PiperJaffray Upgrades Fortinet Inc to Overweight

Brokerage firm PiperJaffray Upgrades its rating on Fortinet Inc(FTNT). The shares have been rated Overweight. Previously, the analysts had a Neutral rating on the shares. The rating by PiperJaffray was issued on Feb 3, 2017.

Fortinet Inc (FTNT) shares turned negative on Tuesdays trading session with the shares closing down -0.07 points or -0.19% at a volume of 19,34,417. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $38.235. The peak price level was also seen at $38.235 while the days lowest was $37.57. Finally the shares closed at $37.76. The 52-week high of the shares is $38.325 while the 52-week low is $23.16. According to the latest information available, the market cap of the company is $6,534 M.

Fortinet Inc(FTNT) last announced its earnings results on Feb 2, 2017 for Fiscal Year 2016 and Q4.Company reported revenue of $362.830M. Analysts had an estimated revenue of $342.740M. Earnings per share were $0.3. Analysts had estimated an EPS of $0.21.

Several Insider Transactions has been reported to the SEC. On Dec 7, 2016, Ken Xie (President & CEO) sold 50,000 shares at $30.36 per share price.Also, On Dec 5, 2016, Matto Andrew H Del (Chief Financial Officer) sold 2,750 shares at $29.62 per share price.On Nov 9, 2016, Keith Jensen (Chief Accounting Officer) sold 1,300 shares at $31.30 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 Company’s 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 Company’s’ 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.

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