Fortinet Inc (FTNT) was Reiterated by RBC Capital Mkts to “Sector Perform” according to the research note released today. The brokerage firm has raised the Price Target to $ 36 from a previous price target of $35 . RBC Capital Mkts advised their investors in a research report released on Apr 27, 2016.
Many Wall Street Analysts have commented on Fortinet Inc. Company shares were Reiterated by FBR Capital on Apr 27, 2016 to “Outperform”, Firm has raised the Price Target to $ 41 from a previous price target of $35 .Company shares were Reiterated by Wunderlich on Apr 27, 2016 to “Buy”, Firm has raised the Price Target to $ 42 from a previous price target of $37 .Company shares were Reiterated by RBC Capital Mkts on Apr 26, 2016 to “Sector Perform”, Firm has raised the Price Target to $ 35 from a previous price target of $32 .
On the company’s financial health, Fortinet Inc reported $0.12 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on Apr 26, 2016. Analyst had a consensus of $0.09. The company had revenue of $284.60 million for the quarter, compared to analysts expectations of $273.46 million. The company’s revenue was up 33.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.08 EPS.
Fortinet Inc opened for trading at $30.44 and hit $31.22 on the upside on Friday, eventually ending the session at $31.14, with a gain of 1.17% or 0.36 points. The heightened volatility saw the trading volume jump to 14,99,706 shares. Company has a market cap of $5,344 M.
In a different news, on Mar 23, 2016, John Whittle (VP CorpDev&Strat Alliance, GC) sold 1,779 shares at $30.00 per share price. According to the SEC, on Mar 2, 2016, Matto Andrew H Del (Chief Financial Officer) sold 2,250 shares at $28.94 per share price. On Feb 17, 2016, Christopher B Paisley (director) sold 6,000 shares at $24.70 per share price, according to the Form-4 filing with the securities and exchange commission.
Fortinet Inc. provides cyber security solutions to enterprise service providers and government organizations across the world. The Companys network security solution consists of FortiGate physical and virtual appliance products that provide an array of integrated security and networking functions to protect data applications and users from network-and content-level security threats. The Companys FortiGate appliances may be deployed as Next Generation Firewalls (NGFW) Data Center Firewalls (DCFW) Unified Threat Management (UTM) systems Internal Network Firewall (INFW) Virtual Machine Firewalls or Cloud Firewalls. The FortiGate appliances range from the FortiGate-20 series for small businesses and branch offices to the FortiGate-5000 series for enterprises and service providers and are based on its technology platform. Its security services are based on intelligence gathered by its FortiGuard Labs team.