Today’s Price Action: What’s Propelling Fortinet Inc to Increase So Much?

Today's Price Action: What's Propelling Fortinet Inc to Increase So Much?

The stock of Fortinet Inc (NASDAQ:FTNT) is a huge mover today! About 690,215 shares traded hands. Fortinet Inc (NASDAQ:FTNT) has risen 24.76% since March 1, 2016 and is uptrending. It has outperformed by 15.51% the S&P500.
The move comes after 7 months positive chart setup for the $6.35B company. It was reported on Oct, 4 by We have $55.13 PT which if reached, will make NASDAQ:FTNT worth $3.18 billion more.

Analysts await Fortinet Inc (NASDAQ:FTNT) to report earnings on October, 27. They expect $0.05 EPS, up 25.00% or $0.01 from last year’s $0.04 per share. FTNT’s profit will be $8.64M for 183.75 P/E if the $0.05 EPS becomes a reality. After $0.03 actual EPS reported by Fortinet Inc for the previous quarter, Wall Street now forecasts 66.67% EPS growth.

Fortinet Inc (NASDAQ:FTNT) Ratings Coverage

Out of 23 analysts covering Fortinet Inc. (NASDAQ:FTNT), 16 rate it a “Buy”, 0 “Sell”, while 7 “Hold”. This means 70% are positive. Fortinet Inc. has been the topic of 43 analyst reports since July 23, 2015 according to StockzIntelligence Inc. The company was maintained on Wednesday, January 27 by RBC Capital Markets. The firm earned “Overweight” rating on Wednesday, January 6 by Barclays Capital. The rating was maintained by Wunderlich on Thursday, July 23 with “Buy”. On Thursday, July 23 the stock rating was upgraded by JP Morgan to “Overweight”. Topeka Capital Markets maintained the stock with “Hold” rating in Thursday, July 23 report. The firm earned “Overweight” rating on Tuesday, August 30 by Pacific Crest. The firm earned “Outperform” rating on Thursday, July 23 by FBR Capital. The company was maintained on Wednesday, April 27 by Wunderlich. FBR Capital maintained the stock with “Outperform” rating in Tuesday, August 25 report. The rating was downgraded by Stifel Nicolaus to “Hold” on Wednesday, April 27.

According to Zacks Investment Research, “Fortinet, Inc., headquartered in Sunnyvale, California, is a provider of network security appliances and Unified Threat Management network security solutions to enterprises, service providers and government entities worldwide. Its solutions are designed to integrate multiple levels of security protection, including firewall, virtual private networking, antivirus, intrusion prevention, Web filtering, antispam and wide area network acceleration. Through its products and subscription services, the company provides integrated protection against dynamic security threats while simplifying the IT security infrastructure. Its solution incorporates the application-specific integrated circuits, hardware architecture, operating system, and set of associated security and networking functions to defend against multiple categories of IT security attacks without impacting network performance. Its flagship UTM solution consists of FortiGate appliance product line and FortiGuard security subscription services.”

Another recent and important Fortinet Inc (NASDAQ:FTNT) news was published by which published an article titled: “Better Buy: FireEye Inc vs. Fortinet” on September 07, 2016.

FTNT Company Profile

Fortinet, Inc., incorporated on November 28, 2000, provides cyber security solutions to enterprises, service providers and government organizations across the world. The Company’s flagship 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. The Company’s product offerings consist of its FortiGate product family, along with its FortiManager central management and FortiAnalyzer central logging and reporting product families.

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