Fortinet Inc. (FTNT) Price Target Cut to $40.00 by Analysts at Oppenheimer Holdings Inc.
Fortinet Inc. (NASDAQ:FTNT) had its price objective lowered by equities research analysts at Oppenheimer Holdings Inc. from $45.00 to $40.00 in a note issued to investors on Wednesday. The brokerage presently has an “outperform” rating on the stock. Oppenheimer Holdings Inc.’s target price would suggest a potential upside of 17.34% from the company’s previous close.
Other equities analysts have also issued research reports about the stock. Stephens lowered shares of Fortinet from an “overweight” rating to an “equal weight” rating in a report on Wednesday. Royal Bank Of Canada decreased their price target on shares of Fortinet from $37.00 to $30.00 and set a “sector perform” rating on the stock in a report on Wednesday. Morgan Stanley reissued an “equal weight” rating and issued a $33.00 price target (down previously from $35.00) on shares of Fortinet in a report on Wednesday. Wunderlich decreased their price target on shares of Fortinet from $45.00 to $42.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, Goldman Sachs Group Inc. decreased their price target on shares of Fortinet from $43.00 to $36.00 and set a “buy” rating on the stock in a report on Wednesday. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and eighteen have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $37.19.
Fortinet (NASDAQ:FTNT) traded down 11.895% during trading on Wednesday, reaching $30.035. The company’s stock had a trading volume of 10,898,941 shares. The company has a market cap of $5.19 billion, a P/E ratio of 811.757 and a beta of 1.62. The stock’s 50-day moving average is $35.98 and its 200 day moving average is $33.64. Fortinet has a 12 month low of $23.16 and a 12 month high of $44.63.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/12/fortinet-inc-ftnt-price-target-cut-to-40-00-by-analysts-at-oppenheimer-holdings-inc.html
Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, July 28th. The company reported $0.14 EPS for the quarter, meeting the Zacks’ consensus estimate 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%. Fortinet’s revenue was up 29.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.11 EPS. On average, equities analysts forecast that Fortinet will post $0.70 EPS for the current fiscal year.
In related news, VP John Whittle sold 834 shares of the company’s stock in a transaction on Thursday, September 1st. The shares were sold at an average price of $36.70, for a total transaction 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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Matto Andrew H. Del sold 5,500 shares of the company’s stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $34.07, for a total transaction of $187,385.00. Following the sale, the chief financial officer now directly owns 22,099 shares in the company, valued at approximately $752,912.93. The disclosure for this sale can be found here. 16.40% of the stock is currently owned by insiders.
A number of large investors have recently added to or reduced their stakes in the stock. State Street Corp increased 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 worth $135,328,000 after buying an additional 64,030 shares during the last quarter. Geode Capital Management LLC increased 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 worth $28,610,000 after buying an additional 43,232 shares during the last quarter. British Columbia Investment Management Corp increased 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 worth $1,675,000 after buying an additional 23,949 shares during the last quarter. Jacobs Levy Equity Management Inc. acquired a new stake in Fortinet during the first quarter worth about $935,000. Finally, Telemus Capital LLC increased its stake in Fortinet by 1.9% in the second quarter. Telemus Capital LLC now owns 7,409 shares of the company’s stock worth $234,000 after buying an additional 137 shares during the last quarter. 70.65% of the stock is currently owned by 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.
Receive News & Ratings for Fortinet Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortinet Inc. and related companies with MarketBeat.com's FREE daily email newsletter.