Several other equities research analysts have also recently issued reports on the company. Robert W. Baird set a $34.00 target price on Fortinet and gave the stock a hold rating in a research note on Wednesday. Needham & Company LLC reissued a buy rating and set a $41.00 target price (down previously from $42.00) on shares of Fortinet in a research note on Wednesday. RBC Capital Markets restated a sector perform rating and set a $30.00 price target (down from $37.00) on shares of Fortinet in a research report on Wednesday. Dougherty & Co lowered their price target on Fortinet from $40.00 to $35.00 and set a buy rating for the company in a research report on Wednesday. Finally, JMP Securities lowered their price target on Fortinet from $40.00 to $34.00 and set a market outperform rating for the company in a research report on Wednesday. One analyst has rated the stock with a sell rating, eleven have given a hold rating and eighteen have given a buy rating to the company. The stock has an average rating of Buy and a consensus price target of $36.30.
Shares of Fortinet (NASDAQ:FTNT) traded up 1.451% on Wednesday, reaching $31.105. The company had a trading volume of 5,559,813 shares. The company has a 50 day moving average of $35.83 and a 200-day moving average of $33.62. The company has a market capitalization of $5.37 billion, a P/E ratio of 840.676 and a beta of 1.62. Fortinet has a 52 week low of $23.16 and a 52 week high of $44.63.
Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, July 28th. The company reported $0.14 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.14. The company earned $311.40 million during the quarter, compared to analysts’ expectations of $304.71 million. Fortinet had a return on equity of 0.68% and a net margin of 0.07%. The firm’s quarterly revenue was up 29.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.11 earnings per share. Analysts predict that Fortinet will post $0.70 earnings per share for the current fiscal year.
In other Fortinet news, VP John Whittle sold 15,007 shares of the company’s stock in a transaction that occurred on 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 owns 18,969 shares of the company’s stock, valued at $662,207.79. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ming Hsieh sold 23,900 shares of the company’s stock in a transaction that occurred on Monday, August 22nd. The shares were 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. Corporate insiders own 16.40% of the company’s stock.
A number of large investors have recently modified their holdings of the stock. PNC Financial Services Group Inc. increased its stake in shares of Fortinet by 0.4% in the second quarter. PNC Financial Services Group Inc. now owns 14,891 shares of the company’s stock valued at $471,000 after buying an additional 59 shares during the last quarter. Shelton Capital Management boosted its position in Fortinet by 0.8% in the second quarter. Shelton Capital Management now owns 13,366 shares of the company’s stock valued at $422,000 after buying an additional 100 shares during the period. Brown Advisory Inc. boosted its position in Fortinet by 0.5% in the second quarter. Brown Advisory Inc. now owns 20,209 shares of the company’s stock valued at $638,000 after buying an additional 106 shares during the period. Ranger Investment Management L.P. boosted its position in Fortinet by 1.3% in the second quarter. Ranger Investment Management L.P. now owns 8,350 shares of the company’s stock valued at $264,000 after buying an additional 110 shares during the period. Finally, US Bancorp DE boosted its position 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. 70.65% of the stock is owned by hedge funds and other 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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