Fortinet Inc. (NASDAQ:FTNT) had its target price decreased by investment analysts at Goldman Sachs Group Inc. from $43.00 to $36.00 in a note issued to investors on Wednesday. The brokerage currently has a “buy” rating on the stock. Goldman Sachs Group Inc.’s target price suggests a potential upside of 15.42% from the stock’s current price.
Several other brokerages have also issued reports on FTNT. Pacific Crest reiterated a “hold” rating on shares of Fortinet in a research report on Friday, July 29th. Citigroup Inc. decreased their price objective on Fortinet from $37.00 to $35.00 and set a “neutral” rating for the company in a research report on Friday, July 29th. Wells Fargo & Co. reiterated a “buy” rating on shares of Fortinet in a research report on Sunday, September 25th. Wunderlich began coverage on Fortinet in a research report on Tuesday, September 13th. They issued a “buy” rating and a $45.00 price objective for the company. Finally, Oppenheimer Holdings Inc. reiterated an “outperform” rating and issued a $45.00 price objective on shares of Fortinet in a research report on Tuesday, September 20th. 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. The stock presently has a consensus rating of “Buy” and an average target price of $36.16.
Fortinet (NASDAQ:FTNT) opened at 31.19 on Wednesday. Fortinet has a one year low of $23.16 and a one year high of $44.63. The firm has a market cap of $5.39 billion, a P/E ratio of 842.97 and a beta of 1.62. The firm’s 50-day moving average price is $35.71 and its 200 day moving average price is $33.60.
Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, July 28th. The company reported $0.14 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.14. Fortinet had a return on equity of 0.68% and a net margin of 0.07%. The business earned $311.40 million during the quarter, compared to analyst estimates of $304.71 million. During the same period in the previous year, the firm earned $0.11 EPS. Fortinet’s quarterly revenue was up 29.9% compared to the same quarter last year. On average, equities research analysts forecast that Fortinet will post $0.70 EPS for the current year.
In other news, VP John Whittle sold 834 shares of the stock in a transaction on Thursday, September 1st. The stock was sold at an average price of $36.70, for a total transaction 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 transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Christopher B. Paisley sold 6,000 shares of the stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $34.07, for a total value of $204,420.00. Following the sale, the director now directly owns 60,648 shares in the company, valued at $2,066,277.36. The disclosure for this sale can be found here. Insiders own 16.40% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. US Bancorp DE raised its stake in Fortinet by 3.8% in the second quarter. US Bancorp DE now owns 3,342 shares of the company’s stock valued at $106,000 after buying an additional 123 shares during the period. Nordea Investment Management AB raised 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 valued at $122,000 after buying an additional 365 shares during the period. Advisor Group Inc. acquired a new stake in Fortinet during the second quarter valued at $152,000. Tower Research Capital LLC TRC raised 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 valued at $204,000 after buying an additional 4,153 shares during the period. Finally, Compagnie Lombard Odier SCmA raised 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 valued at $206,000 after buying an additional 2,487 shares during the period. 70.65% of the stock is currently owned by 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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