FTNT has been the subject of several other reports. Oppenheimer Holdings Inc. reissued an outperform rating and set a $45.00 price objective on shares of Fortinet in a report on Tuesday, September 20th. Wunderlich assumed coverage on Fortinet in a report on Tuesday, September 13th. They set a buy rating and a $45.00 price objective for the company. Nomura cut their price target on Fortinet from $55.00 to $47.00 and set a buy rating for the company in a report on Wednesday, October 12th. Zacks Investment Research lowered Fortinet from a hold rating to a strong sell rating in a report on Monday, July 18th. Finally, Stephens lowered Fortinet from an overweight rating to an equal weight rating and cut their price target for the stock from $43.00 to $32.00 in a report on Wednesday, October 12th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seventeen have issued a buy rating to the company. The stock currently has a consensus rating of Buy and an average target price of $36.16.
Fortinet (NASDAQ:FTNT) opened at 31.01 on Wednesday. The stock’s 50 day moving average price is $35.58 and its 200-day moving average price is $33.62. Fortinet has a 12-month low of $23.16 and a 12-month high of $44.63. The firm has a market cap of $5.36 billion, a PE ratio of 838.11 and a beta of 1.62.
Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, July 28th. The company reported $0.14 earnings per share for the quarter, meeting the consensus estimate of $0.14. Fortinet had a return on equity of 0.68% and a net margin of 0.07%. The business earned $311.40 million during the quarter, compared to analyst estimates of $304.71 million. During the same period in the prior year, the company earned $0.11 earnings per share. Fortinet’s revenue was up 29.9% compared to the same quarter last year. Equities research analysts anticipate that Fortinet will post $0.70 earnings per share for the current fiscal year.
In other Fortinet news, Director Christopher B. Paisley sold 6,000 shares of Fortinet stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $34.07, for a total transaction of $204,420.00. Following the sale, the director now directly owns 60,648 shares of the company’s stock, valued at approximately $2,066,277.36. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP John Whittle sold 834 shares of Fortinet stock in a transaction that occurred on Thursday, September 1st. The shares were sold at an average price of $36.70, for a total value of $30,607.80. Following the sale, the vice president now directly owns 5,515 shares in the company, valued at $202,400.50. The disclosure for this sale can be found here. 16.40% of the stock is owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of FTNT. Fox Run Management L.L.C. purchased a new stake in Fortinet during the third quarter valued at $1,027,000. Oregon Public Employees Retirement Fund raised its position in 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 acquired a new position in Fortinet during the second quarter valued at about $2,102,000. Aldebaran Financial Inc. raised its position in 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 raised its position in 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. 70.63% of the stock is currently owned by institutional investors and hedge funds.
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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