Several other brokerages have also recently commented on FTNT. Goldman Sachs Group Inc. decreased their target price on Fortinet from $43.00 to $36.00 and set a buy rating for the company in a research report on Wednesday, October 12th. Wells Fargo & Co. reaffirmed a buy rating on shares of Fortinet in a research report on Sunday, September 25th. 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. Stephens cut Fortinet from an overweight rating to an equal weight rating and decreased their target price for the stock from $43.00 to $32.00 in a research report on Wednesday, October 12th. Finally, Royal Bank Of Canada decreased their target price on Fortinet from $37.00 to $30.00 and set a sector perform rating for the company in a research report on Wednesday, October 12th. One equities 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 stock presently has an average rating of Buy and a consensus target price of $36.16.
Shares of Fortinet (NASDAQ:FTNT) opened at 30.96 on Wednesday. The firm has a market cap of $5.35 billion, a price-to-earnings ratio of 836.76 and a beta of 1.62. The stock has a 50 day moving average price of $35.45 and a 200-day moving average price of $33.69. Fortinet has a 1-year low of $23.16 and a 1-year high of $44.63.
Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, July 28th. The company reported $0.14 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.14. The business earned $311.40 million during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter last year, the firm posted $0.11 earnings per share. On average, equities research analysts expect that Fortinet will post $0.70 earnings per share for the current fiscal year.
In other news, CFO Matto Andrew H. Del sold 3,250 shares of Fortinet 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 transaction, the chief financial officer now directly owns 9,686 shares in the company, valued at $351,504.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP John Whittle sold 15,007 shares of Fortinet 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 owns 18,969 shares in the company, valued at $662,207.79. The disclosure for this sale can be found here. 16.40% of the stock is owned by insiders.
Several institutional investors have recently bought and sold shares of FTNT. US Bancorp DE raised its position in Fortinet by 3.8% in the second quarter. US Bancorp DE now owns 3,342 shares of the company’s stock worth $106,000 after buying an additional 123 shares during the last quarter. Nordea Investment Management AB raised its position in Fortinet by 10.4% in the second quarter. Nordea Investment Management AB now owns 3,865 shares of the company’s stock worth $122,000 after buying an additional 365 shares during the last quarter. Advisor Group Inc. acquired a new position in Fortinet during the second quarter worth approximately $152,000. Tower Research Capital LLC TRC raised its position in Fortinet by 179.7% in the second quarter. Tower Research Capital LLC TRC now owns 6,464 shares of the company’s stock worth $204,000 after buying an additional 4,153 shares during the last quarter. Finally, Compagnie Lombard Odier SCmA raised its position in Fortinet by 62.0% in the second quarter. Compagnie Lombard Odier SCmA now owns 6,500 shares of the company’s stock worth $206,000 after buying an additional 2,487 shares during the last quarter. Institutional investors and hedge funds 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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