Fortinet Inc. (FTNT) Downgraded to Equal Weight at Stephens
Fortinet Inc. (NASDAQ:FTNT) was downgraded by stock analysts at Stephens from an “overweight” rating to an “equal weight” rating in a research report issued on Wednesday, The Fly reports.
FTNT has been the subject of several other reports. Pacific Crest upgraded shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $47.00 price objective for the company in a report on Tuesday, August 30th. Oppenheimer Holdings Inc. restated an “outperform” rating and issued a $50.00 price objective on shares of Fortinet in a report on Friday, July 15th. Zacks Investment Research lowered shares of Fortinet from a “hold” rating to a “strong sell” rating in a report on Monday, July 18th. Wunderlich began coverage on shares of Fortinet in a report on Tuesday, September 13th. They issued a “buy” rating and a $45.00 price objective for the company. Finally, Royal Bank Of Canada decreased their price objective on shares of Fortinet from $37.00 to $30.00 and set a “sector perform” rating for the company in a report on Wednesday. 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. The stock currently has a consensus rating of “Buy” and an average target price of $39.25.
Shares of Fortinet (NASDAQ:FTNT) opened at 34.09 on Wednesday. The stock’s 50 day moving average is $35.98 and its 200-day moving average is $33.64. The company has a market cap of $5.89 billion, a P/E ratio of 921.35 and a beta of 1.62. Fortinet has a one year low of $23.16 and a one year high of $44.63.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/12/fortinet-inc-ftnt-downgraded-to-equal-weight-at-stephens.html
Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, July 28th. The company reported $0.14 EPS for the quarter, hitting the Thomson Reuters’ 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 analyst estimates of $304.71 million. During the same period in the prior year, the business earned $0.11 EPS. The company’s revenue for the quarter was up 29.9% on a year-over-year basis. Equities research analysts forecast that Fortinet will post $0.70 earnings per share for the current year.
In other Fortinet news, VP John Whittle sold 834 shares of the firm’s stock in a transaction that occurred on Thursday, September 1st. The shares were sold at an average price of $36.70, for a total transaction of $30,607.80. Following the sale, the vice president now owns 5,515 shares in the company, valued at approximately $202,400.50. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Matto Andrew H. Del sold 3,250 shares of the firm’s stock in a transaction that occurred on Thursday, September 1st. The stock was sold at an average price of $36.29, for a total transaction of $117,942.50. Following the sale, the chief financial officer now owns 9,686 shares in the company, valued at approximately $351,504.94. The disclosure for this sale can be found here. Company insiders own 16.40% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. Nomura Holdings Inc. boosted its stake in Fortinet by 185.2% in the second quarter. Nomura Holdings Inc. now owns 5,775,000 shares of the company’s stock worth $182,556,000 after buying an additional 3,750,000 shares during the last quarter. Credit Suisse AG raised its stake in shares of Fortinet by 362.8% in the second quarter. Credit Suisse AG now owns 2,371,272 shares of the company’s stock worth $74,907,000 after buying an additional 1,858,948 shares during the period. Fiera Capital Corp bought a new stake in shares of Fortinet during the second quarter worth about $46,487,000. Ameriprise Financial Inc. raised its stake in shares of Fortinet by 43.8% in the second quarter. Ameriprise Financial Inc. now owns 3,905,990 shares of the company’s stock worth $123,388,000 after buying an additional 1,190,096 shares during the period. Finally, Renaissance Technologies LLC raised its stake in shares of Fortinet by 112.0% in the first quarter. Renaissance Technologies LLC now owns 1,571,500 shares of the company’s stock worth $48,135,000 after buying an additional 830,400 shares during the period. Institutional investors own 70.65% 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.
Receive News & Ratings for Fortinet Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortinet Inc. and related companies with MarketBeat.com's FREE daily email newsletter.