Fintel reports that on August 7, 2023, Guggenheim upgraded their outlook for Fortinet (NASDAQ:FTNT) from Neutral to Buy.

Analyst Price Forecast Suggests 42.11% Upside

As of August 2, 2023, the average one-year price target for Fortinet is 80.68. The forecasts range from a low of 63.63 to a high of $99.75. The average price target represents an increase of 42.11% from its latest reported closing price of 56.77.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Fortinet is 5,501MM, an increase of 10.29%. The projected annual non-GAAP EPS is 1.43.

What is the Fund Sentiment?

There are 1950 funds or institutions reporting positions in Fortinet. This is an increase of 119 owner(s) or 6.50% in the last quarter. Average portfolio weight of all funds dedicated to FTNT is 0.41%, an increase of 6.56%. Total shares owned by institutions decreased in the last three months by 1.29% to 570,940K shares. The put/call ratio of FTNT is 0.70, indicating a bullish outlook.

What are Other Shareholders Doing?

Alliancebernstein holds 28,263K shares representing 3.60% ownership of the company. In it’s prior filing, the firm reported owning 26,608K shares, representing an increase of 5.86%. The firm increased its portfolio allocation in FTNT by 16.35% over the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 20,557K shares representing 2.62% ownership of the company. In it’s prior filing, the firm reported owning 20,174K shares, representing an increase of 1.87%. The firm increased its portfolio allocation in FTNT by 27.91% over the last quarter.

Bank of New York Mellon holds 19,073K shares representing 2.43% ownership of the company. In it’s prior filing, the firm reported owning 19,864K shares, representing a decrease of 4.14%. The firm increased its portfolio allocation in FTNT by 4.82% over the last quarter.

T. Rowe Price Investment Management holds 15,655K shares representing 1.99% ownership of the company. In it’s prior filing, the firm reported owning 16,165K shares, representing a decrease of 3.25%. The firm increased its portfolio allocation in FTNT by 23.02% over the last quarter.

Geode Capital Management holds 15,179K shares representing 1.93% ownership of the company. In it’s prior filing, the firm reported owning 15,032K shares, representing an increase of 0.97%. The firm increased its portfolio allocation in FTNT by 26.97% over the last quarter.

Fortinet Background Information
(This description is provided by the company.)

Fortinet secures the largest enterprise, service provider, and government organizations around the world. Fortinet empowers its customers with complete visibility and control across the expanding attack surface and the power to take on ever-increasing performance requirements today and into the future. Only the Fortinet Security Fabric platform can address the most critical security challenges and protect data across the entire digital infrastructure, whether in networked, application, multi-cloud or edge environments. Fortinet ranks #1 in the most security appliances shipped worldwide and more than 500,000 customers trust Fortinet to protect their businesses. Both a technology company and a learning organization, the Fortinet Network Security Expert (NSE) Training Institute has one of the largest and broadest cybersecurity training programs in the industry.

This article originally appeared on Fintel

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.