Fortinet Inc. (FTNT) PT Lowered to $34.00 at JMP Securities
Fortinet Inc. (NASDAQ:FTNT) had its target price cut by research analysts at JMP Securities from $40.00 to $34.00 in a research report issued to clients and investors on Wednesday. The firm presently has a “market outperform” rating on the stock. JMP Securities’ price target indicates a potential downside of 0.26% from the stock’s current price.
A number of other brokerages have also weighed in on FTNT. Pacific Crest restated a “hold” rating on shares of Fortinet in a report on Friday, July 29th. Citigroup Inc. reduced their price target on Fortinet from $37.00 to $35.00 and set a “neutral” rating on the stock in a report on Friday, July 29th. Wells Fargo & Co. reiterated a “buy” rating on shares of Fortinet in a report on Sunday, September 25th. Wunderlich initiated coverage on Fortinet in a report on Tuesday, September 13th. They set a “buy” rating and a $45.00 price target on the stock. Finally, Oppenheimer Holdings Inc. reiterated an “outperform” rating and set a $45.00 price target on shares of Fortinet in a report on Tuesday, September 20th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and eighteen have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $37.19.
Fortinet (NASDAQ:FTNT) traded down 11.85% during trading on Wednesday, hitting $30.05. 10,902,896 shares of the stock traded hands. The stock has a market cap of $5.19 billion, a P/E ratio of 812.16 and a beta of 1.62. The stock has a 50 day moving average price of $35.98 and a 200-day moving average price of $33.64. Fortinet has a 52-week low of $23.16 and a 52-week high of $44.63.
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Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, July 28th. The company reported $0.14 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.14. The company had revenue of $311.40 million for the quarter, compared to analyst estimates of $304.71 million. Fortinet had a return on equity of 0.68% and a net margin of 0.07%. The firm’s revenue for the quarter was up 29.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.11 EPS. On average, analysts anticipate that Fortinet will post $0.70 EPS for the current fiscal year.
In other Fortinet news, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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 value 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 disclosure for this sale can be found here. 16.40% of the stock is owned by company insiders.
A number of hedge funds have recently bought and sold shares of the stock. Nomura Holdings Inc. raised its stake in 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 last quarter. Credit Suisse AG raised its stake in 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 last quarter. Fiera Capital Corp bought a new stake in Fortinet during the second quarter worth approximately $46,487,000. Ameriprise Financial Inc. raised its stake in 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 last quarter. Finally, Renaissance Technologies LLC raised its stake in 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 last quarter. 70.65% of the stock is currently 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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