Goldman Sachs Group Inc. Cuts Fortinet Inc. (FTNT) Price Target to $36.00
Fortinet Inc. (NASDAQ:FTNT) had its price target decreased by stock analysts at Goldman Sachs Group Inc. from $43.00 to $36.00 in a research report issued to clients and investors on Wednesday. The brokerage currently has a “buy” rating on the stock. Goldman Sachs Group Inc.’s price target indicates a potential upside of 5.60% from the company’s current price.
Other research analysts also recently issued reports about the company. Royal Bank Of Canada cut their price target on Fortinet from $37.00 to $30.00 and set a “sector perform” rating on the stock in a report on Wednesday. Oppenheimer Holdings Inc. reiterated an “outperform” rating and issued a $45.00 price target (down from $50.00) on shares of Fortinet in a report on Monday, August 1st. Pacific Crest reiterated a “hold” rating on shares of Fortinet in a report on Friday, July 29th. Citigroup Inc. cut their price target on Fortinet from $37.00 to $35.00 and set a “neutral” rating on the stock in a report on Friday, July 29th. Finally, Wells Fargo & Co. reiterated a “buy” rating on shares of Fortinet in a report on Sunday, September 25th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and eighteen have given a buy rating to the stock. Fortinet has an average rating of “Buy” and an average price target of $38.48.
Fortinet (NASDAQ:FTNT) traded down 12.658% on Wednesday, reaching $29.775. The company’s stock had a trading volume of 9,099,622 shares. The firm’s 50 day moving average price is $35.98 and its 200-day moving average price is $33.64. Fortinet has a 1-year low of $23.16 and a 1-year high of $44.63. The company has a market capitalization of $5.14 billion, a price-to-earnings ratio of 804.730 and a beta of 1.62.
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Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, July 28th. The company reported $0.14 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.14. The business earned $311.40 million during 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%. Fortinet’s revenue was up 29.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.11 EPS. Equities analysts forecast that Fortinet will post $0.70 earnings per share for the current year.
In other Fortinet news, VP John Whittle sold 983 shares of the business’s stock in a transaction that occurred on Monday, August 15th. The stock was sold at an average price of $32.86, for a total transaction of $32,301.38. Following the completion of the sale, the vice president now directly owns 17,531 shares in the company, valued at approximately $576,068.66. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Ming Hsieh sold 23,900 shares of the company’s stock in a transaction that occurred on Monday, August 22nd. The shares were 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 bought and sold shares of FTNT. Oregon Public Employees Retirement Fund raised its stake in Fortinet by 1.2% in the third quarter. Oregon Public Employees Retirement Fund now owns 50,730 shares of the company’s stock worth $1,873,000 after buying an additional 606 shares during the period. Mason Street Advisors LLC bought a new stake in Fortinet during the second quarter worth about $2,102,000. Aldebaran Financial Inc. raised its stake in Fortinet by 3.5% in the second quarter. Aldebaran Financial Inc. now owns 89,270 shares of the company’s stock worth $2,987,000 after buying an additional 3,050 shares during the period. Public Employees Retirement System of Ohio raised its stake in Fortinet by 1.1% in the second quarter. Public Employees Retirement System of Ohio now owns 97,022 shares of the company’s stock worth $3,065,000 after buying an additional 1,073 shares during the period. Finally, Sterling Capital Management LLC raised its stake in Fortinet by 5.5% in the second quarter. Sterling Capital Management LLC now owns 7,806 shares of the company’s stock worth $247,000 after buying an additional 406 shares during the period. Institutional investors and hedge funds 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.
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