Fortinet Inc. (NASDAQ:FTNT) received a $33.00 price objective from equities researchers at Morgan Stanley in a report released on Wednesday. The brokerage presently has a a “hold” rating on the stock. Morgan Stanley’s target price would suggest a potential upside of 5.80% from the company’s previous close.
A number of other research analysts have also issued reports on FTNT. Royal Bank Of Canada decreased their target price on shares of Fortinet from $37.00 to $30.00 and set a “sector perform” rating on the stock in a research report on Wednesday. Stephens downgraded shares of Fortinet from an “overweight” rating to an “equal weight” rating in a report on Wednesday. Oppenheimer Holdings Inc. reaffirmed an “outperform” rating and set a $50.00 price target on shares of Fortinet in a report on Friday, July 15th. Goldman Sachs Group Inc. cut their price target on shares of Fortinet from $43.00 to $36.00 and set a “buy” rating for the company in a report on Wednesday. Finally, Wunderlich assumed coverage on shares of Fortinet in a report on Tuesday, September 13th. They set a “buy” rating and a $45.00 price target for the company. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and eighteen have assigned a buy rating to the company’s stock. Fortinet has a consensus rating of “Buy” and an average price target of $36.30.
Fortinet (NASDAQ:FTNT) traded up 1.73% during trading on Wednesday, reaching $31.19. 7,813,583 shares of the company’s stock traded hands. The firm has a 50 day moving average price of $35.84 and a 200-day moving average price of $33.62. The firm has a market cap of $5.39 billion, a PE ratio of 842.97 and a beta of 1.62. Fortinet has a 12 month low of $23.16 and a 12 month high of $44.63.
Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, July 28th. The company reported $0.14 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.14. Fortinet had a net margin of 0.07% and a return on equity of 0.68%. The firm had revenue of $311.40 million for the quarter, compared to analyst estimates of $304.71 million. During the same quarter in the prior year, the business posted $0.11 EPS. The business’s revenue was up 29.9% compared to the same quarter last year. On average, analysts forecast that Fortinet will post $0.70 earnings per share for the current fiscal year.
In other news, insider Keith Jensen sold 900 shares of Fortinet stock in a transaction on Tuesday, August 23rd. The stock was sold at an average price of $35.47, for a total transaction of $31,923.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP John Whittle sold 834 shares of Fortinet stock in a transaction on Thursday, September 1st. The stock was 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 of the company’s stock, valued at $202,400.50. 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 FTNT. US Bancorp DE increased 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 increased 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 increased 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 increased 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. Institutional investors and hedge funds own 70.65% 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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