Several other research analysts have also recently weighed in on the stock. Zacks Investment Research cut shares of Fortinet from a hold rating to a strong sell rating in a research report on Monday, July 18th. Pacific Crest upgraded shares of Fortinet from a sector weight rating to an overweight rating and set a $47.00 price objective on the stock in a research report on Tuesday, August 30th. Wunderlich decreased their price objective on shares of Fortinet from $45.00 to $42.00 and set a buy rating on the stock in a research report on Wednesday, October 12th. Oppenheimer Holdings Inc. restated an outperform rating and issued a $45.00 price objective (down from $50.00) on shares of Fortinet in a research report on Monday, August 1st. Finally, Wells Fargo & Co. reaffirmed a buy rating on shares of Fortinet in a research note on Sunday, September 25th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and seventeen have assigned a buy rating to the company’s stock. Fortinet presently has a consensus rating of Buy and a consensus price target of $36.16.
Fortinet (NASDAQ:FTNT) opened at 30.96 on Wednesday. The company has a market cap of $5.35 billion, a price-to-earnings 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. The firm’s 50-day moving average is $35.58 and its 200 day moving average is $33.62.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.14 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.14. The company had revenue of $311.40 million for the quarter, compared to analysts’ expectations of $304.71 million. Fortinet had a net margin of 0.07% and a return on equity of 0.68%. Fortinet’s revenue for the quarter was up 29.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.11 earnings per share. On average, equities analysts expect that Fortinet will post $0.70 earnings per share for the current fiscal year.
In related news, VP John Whittle sold 13,663 shares of the stock in a transaction on Monday, August 1st. The stock was sold at an average price of $35.00, for a total transaction of $478,205.00. Following the sale, the vice president now directly owns 18,969 shares of the company’s stock, valued at $663,915. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Keith Jensen sold 900 shares of the stock in a transaction on Tuesday, August 23rd. The shares were sold at an average price of $35.47, for a total value of $31,923.00. The disclosure for this sale can be found here. Insiders own 16.40% of the company’s stock.
Several large investors have recently added to or reduced their stakes in FTNT. State Street Corp boosted its stake in Fortinet by 1.5% in the first quarter. State Street Corp now owns 4,417,966 shares of the company’s stock valued at $135,328,000 after buying an additional 64,030 shares during the period. Geode Capital Management LLC boosted its position in shares of Fortinet by 4.9% in the first quarter. Geode Capital Management LLC now owns 934,608 shares of the company’s stock valued at $28,610,000 after buying an additional 43,232 shares during the last quarter. British Columbia Investment Management Corp boosted its position in shares of Fortinet by 82.4% in the second quarter. British Columbia Investment Management Corp now owns 53,021 shares of the company’s stock valued at $1,675,000 after buying an additional 23,949 shares during the last quarter. Hartford Investment Management Co. boosted its position in shares of Fortinet by 9.7% in the second quarter. Hartford Investment Management Co. now owns 8,064 shares of the company’s stock valued at $255,000 after buying an additional 715 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. purchased a new position in shares of Fortinet during the first quarter valued at about $935,000. 70.63% of the stock is currently owned by institutional investors.
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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