Several other equities analysts have also recently weighed in on the company. Zacks Investment Research cut Fortinet from a hold rating to a sell rating in a report on Friday. Wells Fargo & Co. reiterated an outperform rating and set a $37.00 price objective (down previously from $43.50) on shares of Fortinet in a report on Thursday. Piper Jaffray Cos. set a $30.00 price objective on Fortinet and gave the company a hold rating in a report on Wednesday. Robert W. Baird set a $34.00 price objective on Fortinet and gave the company a hold rating in a report on Wednesday. Finally, Needham & Company LLC reiterated a buy rating and set a $41.00 price objective (down previously from $42.00) on shares of Fortinet in a report on Wednesday. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and seventeen have given a buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus price target of $36.16.
Fortinet (NASDAQ:FTNT) opened at 31.01 on Friday. Fortinet has a one year low of $23.16 and a one year high of $44.63. The firm’s 50-day moving average price is $35.58 and its 200 day moving average price is $33.62. The firm has a market cap of $5.36 billion, a P/E ratio of 838.11 and a beta of 1.62.
Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.14 earnings per share 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 had revenue of $311.40 million for the quarter, compared to analysts’ expectations of $304.71 million. During the same quarter in the previous year, the business posted $0.11 EPS. Fortinet’s revenue for the quarter was up 29.9% on a year-over-year basis. On average, equities research analysts forecast that Fortinet will post $0.70 EPS for the current year.
In other news, CFO Matto Andrew H. Del sold 3,250 shares of the stock in a transaction dated Thursday, September 1st. The stock was sold at an average price of $36.29, for a total value of $117,942.50. Following the completion of the sale, the chief financial officer now owns 9,686 shares of the company’s stock, valued at $351,504.94. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP John Whittle sold 983 shares of the stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $32.86, for a total value of $32,301.38. Following the completion of the sale, the vice president now directly owns 17,531 shares of the company’s stock, valued at approximately $576,068.66. The disclosure for this sale can be found here. 16.40% of the stock is owned by company insiders.
Several large investors have recently modified their holdings of the stock. Fox Run Management L.L.C. bought a new stake in shares of Fortinet during the third quarter valued at $1,027,000. Oregon Public Employees Retirement Fund boosted its stake in shares of Fortinet by 1.2% in the third quarter. Oregon Public Employees Retirement Fund now owns 50,730 shares of the company’s stock valued at $1,873,000 after buying an additional 606 shares during the last quarter. Mason Street Advisors LLC bought a new stake in shares of Fortinet during the second quarter valued at $2,102,000. Aldebaran Financial Inc. boosted its stake in shares of Fortinet by 3.5% in the second quarter. Aldebaran Financial Inc. now owns 89,270 shares of the company’s stock valued at $2,987,000 after buying an additional 3,050 shares during the last quarter. Finally, Public Employees Retirement System of Ohio boosted its stake in shares of Fortinet by 1.1% in the second quarter. Public Employees Retirement System of Ohio now owns 97,022 shares of the company’s stock valued at $3,065,000 after buying an additional 1,073 shares during the last quarter. 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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