Fortinet Inc. (FTNT) Given New $34.00 Price Target at Barclays PLC
Fortinet Inc. (NASDAQ:FTNT) had its price objective lowered by analysts at Barclays PLC from $42.00 to $34.00 in a research note issued to investors on Wednesday. The brokerage presently has an “overweight” rating on the stock. Barclays PLC’s price objective indicates a potential upside of 10.89% from the company’s previous close.
Several other research analysts have also weighed in on the stock. Pacific Crest raised shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $47.00 price objective on the stock in a research note on Tuesday, August 30th. Citigroup Inc. reduced their price objective on shares of Fortinet from $35.00 to $31.00 and set a “neutral” rating on the stock in a research note on Wednesday. Oppenheimer Holdings Inc. reissued an “outperform” rating and set a $50.00 price objective on shares of Fortinet in a research note on Friday, July 15th. Morgan Stanley reissued an “equal weight” rating and set a $33.00 price objective (down previously from $35.00) on shares of Fortinet in a research note on Wednesday. Finally, Wunderlich reduced their price objective on shares of Fortinet from $45.00 to $42.00 and set a “buy” rating on the stock in a research note on Wednesday. One 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 stock. The company has an average rating of “Buy” and a consensus target price of $36.55.
Shares of Fortinet (NASDAQ:FTNT) traded down 10.06% during trading on Wednesday, reaching $30.66. 21,248,756 shares of the company traded hands. Fortinet has a 12 month low of $23.16 and a 12 month high of $44.63. The stock has a market cap of $5.29 billion, a P/E ratio of 828.65 and a beta of 1.62. The stock’s 50 day moving average price is $35.83 and its 200-day moving average price is $33.62.
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Fortinet (NASDAQ:FTNT) last issued 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 net margin of 0.07% and a return on equity of 0.68%. The company’s revenue for the quarter was up 29.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.11 EPS. On average, equities research analysts expect that Fortinet will post $0.70 EPS for the current fiscal year.
In other news, 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 value of $117,942.50. Following the completion of the sale, the chief financial officer now owns 9,686 shares of the company’s stock, valued at $351,504.94. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP John Whittle sold 15,007 shares of the business’s stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $34.91, for a total transaction of $523,894.37. Following the completion of the sale, the vice president now directly owns 18,969 shares of the company’s stock, valued at approximately $662,207.79. 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 the stock. PNC Financial Services Group Inc. boosted its stake in shares of Fortinet by 0.4% in the second quarter. PNC Financial Services Group Inc. now owns 14,891 shares of the company’s stock worth $471,000 after buying an additional 59 shares during the last quarter. Shelton Capital Management boosted its stake in shares of Fortinet by 0.8% in the second quarter. Shelton Capital Management now owns 13,366 shares of the company’s stock worth $422,000 after buying an additional 100 shares during the last quarter. Brown Advisory Inc. boosted its stake in shares of Fortinet by 0.5% in the second quarter. Brown Advisory Inc. now owns 20,209 shares of the company’s stock worth $638,000 after buying an additional 106 shares during the last quarter. Ranger Investment Management L.P. boosted its stake in shares of Fortinet by 1.3% in the second quarter. Ranger Investment Management L.P. now owns 8,350 shares of the company’s stock worth $264,000 after buying an additional 110 shares during the last quarter. Finally, US Bancorp DE boosted its stake 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 during the last quarter. 70.65% of the stock is owned by institutional investors.
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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