Fortinet Inc. (NASDAQ:FTNT) had its price target decreased by Royal Bank Of Canada from $37.00 to $30.00 in a research report report published on Wednesday. Royal Bank Of Canada currently has a sector perform rating on the stock.
Several other brokerages have also recently issued reports on FTNT. Wells Fargo & Co. restated a buy rating on shares of Fortinet in a report on Sunday, September 25th. Citigroup Inc. dropped their target price on Fortinet from $37.00 to $35.00 and set a neutral rating for the company in a report on Friday, July 29th. Wunderlich initiated coverage on Fortinet in a report on Tuesday, September 13th. They issued a buy rating and a $45.00 target price for the company. Oppenheimer Holdings Inc. restated an outperform rating and issued a $45.00 target price on shares of Fortinet in a report on Tuesday, September 20th. Finally, Zacks Investment Research cut Fortinet from a hold rating to a strong sell rating in a report on Monday, July 18th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seventeen have issued a buy rating to the stock. The stock presently has an average rating of Buy and an average price target of $36.16.
Shares of Fortinet (NASDAQ:FTNT) opened at 30.96 on Wednesday. The company has a market cap of $5.35 billion, a PE ratio of 836.76 and a beta of 1.62. Fortinet has a 1-year low of $23.16 and a 1-year high of $44.63. The firm’s 50-day moving average is $35.45 and its 200-day moving average is $33.69.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.14 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.14. Fortinet had a return on equity of 0.68% and a net margin of 0.07%. The firm earned $311.40 million during the quarter, compared to the consensus estimate of $304.71 million. During the same period in the prior year, the company earned $0.11 EPS. The firm’s revenue was up 29.9% compared to the same quarter last year. On average, equities analysts forecast that Fortinet will post $0.70 earnings per share for the current fiscal year.
In other Fortinet news, VP John Whittle sold 834 shares of Fortinet stock in a transaction that occurred on Thursday, September 1st. The stock was sold at an average price of $36.70, for a total value of $30,607.80. Following the transaction, the vice president now directly owns 5,515 shares in the company, valued at approximately $202,400.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Matto Andrew H. Del sold 3,250 shares of Fortinet stock in a transaction that occurred on Thursday, September 1st. The shares were sold at an average price of $36.29, for a total value of $117,942.50. Following the completion of the transaction, the chief financial officer now owns 9,686 shares in the company, valued at $351,504.94. The disclosure for this sale can be found here. Corporate insiders own 16.40% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in FTNT. Renaissance Technologies LLC increased its position in shares of Fortinet by 112.0% in the first quarter. Renaissance Technologies LLC now owns 1,571,500 shares of the company’s stock valued at $48,135,000 after buying an additional 830,400 shares during the period. HBK Investments L P increased its stake in Fortinet by 56.5% in the first quarter. HBK Investments L P now owns 54,900 shares of the company’s stock worth $1,682,000 after buying an additional 19,831 shares during the period. Geode Capital Management LLC increased its stake in Fortinet by 4.9% in the first quarter. Geode Capital Management LLC now owns 934,608 shares of the company’s stock worth $28,610,000 after buying an additional 43,232 shares during the period. Pictet Asset Management Ltd. increased its stake in Fortinet by 0.4% in the first quarter. Pictet Asset Management Ltd. now owns 644,450 shares of the company’s stock worth $18,302,000 after buying an additional 2,650 shares during the period. Finally, Quadrature Capital Ltd acquired a new stake in Fortinet during the first quarter worth $337,000. 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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