Fortinet Inc. (FTNT) Price Target Cut to $40.00
Fortinet Inc. (NASDAQ:FTNT) had its price objective decreased by analysts at Oppenheimer Holdings Inc. from $45.00 to $40.00 in a report issued on Wednesday. The brokerage currently has an “outperform” rating on the stock. Oppenheimer Holdings Inc.’s price objective indicates a potential upside of 30.46% from the stock’s current price.
Other research analysts also recently issued reports about the stock. Wells Fargo & Co. reiterated a “buy” rating on shares of Fortinet in a research note on Sunday, September 25th. Wunderlich started coverage on shares of Fortinet in a research note on Tuesday, September 13th. They set a “buy” rating and a $45.00 price objective on the stock. Goldman Sachs Group Inc. reduced their price objective on shares of Fortinet from $43.00 to $36.00 and set a “buy” rating on the stock in a research note on Wednesday. Morgan Stanley reiterated an “equal weight” rating and set a $33.00 price objective (down from $35.00) on shares of Fortinet in a research note on Wednesday. Finally, Stephens downgraded shares of Fortinet from an “overweight” rating to an “equal weight” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and eighteen have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $36.55.
Shares of Fortinet (NASDAQ:FTNT) traded down 10.06% on Wednesday, hitting $30.66. 21,248,756 shares of the stock were exchanged. The firm has a market cap of $5.29 billion, a price-to-earnings ratio of 828.65 and a beta of 1.62. Fortinet has a one year low of $23.16 and a one year high of $44.63. The firm’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 posted its quarterly earnings data on Thursday, July 28th. The company reported $0.14 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.14. Fortinet had a net margin of 0.07% and a return on equity of 0.68%. The firm had revenue of $311.40 million for the quarter, compared to the consensus estimate of $304.71 million. During the same period in the prior year, the firm posted $0.11 EPS. The firm’s revenue was up 29.9% compared to the same quarter last year. Equities analysts anticipate 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 firm’s stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $32.86, for a total value of $32,301.38. Following the completion of the transaction, the vice president now directly owns 17,531 shares in the company, valued at $576,068.66. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Matto Andrew H. Del sold 5,500 shares of the firm’s stock in a transaction dated 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 transaction, the chief financial officer now owns 22,099 shares of the company’s stock, valued at $752,912.93. The disclosure for this sale can be found here. 16.40% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Aperio Group LLC boosted its position in shares of Fortinet by 47.0% in the first quarter. Aperio Group LLC now owns 24,764 shares of the company’s stock valued at $759,000 after buying an additional 7,920 shares during the last quarter. Ngam Advisors L.P. boosted 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 valued at $483,000 after buying an additional 5,559 shares in the last quarter. TIAA CREF Investment Management LLC boosted 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 valued at $49,333,000 after buying an additional 243,462 shares in the last quarter. BlackRock Inc. boosted its stake in Fortinet by 8.3% in the first quarter. BlackRock Inc. now owns 151,235 shares of the company’s stock valued at $4,633,000 after buying an additional 11,611 shares in the last quarter. Finally, BlackRock Group LTD boosted its stake in Fortinet by 6.8% in the first quarter. BlackRock Group LTD now owns 549,239 shares of the company’s stock valued at $16,824,000 after buying an additional 35,056 shares in the last quarter. Institutional investors 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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