Fortinet Inc. (FTNT) Earns Sector Perform Rating from RBC Capital Markets
Fortinet Inc. (NASDAQ:FTNT)‘s stock had its “sector perform” rating restated by stock analysts at RBC Capital Markets in a research report issued to clients and investors on Wednesday. They presently have a $30.00 price target on the stock, down from their previous price target of $37.00. RBC Capital Markets’ target price would suggest a potential downside of 2.15% from the company’s current price.
A number of other equities analysts have also recently weighed in on FTNT. Oppenheimer Holdings Inc. reduced their price target on shares of Fortinet from $45.00 to $40.00 and set an “outperform” rating on the stock in a research report on Wednesday. Nomura cut their price objective on shares of Fortinet from $55.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday. JMP Securities cut their price objective on shares of Fortinet from $40.00 to $34.00 and set a “market outperform” rating on the stock in a research report on Wednesday. Dougherty & Co cut their price objective on shares of Fortinet from $40.00 to $35.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, Barclays PLC cut 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. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and eighteen have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $36.64.
Fortinet (NASDAQ:FTNT) traded down 10.06% during midday trading on Wednesday, reaching $30.66. 21,248,756 shares of the company’s stock were exchanged. Fortinet has a 52 week low of $23.16 and a 52 week high of $44.63. The company has a market cap of $5.29 billion, a price-to-earnings ratio of 828.65 and a beta of 1.62. The firm has a 50-day moving average price of $35.98 and a 200 day moving average price of $33.64.
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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 for the quarter, hitting analysts’ consensus estimates of $0.14. The company had revenue of $311.40 million for the quarter, compared to analysts’ expectations of $304.71 million. Fortinet had a net margin of 0.07% and a return on equity of 0.68%. The business’s quarterly revenue was up 29.9% compared to the same quarter last year. During the same period last year, the firm posted $0.11 earnings per share. Analysts anticipate that Fortinet will post $0.70 EPS for the current year.
In other Fortinet news, Director Ming Hsieh sold 23,900 shares of the business’s stock in a transaction dated Monday, August 22nd. The shares were sold at an average price of $34.84, for a total value of $832,676.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Matto Andrew H. Del sold 3,250 shares of the business’s stock in a transaction dated Thursday, September 1st. The shares were sold at an average price of $36.29, for a total transaction of $117,942.50. Following the completion of the sale, the chief financial officer now directly owns 9,686 shares of the company’s stock, valued at approximately $351,504.94. The disclosure for this sale can be found here. 16.40% of the stock is currently owned by company insiders.
A number of hedge funds have recently bought and sold shares of FTNT. Aperio Group LLC increased its stake in Fortinet by 47.0% in the first quarter. Aperio Group LLC now owns 24,764 shares of the company’s stock worth $759,000 after buying an additional 7,920 shares in the last quarter. Ngam Advisors L.P. increased its stake in Fortinet by 54.5% in the first quarter. Ngam Advisors L.P. now owns 15,764 shares of the company’s stock worth $483,000 after buying an additional 5,559 shares in the last quarter. TIAA CREF Investment Management LLC increased its stake 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 worth $49,333,000 after buying an additional 243,462 shares in the last quarter. BlackRock Inc. increased its stake in Fortinet by 8.3% in the first quarter. BlackRock Inc. now owns 151,235 shares of the company’s stock worth $4,633,000 after buying an additional 11,611 shares in the last quarter. Finally, BlackRock Group LTD increased its stake in Fortinet by 6.8% in the first quarter. BlackRock Group LTD now owns 549,239 shares of the company’s stock worth $16,824,000 after buying an additional 35,056 shares in the last quarter. 70.65% of the stock is owned by hedge funds and other institutional investors.
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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