Fortinet Inc. (FTNT) PT Lowered to $30.00 at Royal Bank Of Canada
Fortinet Inc. (NASDAQ:FTNT) had its target price decreased by analysts at Royal Bank Of Canada from $37.00 to $30.00 in a note issued to investors on Wednesday. The brokerage currently has a “sector perform” rating on the stock. Royal Bank Of Canada’s price objective would suggest a potential downside of 12.00% from the stock’s current price.
A number of other equities analysts have also recently commented on the company. Zacks Investment Research lowered Fortinet from a “hold” rating to a “strong sell” rating in a research note on Monday, July 18th. Pacific Crest upgraded Fortinet from a “sector weight” rating to an “overweight” rating and set a $47.00 price target for the company in a research note on Tuesday, August 30th. Oppenheimer Holdings Inc. reiterated an “outperform” rating and issued a $45.00 price target (down previously from $50.00) on shares of Fortinet in a research note on Monday, August 1st. Wells Fargo & Co. reiterated a “buy” rating on shares of Fortinet in a research note on Sunday, September 25th. Finally, Citigroup Inc. cut their price target on Fortinet from $37.00 to $35.00 and set a “neutral” rating for the company in a research note on Friday, July 29th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $39.25.
Shares of Fortinet (NASDAQ:FTNT) opened at 34.09 on Wednesday. The firm has a market cap of $5.89 billion, a PE ratio of 921.35 and a beta of 1.62. Fortinet has a 52 week low of $23.16 and a 52 week high of $44.63. The firm has a 50-day moving average price of $35.98 and a 200-day moving average price of $33.64.
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Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, July 28th. The company reported $0.14 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.14. Fortinet had a return on equity of 0.68% and a net margin of 0.07%. The company had revenue of $311.40 million for the quarter, compared to analysts’ expectations of $304.71 million. During the same period last year, the firm earned $0.11 EPS. Fortinet’s revenue for the quarter was up 29.9% compared to the same quarter last year. On average, equities research analysts predict that Fortinet will post $0.70 earnings per share for the current year.
In related news, VP John Whittle sold 834 shares of the business’s stock in a transaction that occurred on Thursday, September 1st. The shares were sold at an average price of $36.70, for a total value of $30,607.80. Following the completion of the transaction, the vice president now owns 5,515 shares of the company’s stock, valued at $202,400.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Matto Andrew H. Del sold 5,500 shares of the business’s stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 22,099 shares of the company’s stock, valued at approximately $752,912.93. The disclosure for this sale can be found here. 16.40% of the stock is currently owned by corporate insiders.
Institutional investors have recently modified their holdings of the company. Oregon Public Employees Retirement Fund increased its position in shares of 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 acquired a new position in shares of Fortinet during the second quarter worth approximately $2,102,000. Aldebaran Financial Inc. increased its position in shares of 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 increased its position in shares of 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 increased its position in shares of 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. 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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