Fortinet Inc. (NASDAQ:FTNT)‘s stock had its “outperform” rating reissued by equities research analysts at Wells Fargo & Co. in a report issued on Thursday. They currently have a $37.00 price target on the stock, down from their prior price target of $43.50. Wells Fargo & Co.’s price objective would indicate a potential upside of 19.32% from the company’s previous close.
Several other research firms also recently weighed in on FTNT. Oppenheimer Holdings Inc. decreased their price objective on Fortinet from $45.00 to $40.00 and set an “outperform” rating for the company in a report on Wednesday, October 12th. Goldman Sachs Group Inc. decreased their price objective on Fortinet from $43.00 to $36.00 and set a “buy” rating for the company in a report on Wednesday, October 12th. RBC Capital Markets restated a “sector perform” rating and issued a $30.00 price objective (down from $37.00) on shares of Fortinet in a report on Wednesday, October 12th. Citigroup Inc. decreased their price objective on Fortinet from $37.00 to $35.00 and set a “neutral” rating for the company in a report on Friday, July 29th. Finally, Barclays PLC decreased their price objective on Fortinet from $42.00 to $34.00 and set an “overweight” rating for the company in a report on Wednesday, October 12th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and seventeen have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $36.16.
Fortinet (NASDAQ:FTNT) opened at 31.01 on Thursday. The stock has a 50 day moving average of $35.58 and a 200 day moving average of $33.62. Fortinet has a 52 week low of $23.16 and a 52 week high of $44.63. The company has a market cap of $5.36 billion, a PE ratio of 838.11 and a beta of 1.62.
Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.14 earnings per share for the quarter, meeting the consensus estimate of $0.14. The firm 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%. The firm’s quarterly revenue was up 29.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.11 earnings per share. Equities research analysts predict that Fortinet will post $0.70 EPS for the current fiscal year.
In related 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 transaction of $117,942.50. Following the completion of the sale, the chief financial officer now owns 9,686 shares of the company’s stock, 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 834 shares of Fortinet stock in a transaction dated Thursday, September 1st. The stock was sold at an average price of $36.70, for a total value of $30,607.80. Following the sale, the vice president now directly owns 5,515 shares of the company’s stock, valued at approximately $202,400.50. The disclosure for this sale can be found here. Corporate insiders own 16.40% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. US Bancorp DE increased its stake 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 period. Nordea Investment Management AB increased its stake 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 period. Advisor Group Inc. purchased a new stake in Fortinet during the second quarter worth approximately $152,000. Tower Research Capital LLC TRC increased its stake 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 period. Finally, Compagnie Lombard Odier SCmA increased its stake 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 period. 70.65% of the stock is owned by hedge funds and other 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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