Fortinet’s (FTNT) “Outperform” Rating Reiterated at Oppenheimer Holdings, Inc.

Oppenheimer Holdings, Inc. reissued their outperform rating on shares of Fortinet, Inc. (NASDAQ:FTNT) in a research note issued to investors on Thursday morning. They currently have a $45.00 price objective on the software maker’s stock.

Other equities analysts have also recently issued reports about the company. Monness Crespi & Hardt initiated coverage on Fortinet in a research note on Wednesday, June 14th. They set a buy rating and a $45.00 price objective on the stock. Zacks Investment Research upgraded Fortinet from a hold rating to a buy rating and set a $44.00 target price on the stock in a research note on Wednesday, May 3rd. Robert W. Baird reiterated a buy rating on shares of Fortinet in a research note on Friday, April 28th. Dougherty & Co raised their target price on Fortinet from $38.00 to $46.00 and gave the company a buy rating in a research note on Friday, April 21st. Finally, Stifel Nicolaus raised their target price on Fortinet from $36.00 to $42.00 and gave the company a hold rating in a research note on Monday, April 17th. Seven analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of Buy and a consensus price target of $41.26.

Fortinet (FTNT) opened at 37.20 on Thursday. The firm has a market capitalization of $6.54 billion, a PE ratio of 161.74 and a beta of 1.05. Fortinet has a one year low of $28.50 and a one year high of $41.33. The stock has a 50 day moving average of $39.14 and a 200-day moving average of $36.04.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, April 27th. The software maker reported $0.07 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.02 by $0.05. Fortinet had a return on equity of 7.34% and a net margin of 3.06%. The firm had revenue of $340.60 million for the quarter, compared to analysts’ expectations of $334.44 million. During the same period last year, the business posted $0.12 earnings per share. The firm’s revenue for the quarter was up 19.7% on a year-over-year basis. On average, equities analysts predict that Fortinet will post $0.91 EPS for the current year.

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In related news, insider Keith Jensen sold 624 shares of the stock in a transaction on Wednesday, May 17th. The stock was sold at an average price of $40.73, for a total value of $25,415.52. Following the completion of the transaction, the insider now owns 978 shares in the company, valued at approximately $39,833.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ming Hsieh sold 4,743 shares of the stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $39.29, for a total value of $186,352.47. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 29,857 shares of company stock worth $1,178,454. 17.00% of the stock is owned by corporate insiders.

Institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its position in Fortinet by 7,159.6% in the first quarter. BlackRock Inc. now owns 13,177,758 shares of the software maker’s stock worth $505,365,000 after buying an additional 12,996,236 shares during the period. Vanguard Group Inc. raised its position in Fortinet by 5.0% in the first quarter. Vanguard Group Inc. now owns 11,887,371 shares of the software maker’s stock worth $455,881,000 after buying an additional 563,667 shares during the period. Clearbridge Investments LLC raised its position in Fortinet by 27.7% in the first quarter. Clearbridge Investments LLC now owns 8,441,783 shares of the software maker’s stock worth $323,742,000 after buying an additional 1,831,096 shares during the period. State Street Corp raised its position in Fortinet by 2.7% in the first quarter. State Street Corp now owns 4,449,413 shares of the software maker’s stock worth $170,638,000 after buying an additional 118,681 shares during the period. Finally, Ameriprise Financial Inc. raised its position in Fortinet by 6.2% in the first quarter. Ameriprise Financial Inc. now owns 4,309,932 shares of the software maker’s stock worth $165,282,000 after buying an additional 252,158 shares during the period. Institutional investors and hedge funds own 73.38% of the company’s stock.

About Fortinet

Fortinet, Inc is a network security company. The Company provides cyber security solutions to a range of enterprises, service providers and government organizations across the world. Its 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.

Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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