Fintel reports that on December 19, 2024, Keybanc upgraded their outlook for Fortinet (NasdaqGS:FTNT) from Sector Weight to Overweight.
Analyst Price Forecast Suggests 1.62% Upside
As of December 3, 2024, the average one-year price target for Fortinet is $96.35/share. The forecasts range from a low of $62.62 to a high of $118.65. The average price target represents an increase of 1.62% from its latest reported closing price of $94.81 / share.
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The projected annual revenue for Fortinet is 6,609MM, an increase of 15.73%. The projected annual non-GAAP EPS is 1.75.
What is the Fund Sentiment?
There are 2,007 funds or institutions reporting positions in Fortinet. This is an increase of 94 owner(s) or 4.91% in the last quarter. Average portfolio weight of all funds dedicated to FTNT is 0.11%, an increase of 59.53%. Total shares owned by institutions increased in the last three months by 0.76% to 559,495K shares. 
The put/call ratio of FTNT is 0.87, indicating a bullish outlook.
What are Other Shareholders Doing?
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 19,426K shares representing 2.53% ownership of the company. In its prior filing, the firm reported owning 19,320K shares , representing an increase of 0.54%. The firm increased its portfolio allocation in FTNT by 21.52% over the last quarter.
Bank of New York Mellon holds 17,328K shares representing 2.26% ownership of the company. In its prior filing, the firm reported owning 17,893K shares , representing a decrease of 3.26%. The firm decreased its portfolio allocation in FTNT by 87.39% over the last quarter.
VFINX - Vanguard 500 Index Fund Investor Shares holds 16,627K shares representing 2.17% ownership of the company. In its prior filing, the firm reported owning 16,274K shares , representing an increase of 2.13%. The firm increased its portfolio allocation in FTNT by 20.98% over the last quarter.
Geode Capital Management holds 14,883K shares representing 1.94% ownership of the company. In its prior filing, the firm reported owning 14,528K shares , representing an increase of 2.38%. The firm decreased its portfolio allocation in FTNT by 36.33% over the last quarter.
Invesco Qqq Trust, Series 1 holds 14,855K shares representing 1.94% ownership of the company. In its prior filing, the firm reported owning 14,713K shares , representing an increase of 0.95%. The firm increased its portfolio allocation in FTNT by 27.08% 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.
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This story originally appeared on Fintel.
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