A number of other equities research analysts have also weighed in on FTNT. Oppenheimer Holdings Inc. reaffirmed an outperform rating and set a $50.00 target price on shares of Fortinet in a research report on Friday, July 15th. Zacks Investment Research lowered Fortinet from a hold rating to a strong sell rating in a research report on Monday, July 18th. Citigroup Inc. decreased their target price on Fortinet from $37.00 to $35.00 and set a neutral rating for the company in a research report on Friday, July 29th. Pacific Crest reiterated a hold rating on shares of Fortinet in a report on Friday, July 29th. Finally, Wunderlich began coverage on Fortinet in a report on Tuesday, September 13th. They issued a buy rating and a $45.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and eighteen have given a buy rating to the stock. Fortinet presently has a consensus rating of Buy and a consensus price target of $36.55.
Fortinet (NASDAQ:FTNT) traded down 0.03% on Wednesday, reaching $30.65. The company’s stock had a trading volume of 3,094,286 shares. The company has a market capitalization of $5.29 billion, a price-to-earnings ratio of 828.38 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 price is $35.83 and its 200-day moving average price is $33.62.
Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, July 28th. The company reported $0.14 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.14. The business earned $311.40 million during the quarter, compared to analyst estimates of $304.71 million. Fortinet had a return on equity of 0.68% and a net margin of 0.07%. Fortinet’s revenue was up 29.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.11 EPS. Equities analysts forecast that Fortinet will post $0.70 earnings per share for the current year.
In related news, CFO Matto Andrew H. Del sold 3,250 shares of the company’s stock in a transaction dated Thursday, September 1st. The stock was 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 of the company’s stock, valued at approximately $351,504.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP John Whittle sold 15,007 shares of the company’s stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $34.91, for a total value of $523,894.37. Following the completion of the transaction, the vice president now directly owns 18,969 shares of the company’s stock, valued at approximately $662,207.79. The disclosure for this sale can be found here. 16.40% of the stock is owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in FTNT. Nomura Holdings Inc. boosted its position in shares of Fortinet by 185.2% in the second quarter. Nomura Holdings Inc. now owns 5,775,000 shares of the company’s stock worth $182,556,000 after buying an additional 3,750,000 shares during the last quarter. Credit Suisse AG boosted its position in shares of Fortinet by 362.8% in the second quarter. Credit Suisse AG now owns 2,371,272 shares of the company’s stock worth $74,907,000 after buying an additional 1,858,948 shares during the last quarter. Fiera Capital Corp purchased a new position in shares of Fortinet during the second quarter worth approximately $46,487,000. Ameriprise Financial Inc. boosted its position in shares of Fortinet by 43.8% in the second quarter. Ameriprise Financial Inc. now owns 3,905,990 shares of the company’s stock worth $123,388,000 after buying an additional 1,190,096 shares during the last quarter. Finally, Renaissance Technologies LLC boosted 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 worth $48,135,000 after buying an additional 830,400 shares during the last quarter. 70.65% of the stock is owned by institutional investors.
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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