A number of other equities research analysts also recently issued reports on FTNT. Barclays PLC reduced their price target on shares of Fortinet from $46.00 to $42.00 and set an overweight rating for the company in a research report on Wednesday, June 1st. Oppenheimer Holdings Inc. reissued an outperform rating and set a $50.00 price objective on shares of Fortinet in a research note on Friday, July 15th. Bank of America Corp. reissued a buy rating and set a $40.00 price objective (up from $37.00) on shares of Fortinet in a research note on Wednesday, June 8th. Wunderlich started coverage on shares of Fortinet in a research note on Tuesday, September 13th. They set a buy rating and a $45.00 price objective for the company. Finally, JPMorgan Chase & Co. reissued a buy rating on shares of Fortinet in a research note on Wednesday, June 8th. One analyst has rated the stock with a sell rating, eight have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Fortinet presently has a consensus rating of Buy and a consensus target price of $39.50.
Shares of Fortinet (NASDAQ:FTNT) opened at 36.33 on Friday. Fortinet has a 12 month low of $23.16 and a 12 month high of $45.25. The stock has a market capitalization of $6.27 billion, a price-to-earnings ratio of 981.89 and a beta of 1.63. The stock’s 50 day moving average price is $35.24 and its 200 day moving average price is $32.95.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.14 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate 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 period last year, the firm earned $0.11 EPS. The company’s revenue for the quarter was up 29.9% on a year-over-year basis. Analysts expect that Fortinet will post $0.70 EPS for the current year.
In other Fortinet news, CFO Matto Andrew H. Del sold 5,500 shares of the business’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 transaction, the chief financial officer now owns 22,099 shares in the company, valued at approximately $752,912.93. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP John Whittle sold 834 shares of the business’s 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 completion of the transaction, the vice president now owns 5,515 shares in the company, valued at approximately $202,400.50. The disclosure for this sale can be found here. 16.40% of the stock is currently owned by company insiders.
Institutional investors have recently modified their holdings of the company. State Street Corp raised its position in shares of 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 in the last quarter. 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 valued at $28,610,000 after buying an additional 43,232 shares during the last quarter. 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 valued at $1,675,000 after buying an additional 23,949 shares during the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in Fortinet during the first quarter valued at $935,000. Finally, Telemus Capital LLC increased its stake in Fortinet by 1.9% in the second quarter. Telemus Capital LLC now owns 7,409 shares of the company’s stock valued at $234,000 after buying an additional 137 shares during the last quarter. Hedge funds and other institutional investors own 70.65% of the company’s stock.
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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