Fortinet Inc. (FTNT) PT Lowered to $31.00
Fortinet Inc. (NASDAQ:FTNT) had its target price reduced by equities research analysts at Citigroup Inc. from $35.00 to $31.00 in a research note issued on Wednesday. The firm currently has a “neutral” rating on the stock. Citigroup Inc.’s target price would suggest a potential downside of 9.06% from the company’s current price.
Several other brokerages also recently weighed in on FTNT. Goldman Sachs Group Inc. downgraded shares of Fortinet from a “conviction-buy” rating to a “buy” rating and lowered their target price for the company from $43.00 to $36.00 in a report on Wednesday. Wells Fargo & Co. reissued a “buy” rating on shares of Fortinet in a report on Sunday, September 25th. Stephens downgraded shares of Fortinet from an “overweight” rating to an “equal weight” rating in a report on Wednesday. Royal Bank Of Canada decreased their price objective on shares of Fortinet from $37.00 to $30.00 and set a “sector perform” rating on the stock in a report on Wednesday. Finally, Wunderlich started coverage on shares of Fortinet in a report on Tuesday, September 13th. They set a “buy” rating and a $45.00 price objective on the stock. One equities research 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 currently has an average rating of “Buy” and a consensus price target of $38.48.
Shares of Fortinet (NASDAQ:FTNT) opened at 34.09 on Wednesday. The firm has a 50-day moving average of $35.98 and a 200 day moving average of $33.64. Fortinet has a 12-month low of $23.16 and a 12-month high of $44.63. The stock has a market capitalization of $5.89 billion, a price-to-earnings ratio of 921.35 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 Thomson Reuters’ consensus estimate of $0.14. The business had revenue of $311.40 million for the quarter, compared to the consensus estimate of $304.71 million. Fortinet had a net margin of 0.07% and a return on equity of 0.68%. The business’s quarterly revenue was up 29.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.11 earnings per share. Equities analysts forecast that Fortinet will post $0.70 earnings per share for the current fiscal year.
In other news, VP John Whittle sold 13,663 shares of the company’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $35.00, for a total value of $478,205.00. Following the completion of the transaction, the vice president now directly owns 18,969 shares in the company, valued at $663,915. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ming Hsieh sold 23,900 shares of the company’s stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $34.84, for a total transaction of $832,676.00. The disclosure for this sale can be found here. Company insiders own 16.40% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. US Bancorp DE increased its position in shares of Fortinet by 3.8% in the second quarter. US Bancorp DE now owns 3,342 shares of the company’s stock valued at $106,000 after buying an additional 123 shares during the period. Nordea Investment Management AB increased its position in shares of Fortinet by 10.4% in the second quarter. Nordea Investment Management AB now owns 3,865 shares of the company’s stock valued at $122,000 after buying an additional 365 shares during the period. Advisor Group Inc. purchased a new position in shares of Fortinet during the second quarter valued at $152,000. Tower Research Capital LLC TRC increased its position in shares of Fortinet by 179.7% in the second quarter. Tower Research Capital LLC TRC now owns 6,464 shares of the company’s stock valued at $204,000 after buying an additional 4,153 shares during the period. Finally, Compagnie Lombard Odier SCmA increased its position in shares of Fortinet by 62.0% in the second quarter. Compagnie Lombard Odier SCmA now owns 6,500 shares of the company’s stock valued at $206,000 after buying an additional 2,487 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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