Fortinet Inc. (FTNT) Downgraded to “Equal Weight” at Stephens
Fortinet Inc. (NASDAQ:FTNT) was downgraded by equities research analysts at Stephens from an “overweight” rating to an “equal weight” rating in a report released on Wednesday, The Fly reports.
A number of other research analysts also recently issued reports on FTNT. Goldman Sachs Group Inc. cut Fortinet from a “conviction-buy” rating to a “buy” rating in a research report on Wednesday. Royal Bank Of Canada dropped their price target on Fortinet from $37.00 to $30.00 and set a “sector perform” rating for the company in a research report on Wednesday. Oppenheimer Holdings Inc. reiterated an “outperform” rating and set a $50.00 price target on shares of Fortinet in a research report on Friday, July 15th. Wunderlich initiated coverage on Fortinet in a research report on Tuesday, September 13th. They set a “buy” rating and a $45.00 price target for the company. Finally, Citigroup Inc. dropped their price target on Fortinet from $37.00 to $35.00 and set a “neutral” rating for the company in a research report on Friday, July 29th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and eighteen have assigned a buy rating to the stock. Fortinet presently has an average rating of “Buy” and a consensus price target of $39.25.
Shares of Fortinet (NASDAQ:FTNT) opened at 34.09 on Wednesday. Fortinet has a 52-week low of $23.16 and a 52-week high of $44.63. The stock’s 50 day moving average is $35.98 and its 200 day moving average is $33.64. The firm has a market capitalization of $5.89 billion, a PE ratio of 921.35 and a beta of 1.62.
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Fortinet (NASDAQ:FTNT) last posted its 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. The company had revenue of $311.40 million for the quarter, compared to analyst estimates of $304.71 million. Fortinet had a return on equity of 0.68% and a net margin of 0.07%. The firm’s quarterly revenue was up 29.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.11 earnings per share. On average, equities research analysts forecast that Fortinet will post $0.70 EPS for the current year.
In other Fortinet news, VP John Whittle sold 15,007 shares of the firm’s stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $34.91, for a total transaction of $523,894.37. Following the completion of the transaction, the vice president now owns 18,969 shares of the company’s stock, valued at $662,207.79. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ming Hsieh sold 23,900 shares of the firm’s stock in a transaction on Monday, August 22nd. The stock was sold at an average price of $34.84, for a total value of $832,676.00. The disclosure for this sale can be found here. Company insiders own 16.40% of the company’s stock.
Several large investors have recently made changes to their positions in FTNT. US Bancorp DE boosted its position 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 in the last quarter. Nordea Investment Management AB boosted its position 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 in the last quarter. Advisor Group Inc. bought a new position in shares of Fortinet during the second quarter worth approximately $152,000. Tower Research Capital LLC TRC boosted its position 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 in the last quarter. Finally, Compagnie Lombard Odier SCmA boosted its position 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 in the last quarter. 70.65% of the stock is 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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