Fortinet Inc. (NASDAQ:FTNT)‘s stock had its “hold” rating reaffirmed by Deutsche Bank AG in a research note issued on Saturday.
Several other brokerages also recently weighed in on FTNT. Oppenheimer Holdings Inc. reduced their price objective on shares of Fortinet from $45.00 to $40.00 and set an “outperform” rating for the company in a research report on Wednesday. Goldman Sachs Group Inc. reduced their price objective on shares of Fortinet from $43.00 to $36.00 and set a “buy” rating for the company in a research report on Wednesday. RBC Capital Markets restated a “sector perform” rating and set a $30.00 price objective (down previously from $37.00) on shares of Fortinet in a research report on Wednesday. Wells Fargo & Co. restated a “buy” rating on shares of Fortinet in a research report on Sunday, September 25th. Finally, Citigroup Inc. reduced their price objective on shares of Fortinet from $37.00 to $35.00 and set a “neutral” rating for the company in a research report on Friday, July 29th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seventeen have given a buy rating to the stock. Fortinet has a consensus rating of “Buy” and a consensus price target of $36.16.
Fortinet (NASDAQ:FTNT) opened at 31.01 on Friday. The company has a market cap of $5.36 billion, a price-to-earnings ratio of 838.11 and a beta of 1.62. The company’s 50 day moving average is $35.58 and its 200 day moving average is $33.62. Fortinet has a 1-year low of $23.16 and a 1-year high of $44.63.
Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, July 28th. The company reported $0.14 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.14. Fortinet had a net margin of 0.07% and a return on equity of 0.68%. The company earned $311.40 million during the quarter, compared to the consensus estimate of $304.71 million. During the same quarter in the previous year, the firm earned $0.11 earnings per share. The firm’s quarterly revenue was up 29.9% on a year-over-year basis. Equities research analysts forecast that Fortinet will post $0.70 EPS for the current year.
In related news, VP John Whittle sold 15,007 shares of the stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $34.91, for a total transaction of $523,894.37. Following the completion of the sale, the vice president now owns 18,969 shares of the company’s stock, valued at approximately $662,207.79. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Matto Andrew H. Del sold 3,250 shares of the stock in a transaction that occurred on Thursday, September 1st. The stock was sold at an average price of $36.29, for a total transaction of $117,942.50. Following the sale, the chief financial officer now directly owns 9,686 shares of the company’s stock, valued at approximately $351,504.94. The disclosure for this sale can be found here. Insiders own 16.40% of the company’s stock.
A number of hedge funds have recently bought and sold shares of FTNT. State Street Corp increased its stake in Fortinet by 1.5% in the first quarter. State Street Corp now owns 4,417,966 shares of the company’s stock worth $135,328,000 after buying an additional 64,030 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. British Columbia Investment Management Corp increased its stake in Fortinet by 82.4% in the second quarter. British Columbia Investment Management Corp now owns 53,021 shares of the company’s stock worth $1,675,000 after buying an additional 23,949 shares during the period. Hartford Investment Management Co. increased its stake in Fortinet by 9.7% in the second quarter. Hartford Investment Management Co. now owns 8,064 shares of the company’s stock worth $255,000 after buying an additional 715 shares during the period. Finally, Jacobs Levy Equity Management Inc. acquired a new stake in Fortinet during the first quarter worth about $935,000. 70.65% of the stock is owned by hedge funds and other 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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