Stephens downgraded shares of Fortinet Inc. (NASDAQ:FTNT) from an overweight rating to an equal weight rating in a research note released on Wednesday. They currently have $32.00 price target on the stock, down from their prior price target of $43.00.
FTNT has been the topic of a number of other research reports. Oppenheimer Holdings Inc. reiterated an outperform rating and set a $45.00 price objective on shares of Fortinet in a research note on Tuesday, September 20th. Wunderlich assumed coverage on shares of Fortinet in a report on Tuesday, September 13th. They set a buy rating and a $45.00 target price for the company. Zacks Investment Research cut shares of Fortinet from a hold rating to a strong sell rating in a report on Monday, July 18th. Wells Fargo & Co. restated a buy rating on shares of Fortinet in a report on Sunday, September 25th. Finally, Citigroup Inc. reduced their target price on shares of Fortinet from $37.00 to $35.00 and set a neutral rating for the company in a report on Friday, July 29th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and seventeen have assigned a buy rating to the stock. Fortinet currently has an average rating of Buy and an average price target of $36.16.
Fortinet (NASDAQ:FTNT) opened at 30.96 on Wednesday. The firm has a market capitalization of $5.35 billion, a P/E ratio of 836.76 and a beta of 1.62. Fortinet has a one year low of $23.16 and a one year high of $44.63. The firm has a 50-day moving average price of $35.58 and a 200 day moving average price of $33.62.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.14 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.14. Fortinet had a net margin of 0.07% and a return on equity of 0.68%. The business had revenue of $311.40 million for the quarter, compared to analyst estimates of $304.71 million. During the same quarter last year, the business earned $0.11 earnings per share. The business’s revenue for the quarter was up 29.9% on a year-over-year basis. Equities research analysts anticipate that Fortinet will post $0.70 earnings per share for the current year.
In other Fortinet news, insider Keith Jensen sold 1,900 shares of the firm’s stock in a transaction on Monday, August 8th. The shares were sold at an average price of $33.53, for a total value of $63,707.00. Following the sale, the insider now directly owns 229 shares in the company, valued at approximately $7,678.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP John Whittle sold 983 shares of the firm’s stock in a transaction on Monday, August 15th. The stock was sold at an average price of $32.86, for a total transaction of $32,301.38. Following the completion of the sale, the vice president now owns 17,531 shares in the company, valued at $576,068.66. The disclosure for this sale can be found here. 16.40% of the stock is currently owned by corporate insiders.
Hedge funds have recently bought and sold shares of the company. 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 valued at $106,000 after buying an additional 123 shares in the last quarter. 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 valued at $122,000 after buying an additional 365 shares in the last quarter. Advisor Group Inc. bought a new stake in Fortinet during the second quarter valued at about $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 valued at $204,000 after buying an additional 4,153 shares in the last quarter. 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 valued at $206,000 after buying an additional 2,487 shares in the last quarter. Institutional investors own 70.63% 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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