Dougherty & Co Cuts Fortinet Inc. (FTNT) Price Target to $35.00
Fortinet Inc. (NASDAQ:FTNT) had its target price reduced by equities researchers at Dougherty & Co from $40.00 to $35.00 in a research report issued to clients and investors on Wednesday. The firm presently has a “buy” rating on the stock. Dougherty & Co’s price target would indicate a potential upside of 2.67% from the stock’s current price.
FTNT has been the subject of several other reports. Pacific Crest raised shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $47.00 price target for the company in a report on Tuesday, August 30th. Citigroup Inc. lowered their price objective on shares of Fortinet from $35.00 to $31.00 and set a “neutral” rating for the company in a research report on Wednesday. Oppenheimer Holdings Inc. restated an “outperform” rating and issued a $50.00 price objective on shares of Fortinet in a research report on Friday, July 15th. Nomura lowered their price objective on shares of Fortinet from $55.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, Morgan Stanley restated an “equal weight” rating and issued a $33.00 price objective (down previously from $35.00) on shares of Fortinet in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and eighteen have issued a buy rating to the stock. Fortinet presently has an average rating of “Buy” and a consensus price target of $36.95.
Shares of Fortinet (NASDAQ:FTNT) traded down 9.196% during midday trading on Wednesday, hitting $30.955. 18,067,496 shares of the company traded hands. The stock’s 50-day moving average is $35.98 and its 200 day moving average is $33.64. The stock has a market capitalization of $5.35 billion, a P/E ratio of 836.622 and a beta of 1.62. Fortinet has a 12-month low of $23.16 and a 12-month high of $44.63.
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Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, July 28th. The company reported $0.14 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.14. Fortinet had a net margin of 0.07% and a return on equity of 0.68%. The firm earned $311.40 million during the quarter, compared to the consensus estimate of $304.71 million. During the same period last year, the firm posted $0.11 EPS. The firm’s quarterly revenue was up 29.9% on a year-over-year basis. On average, analysts expect that Fortinet will post $0.70 earnings per share for the current year.
In related news, VP John Whittle sold 983 shares of the business’s stock in a transaction on Monday, August 15th. The shares were sold at an average price of $32.86, for a total transaction of $32,301.38. Following the transaction, the vice president now directly owns 17,531 shares in the company, valued at $576,068.66. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Keith Jensen sold 1,900 shares of the business’s stock in a transaction on Monday, August 8th. The stock was sold at an average price of $33.53, for a total transaction of $63,707.00. Following the transaction, the insider now owns 229 shares in the company, valued at $7,678.37. The disclosure for this sale can be found here. Corporate insiders own 16.40% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Aperio Group LLC increased its position in Fortinet by 47.0% in the first quarter. Aperio Group LLC now owns 24,764 shares of the company’s stock valued at $759,000 after buying an additional 7,920 shares in the last quarter. Ngam Advisors L.P. increased its position in Fortinet by 54.5% in the first quarter. Ngam Advisors L.P. now owns 15,764 shares of the company’s stock valued at $483,000 after buying an additional 5,559 shares in the last quarter. TIAA CREF Investment Management LLC increased its position in Fortinet by 17.8% in the first quarter. TIAA CREF Investment Management LLC now owns 1,610,613 shares of the company’s stock valued at $49,333,000 after buying an additional 243,462 shares in the last quarter. BlackRock Inc. increased its position in Fortinet by 8.3% in the first quarter. BlackRock Inc. now owns 151,235 shares of the company’s stock valued at $4,633,000 after buying an additional 11,611 shares in the last quarter. Finally, BlackRock Group LTD increased its position in Fortinet by 6.8% in the first quarter. BlackRock Group LTD now owns 549,239 shares of the company’s stock valued at $16,824,000 after buying an additional 35,056 shares in the last quarter. Hedge funds and other institutional investors own 70.65% of the company’s stock.
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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