Fortinet Inc. (FTNT) Receives “Buy” Rating from Needham & Company LLC
Fortinet Inc. (NASDAQ:FTNT)‘s stock had its “buy” rating reiterated by investment analysts at Needham & Company LLC in a report released on Wednesday. They currently have a $41.00 price target on the stock, down from their prior price target of $42.00. Needham & Company LLC’s price target would suggest a potential upside of 33.72% from the stock’s current price.
Other equities analysts have also recently issued reports about the stock. Oppenheimer Holdings Inc. reduced their price objective on shares of Fortinet from $45.00 to $40.00 and set an “outperform” rating on the stock in a research note on Wednesday. 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. Barclays PLC reduced their price objective on shares of Fortinet from $42.00 to $34.00 and set an “overweight” rating on the stock in a research note on Wednesday. Citigroup Inc. reduced their price objective on shares of Fortinet from $35.00 to $31.00 and set a “neutral” rating on the stock in a research note on Wednesday. Finally, Wunderlich reduced their price objective on shares of Fortinet from $45.00 to $42.00 and set a “buy” rating on the stock in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and eighteen have given a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $36.55.
Shares of Fortinet (NASDAQ:FTNT) traded down 10.06% during mid-day trading on Wednesday, reaching $30.66. 21,248,756 shares of the company’s stock traded hands. 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 52 week low of $23.16 and a 52 week high of $44.63. The company’s 50 day moving average is $35.98 and its 200-day moving average is $33.64.
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Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, July 28th. The company reported $0.14 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.14. The business earned $311.40 million during the quarter, compared to analyst estimates of $304.71 million. Fortinet had a net margin of 0.07% and a return on equity of 0.68%. Fortinet’s revenue for the quarter was up 29.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.11 earnings per share. Equities analysts expect that Fortinet will post $0.70 earnings per share for the current fiscal year.
In related news, VP John Whittle sold 15,007 shares of Fortinet stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $34.91, for a total transaction of $523,894.37. Following the completion of the sale, the vice president now owns 18,969 shares of the company’s stock, valued at approximately $662,207.79. 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 Fortinet 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 sale, 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. Corporate insiders own 16.40% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Fox Run Management L.L.C. bought a new stake in shares of Fortinet during the third quarter valued at approximately $1,027,000. Oregon Public Employees Retirement Fund increased its stake in 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 in the last quarter. Mason Street Advisors LLC acquired a new stake in Fortinet during the second quarter worth about $2,102,000. Aldebaran Financial Inc. increased its stake in 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 in the last quarter. Finally, Public Employees Retirement System of Ohio increased its stake in 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 in the last quarter. 70.65% of the stock is owned by institutional investors and hedge funds.
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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