Fortinet Inc. (NASDAQ:FTNT) had its price objective cut by equities researchers at Barclays PLC from $42.00 to $34.00 in a research note issued on Wednesday. The firm currently has an “overweight” rating on the stock. Barclays PLC’s target price suggests a potential downside of 0.26% from the stock’s previous close.
Other analysts have also issued reports about the stock. Oppenheimer Holdings Inc. restated an “outperform” rating and set a $45.00 target price on shares of Fortinet in a research report on Tuesday, September 20th. Wunderlich initiated coverage on shares of Fortinet in a research report on Tuesday, September 13th. They set a “buy” rating and a $45.00 target price for the company. Zacks Investment Research lowered shares of Fortinet from a “hold” rating to a “strong sell” rating in a research report on Monday, July 18th. Wells Fargo & Co. restated a “buy” rating on shares of Fortinet in a research report on Sunday, September 25th. Finally, Citigroup Inc. cut their target price 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 research analyst has rated the stock with a sell rating, nine have issued a hold rating and eighteen have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $37.19.
Shares of Fortinet (NASDAQ:FTNT) traded down 11.895% during midday trading on Wednesday, reaching $30.035. 10,898,941 shares of the company’s stock were exchanged. The firm has a 50-day moving average of $35.98 and a 200-day moving average of $33.64. Fortinet has a 12-month low of $23.16 and a 12-month high of $44.63. The stock has a market capitalization of $5.19 billion, a P/E ratio of 811.757 and a beta of 1.62.
Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, July 28th. The company reported $0.14 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 firm earned $311.40 million during the quarter, compared to analyst estimates of $304.71 million. During the same period in the previous year, the business posted $0.11 earnings per share. The business’s revenue for the quarter was up 29.9% on a year-over-year basis. Analysts anticipate that Fortinet will post $0.70 EPS for the current fiscal year.
In related news, VP John Whittle sold 15,007 shares of the company’s stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $34.91, for a total value of $523,894.37. Following the completion of the sale, the vice president now directly owns 18,969 shares of the company’s stock, valued at $662,207.79. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Ming Hsieh sold 23,900 shares of the company’s stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $34.84, for a total transaction of $832,676.00. The disclosure for this sale can be found here. 16.40% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in FTNT. 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 worth $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 worth $122,000 after buying an additional 365 shares during the period. Advisor Group Inc. acquired a new stake in Fortinet during the second quarter worth $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 worth $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 worth $206,000 after buying an additional 2,487 shares during the period. 70.65% of the stock is owned by institutional investors.
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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