Fortinet Inc. (FTNT) Price Target Cut to $31.00 by Analysts at Citigroup Inc.
Fortinet Inc. (NASDAQ:FTNT) had its target price lowered by analysts at Citigroup Inc. from $35.00 to $31.00 in a research note issued to investors on Wednesday. The brokerage currently has a “neutral” rating on the stock. Citigroup Inc.’s price objective indicates a potential downside of 9.06% from the stock’s current price.
A number of other research firms have also recently weighed in on FTNT. Pacific Crest reaffirmed a “hold” rating on shares of Fortinet in a research report on Friday, July 29th. Wells Fargo & Co. reaffirmed a “buy” rating on shares of Fortinet in a research report on Sunday, September 25th. Wunderlich assumed coverage on Fortinet in a research report on Tuesday, September 13th. They set a “buy” rating and a $45.00 price objective on the stock. Oppenheimer Holdings Inc. reaffirmed an “outperform” rating and set a $45.00 price objective on shares of Fortinet in a research report on Tuesday, September 20th. Finally, Zacks Investment Research cut Fortinet from a “hold” rating to a “strong sell” rating in a research report on Monday, July 18th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eighteen have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $38.48.
Fortinet (NASDAQ:FTNT) opened at 34.09 on Wednesday. The company has a market capitalization of $5.89 billion, a PE ratio of 921.35 and a beta of 1.62. Fortinet has a 12 month low of $23.16 and a 12 month high of $44.63. The firm’s 50-day moving average is $35.98 and its 200-day moving average is $33.64.
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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. The business earned $311.40 million during the quarter, compared to the consensus estimate of $304.71 million. Fortinet had a return on equity of 0.68% and a net margin of 0.07%. The business’s quarterly revenue was up 29.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.11 EPS. Equities analysts anticipate that Fortinet will post $0.70 EPS for the current fiscal year.
In related news, CFO Matto Andrew H. Del sold 5,500 shares of the company’s stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $34.07, for a total transaction of $187,385.00. Following the completion of the sale, the chief financial officer now directly owns 22,099 shares in the company, valued at approximately $752,912.93. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP John Whittle sold 834 shares of the company’s stock in a transaction on Thursday, September 1st. The stock was 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 $202,400.50. The disclosure for this sale can be found here. 16.40% of the stock is owned by company insiders.
Large investors have recently modified their holdings of the company. Nomura Holdings Inc. boosted its stake in shares of 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 period. Credit Suisse AG boosted 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 $46,487,000. Ameriprise Financial Inc. boosted 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 boosted 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. Hedge funds and other institutional investors own 70.65% of the company’s stock.
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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