RBC Capital Markets reaffirmed their sector perform rating on shares of Fortinet Inc. (NASDAQ:FTNT) in a research report sent to investors on Wednesday morning. They currently have a $30.00 price objective on the stock, down from their prior price objective of $37.00.
A number of other research firms have also commented 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 note on Wednesday, October 12th. Goldman Sachs Group Inc. dropped their target price on Fortinet from $43.00 to $36.00 and set a buy rating on the stock in a report on Wednesday, October 12th. Wells Fargo & Co. reiterated a buy rating on shares of Fortinet in a report on Sunday, September 25th. Citigroup Inc. dropped their target price on Fortinet from $37.00 to $35.00 and set a neutral rating on the stock in a report on Friday, July 29th. Finally, Barclays PLC dropped their target price on Fortinet from $42.00 to $34.00 and set an overweight rating on the stock in a report on Wednesday, October 12th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seventeen have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus target price of $36.16.
Fortinet (NASDAQ:FTNT) opened at 30.96 on Wednesday. The stock’s 50 day moving average is $35.45 and its 200-day moving average is $33.69. Fortinet has a 52-week low of $23.16 and a 52-week high of $44.63. The firm has a market capitalization of $5.35 billion, a PE ratio of 836.76 and a beta of 1.62.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.14 EPS for the quarter, meeting 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 analyst estimates of $304.71 million. During the same period in the prior year, the firm earned $0.11 earnings per share. The business’s quarterly revenue was up 29.9% on a year-over-year basis. Equities analysts expect that Fortinet will post $0.70 earnings per share for the current year.
In other news, Director Ming Hsieh sold 23,900 shares of the firm’s stock in a transaction on Monday, August 22nd. The stock was sold at an average price of $34.84, for a total value of $832,676.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Matto Andrew H. Del sold 5,500 shares of the firm’s stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $34.07, for a total value of $187,385.00. Following the completion of the sale, the chief financial officer now owns 22,099 shares of the company’s stock, valued at $752,912.93. The disclosure for this sale can be found here. 16.40% of the stock is owned by insiders.
Several hedge funds have recently made changes to their positions in FTNT. Renaissance Technologies LLC raised 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 worth $48,135,000 after buying an additional 830,400 shares during the period. HBK Investments L P raised its stake in shares of Fortinet by 56.5% in the first quarter. HBK Investments L P now owns 54,900 shares of the company’s stock worth $1,682,000 after buying an additional 19,831 shares during the period. Geode Capital Management LLC raised its stake in shares of 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. Pictet Asset Management Ltd. raised its stake in shares of Fortinet by 0.4% in the first quarter. Pictet Asset Management Ltd. now owns 644,450 shares of the company’s stock worth $18,302,000 after buying an additional 2,650 shares during the period. Finally, Quadrature Capital Ltd acquired a new stake in shares of Fortinet during the first quarter worth $337,000. Institutional investors 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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