26,000. McDonald Partners LLC purchased a new stake in Fortinet during the 4th quarter worth approximately $34,000. Finally, Riverview Trust Co purchased a new position in Fortinet in the 1st quarter valued at approximately $33,000. Hedge funds and other institutional investors own 67.47% of the company’s stock.

Fortinet Company Profile (Get Rating)

Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. 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.

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