Fortinet Inc. (NASDAQ:FTNT) was down 11.8% on Wednesday after Dougherty & Co lowered their price target on the stock from $40.00 to $35.00. Dougherty & Co currently has a buy rating on the stock. Fortinet traded as low as $29.00 and last traded at $30.08, with a volume of 16,330,771 shares changing hands. The stock had previously closed at $34.09.
A number of other equities research analysts have also weighed in on the company. Zacks Investment Research lowered Fortinet from a “hold” rating to a “strong sell” rating in a research note on Monday, July 18th. Pacific Crest raised Fortinet from a “sector weight” rating to an “overweight” rating and set a $47.00 target price for the company in a research note on Tuesday, August 30th. Wunderlich lowered their target price on Fortinet from $45.00 to $42.00 and set a “buy” rating for the company in a research note on Wednesday. Oppenheimer Holdings Inc. reissued an “outperform” rating and issued a $45.00 target price (down previously from $50.00) on shares of Fortinet in a research note on Monday, August 1st. Finally, Wells Fargo & Co. reissued a “buy” rating on shares of Fortinet in a research note on Sunday, September 25th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and eighteen have issued a buy rating to the stock. Fortinet presently has an average rating of “Buy” and a consensus target price of $36.55.
In other Fortinet news, Director Ming Hsieh sold 23,900 shares of the stock in a transaction on Monday, August 22nd. The stock was sold at an average price of $34.84, for a total transaction of $832,676.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP John Whittle sold 834 shares of the stock in a transaction on Thursday, September 1st. The shares were sold at an average price of $36.70, for a total value of $30,607.80. Following the sale, the vice president now owns 5,515 shares in the company, valued at $202,400.50. The disclosure for this sale can be found here. 16.40% of the stock is owned by corporate insiders.
Hedge funds have recently modified their holdings of the stock. Nomura Holdings Inc. increased its stake 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 valued at $182,556,000 after buying an additional 3,750,000 shares in the last quarter. Credit Suisse AG increased its stake 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 valued at $74,907,000 after buying an additional 1,858,948 shares in the last quarter. Fiera Capital Corp acquired a new stake in shares of Fortinet during the second quarter valued at approximately $46,487,000. Ameriprise Financial Inc. increased its stake 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 valued at $123,388,000 after buying an additional 1,190,096 shares in the last quarter. Finally, Renaissance Technologies LLC increased its stake 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 in the last quarter. Institutional investors and hedge funds own 70.65% of the company’s stock.
The company’s 50 day moving average is $35.83 and its 200 day moving average is $33.62. The firm has a market cap of $5.29 billion, a price-to-earnings ratio of 828.65 and a beta of 1.62.
Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, July 28th. The company reported $0.14 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.14. The business earned $311.40 million during the quarter, compared to the consensus estimate of $304.71 million. Fortinet had a net margin of 0.07% and a return on equity of 0.68%. The firm’s quarterly revenue was up 29.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.11 earnings per share. Analysts anticipate that Fortinet Inc. will post $0.70 earnings per share for the current year.
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.
Receive News & Ratings for Fortinet Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortinet Inc. and related companies with MarketBeat.com's FREE daily email newsletter.