Fortinet Inc. (NASDAQ:FTNT)‘s stock had its “outperform” rating reissued by equities researchers at Oppenheimer Holdings Inc. in a report released on Tuesday. They presently have a $45.00 price target on the stock. Oppenheimer Holdings Inc.’s target price would suggest a potential upside of 25.84% from the company’s previous close.

Several other analysts have also recently weighed in on FTNT. Barclays PLC dropped their price objective on shares of Fortinet from $46.00 to $42.00 and set an “overweight” rating for the company in a research note on Wednesday, June 1st. Bank of America Corp. reiterated a “buy” rating and issued a $40.00 price objective (up previously from $37.00) on shares of Fortinet in a research note on Wednesday, June 8th. JPMorgan Chase & Co. reiterated a “buy” rating on shares of Fortinet in a research note on Wednesday, June 8th. Zacks Investment Research cut shares of Fortinet from a “hold” rating to a “strong sell” rating in a research note on Monday, July 18th. Finally, Citigroup Inc. dropped their price objective on shares of Fortinet from $37.00 to $35.00 and set a “neutral” rating for the company in a research note on Friday, July 29th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $39.50.

Fortinet (NASDAQ:FTNT) traded down 0.34% during mid-day trading on Tuesday, hitting $35.64. 288,766 shares of the stock traded hands. The company has a 50 day moving average price of $35.03 and a 200-day moving average price of $32.80. Fortinet has a one year low of $23.16 and a one year high of $46.50. The stock has a market capitalization of $6.15 billion, a PE ratio of 963.24 and a beta of 1.63.

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Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, July 28th. The company reported $0.14 earnings per share for the quarter, hitting the consensus estimate of $0.14. Fortinet had a net margin of 0.07% and a return on equity of 0.68%. The business earned $311.40 million during the quarter, compared to analysts’ expectations of $304.71 million. During the same quarter in the previous year, the company earned $0.11 EPS. The business’s revenue was up 29.9% on a year-over-year basis. Equities analysts anticipate that Fortinet will post $0.70 earnings per share for the current fiscal year.

In other Fortinet news, Director Ming Hsieh sold 23,900 shares of the company’s stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $34.84, for a total transaction of $832,676.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP John Whittle sold 834 shares of the company’s stock in a transaction on Thursday, September 1st. The stock was sold at an average price of $36.70, for a total transaction of $30,607.80. Following the transaction, the vice president now owns 5,515 shares in the company, valued at approximately $202,400.50. The disclosure for this sale can be found here. Corporate insiders own 16.40% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FTNT. PNC Financial Services Group Inc. increased its position in 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 increased 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 last quarter. Brown Advisory Inc. increased 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 last quarter. Ranger Investment Management L.P. increased 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 last quarter. Finally, US Bancorp DE increased 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 last quarter. Hedge funds and other institutional investors own 71.06% 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.

5 Day Chart for NASDAQ:FTNT

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