Fortinet’s (FTNT) Outperform Rating Reaffirmed at Oppenheimer Holdings Inc.
Fortinet Inc. (NASDAQ:FTNT)‘s stock had its “outperform” rating reaffirmed by investment analysts at Oppenheimer Holdings Inc. in a report issued on Tuesday. They presently have a $45.00 target price on the stock. Oppenheimer Holdings Inc.’s target price points to a potential upside of 25.84% from the company’s current price.
A number of other analysts also recently issued reports on the stock. Barclays PLC decreased their price objective on shares of Fortinet from $46.00 to $42.00 and set an “overweight” rating for the company in a report on Wednesday, June 1st. Bank of America Corp. restated a “buy” rating and set a $40.00 price objective (up previously from $37.00) on shares of Fortinet in a report on Wednesday, June 8th. JPMorgan Chase & Co. restated a “buy” rating on shares of Fortinet in a report on Wednesday, June 8th. Zacks Investment Research downgraded shares of Fortinet from a “hold” rating to a “strong sell” rating in a report on Monday, July 18th. Finally, Citigroup Inc. decreased their price objective 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 research analyst has rated the stock with a sell rating, eight have issued a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $39.50.
Shares of Fortinet (NASDAQ:FTNT) traded down 0.31% during trading on Tuesday, hitting $35.65. 302,427 shares of the stock traded hands. The stock has a 50-day moving average of $35.03 and a 200 day moving average of $32.80. Fortinet has a 1-year low of $23.16 and a 1-year high of $46.50. The company has a market cap of $6.16 billion, a P/E ratio of 963.51 and a beta of 1.63.
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Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, July 28th. The company reported $0.14 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.14. The company earned $311.40 million during the quarter, compared to the consensus estimate of $304.71 million. Fortinet had a net margin of 0.07% and a return on equity of 0.68%. The firm’s revenue for the quarter was up 29.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.11 earnings per share. On average, equities research analysts predict that Fortinet will post $0.70 EPS for the current fiscal year.
In other Fortinet news, CFO Matto Andrew H. Del sold 5,500 shares of the business’s stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $34.07, for a total transaction of $187,385.00. Following the transaction, the chief financial officer now directly owns 22,099 shares of the company’s stock, valued at approximately $752,912.93. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Matto Andrew H. Del sold 3,250 shares of the business’s stock in a transaction on Thursday, September 1st. The shares were sold at an average price of $36.29, for a total transaction of $117,942.50. Following the transaction, the chief financial officer now directly owns 9,686 shares in the company, valued at $351,504.94. The disclosure for this sale can be found here. Company insiders own 16.40% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of FTNT. US Bancorp DE boosted its stake in shares of Fortinet by 3.8% in the second quarter. US Bancorp DE now owns 3,342 shares of the company’s stock worth $106,000 after buying an additional 123 shares during the period. Nordea Investment Management AB boosted its stake in shares of Fortinet by 10.4% in the second quarter. Nordea Investment Management AB now owns 3,865 shares of the company’s stock worth $122,000 after buying an additional 365 shares during the period. Advisor Group Inc. acquired a new stake in shares of Fortinet during the second quarter worth approximately $152,000. Tower Research Capital LLC TRC boosted its stake in shares of Fortinet by 179.7% in the second quarter. Tower Research Capital LLC TRC now owns 6,464 shares of the company’s stock worth $204,000 after buying an additional 4,153 shares during the period. Finally, Compagnie Lombard Odier SCmA boosted its stake in shares of Fortinet by 62.0% in the second quarter. Compagnie Lombard Odier SCmA now owns 6,500 shares of the company’s stock worth $206,000 after buying an additional 2,487 shares during the period. 71.06% of the stock is currently owned by institutional investors and hedge funds.
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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