Fortinet Inc. (FTNT) Earns Buy Rating from Needham & Company LLC
Fortinet Inc. (NASDAQ:FTNT)‘s stock had its “buy” rating restated by Needham & Company LLC in a note issued to investors on Wednesday. They presently have a $41.00 price target on the stock, down from their previous price target of $42.00. Needham & Company LLC’s price target points to a potential upside of 33.72% from the stock’s current price.
Other equities research analysts have also issued research reports about the stock. Oppenheimer Holdings Inc. cut their price target on shares of Fortinet from $45.00 to $40.00 and set an “outperform” rating on the stock in a report on Wednesday. Goldman Sachs Group Inc. lowered their price objective on shares of Fortinet from $43.00 to $36.00 and set a “buy” rating on the stock in a research report on Wednesday. Barclays PLC lowered their price objective on shares of Fortinet from $42.00 to $34.00 and set an “overweight” rating on the stock in a research report on Wednesday. Citigroup Inc. lowered their price objective on shares of Fortinet from $35.00 to $31.00 and set a “neutral” rating on the stock in a research report on Wednesday. Finally, Wunderlich lowered their price objective on shares of Fortinet from $45.00 to $42.00 and set a “buy” rating on the stock in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and eighteen have assigned a buy rating to the company. Fortinet currently has an average rating of “Buy” and a consensus price target of $36.55.
Fortinet (NASDAQ:FTNT) traded down 10.06% during midday trading on Wednesday, reaching $30.66. 21,248,756 shares of the company were exchanged. The firm’s 50-day moving average is $35.83 and its 200-day moving average is $33.62. The firm has a market cap of $5.29 billion, a P/E ratio of 828.65 and a beta of 1.62. Fortinet has a one year low of $23.16 and a one year high of $44.63.
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Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.14 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.14. Fortinet had a net margin of 0.07% and a return on equity of 0.68%. The business had revenue of $311.40 million for the quarter, compared to analyst estimates of $304.71 million. During the same quarter in the previous year, the business earned $0.11 earnings per share. The firm’s revenue was up 29.9% compared to the same quarter last year. On average, equities analysts expect that Fortinet will post $0.70 EPS for the current fiscal year.
In other news, VP John Whittle sold 834 shares of the company’s stock in a transaction dated Thursday, September 1st. The shares were sold at an average price of $36.70, for a total value of $30,607.80. Following the sale, the vice president now owns 5,515 shares of the company’s stock, valued at approximately $202,400.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Keith Jensen sold 900 shares of the company’s stock in a transaction dated Tuesday, August 23rd. The stock was sold at an average price of $35.47, for a total transaction of $31,923.00. The disclosure for this sale can be found here. 16.40% of the stock is currently owned by insiders.
Several large investors have recently bought and sold shares of the company. State Street Corp raised its stake in Fortinet by 1.5% in the first quarter. State Street Corp now owns 4,417,966 shares of the company’s stock valued at $135,328,000 after buying an additional 64,030 shares during the last quarter. Geode Capital Management LLC raised its stake in Fortinet by 4.9% in the first quarter. Geode Capital Management LLC now owns 934,608 shares of the company’s stock valued at $28,610,000 after buying an additional 43,232 shares during the last quarter. British Columbia Investment Management Corp raised its stake in Fortinet by 82.4% in the second quarter. British Columbia Investment Management Corp now owns 53,021 shares of the company’s stock valued at $1,675,000 after buying an additional 23,949 shares during the last quarter. Jacobs Levy Equity Management Inc. purchased a new stake in Fortinet during the first quarter valued at $935,000. Finally, Telemus Capital LLC raised its stake in Fortinet by 1.9% in the second quarter. Telemus Capital LLC now owns 7,409 shares of the company’s stock valued at $234,000 after buying an additional 137 shares during the last quarter. 70.65% of the stock is currently owned by institutional investors and hedge funds.
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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