A number of other brokerages also recently issued reports on FTNT. Pacific Crest reaffirmed a hold rating on shares of Fortinet in a report on Friday, July 29th. Citigroup Inc. cut their target price on Fortinet from $37.00 to $35.00 and set a neutral rating on the stock in a research report on Friday, July 29th. Wells Fargo & Co. reiterated a buy rating on shares of Fortinet in a research report on Sunday, September 25th. Wunderlich initiated coverage on Fortinet in a research report on Tuesday, September 13th. They set a buy rating and a $45.00 target price on the stock. Finally, Oppenheimer Holdings Inc. reiterated an outperform rating and set a $45.00 target price on shares of Fortinet in a research report on Tuesday, September 20th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and seventeen have issued a buy rating to the company. The company presently has an average rating of Buy and a consensus target price of $36.16.
Fortinet (NASDAQ:FTNT) opened at 30.96 on Wednesday. The firm’s 50-day moving average price is $35.58 and its 200-day moving average price is $33.62. The stock has a market cap of $5.35 billion, a P/E ratio of 836.76 and a beta of 1.62. Fortinet has a 12 month low of $23.16 and a 12 month high of $44.63.
Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, July 28th. The company reported $0.14 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.14. The company earned $311.40 million during the quarter, compared to the consensus estimate of $304.71 million. Fortinet had a return on equity of 0.68% and a net margin of 0.07%. Fortinet’s revenue for the quarter was up 29.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.11 EPS. On average, analysts predict that Fortinet will post $0.70 earnings per share for the current year.
In other Fortinet news, CFO Matto Andrew H. Del sold 5,500 shares of the business’s stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $34.07, for a total value of $187,385.00. Following the completion of the transaction, the chief financial officer now directly owns 22,099 shares in the company, valued at approximately $752,912.93. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP John Whittle sold 13,663 shares of the business’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $35.00, for a total value of $478,205.00. Following the completion of the transaction, the vice president now owns 18,969 shares of the company’s stock, valued at $663,915. The disclosure for this sale can be found here. 16.40% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. US Bancorp DE increased its position in shares of Fortinet by 3.8% in the second quarter. US Bancorp DE now owns 3,342 shares of the company’s stock valued at $106,000 after buying an additional 123 shares during the period. Nordea Investment Management AB increased its position in shares of Fortinet by 10.4% in the second quarter. Nordea Investment Management AB now owns 3,865 shares of the company’s stock valued at $122,000 after buying an additional 365 shares during the period. Advisor Group Inc. acquired a new position in shares of Fortinet during the second quarter valued at $152,000. Tower Research Capital LLC TRC increased its position in shares of Fortinet by 179.7% in the second quarter. Tower Research Capital LLC TRC now owns 6,464 shares of the company’s stock valued at $204,000 after buying an additional 4,153 shares during the period. Finally, Compagnie Lombard Odier SCmA increased its position in shares of Fortinet by 62.0% in the second quarter. Compagnie Lombard Odier SCmA now owns 6,500 shares of the company’s stock valued at $206,000 after buying an additional 2,487 shares during the period. Institutional investors own 70.63% of the company’s stock.
Fortinet Company Profile
Fortinet, Inc 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.
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