Fortinet Inc. (FTNT) Stock Price Down 11.8% After Analyst Downgrade
Shares of Fortinet Inc. (NASDAQ:FTNT) traded down 11.8% on Wednesday after Dougherty & Co lowered their price target on the stock from $40.00 to $35.00. Dougherty & Co currently has a buy rating on the stock. Fortinet traded as low as $29.00 and last traded at $30.08, with a volume of 16,330,771 shares traded. The stock had previously closed at $34.09.
FTNT has been the topic of a number of other research reports. Pacific Crest upgraded Fortinet from a “sector weight” rating to an “overweight” rating and set a $47.00 target price on the stock in a research note on Tuesday, August 30th. Citigroup Inc. reduced their target price on Fortinet from $35.00 to $31.00 and set a “neutral” rating on the stock in a research note on Wednesday. Oppenheimer Holdings Inc. reiterated an “outperform” rating and issued a $50.00 target price on shares of Fortinet in a research note on Friday, July 15th. Nomura reduced their target price on Fortinet from $55.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $33.00 target price (down previously from $35.00) on shares of Fortinet in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and eighteen have assigned a buy rating to the company’s stock. Fortinet has a consensus rating of “Buy” and an average target price of $36.95.
In other news, 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 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 $752,912.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP John Whittle sold 13,663 shares of the business’s stock in a transaction that occurred 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 sale, the vice president now owns 18,969 shares of the company’s stock, valued at $663,915. The disclosure for this sale can be found here. Corporate insiders own 16.40% of the company’s stock.
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Hedge funds have recently bought and sold shares of the stock. Oregon Public Employees Retirement Fund boosted 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 during the period. Mason Street Advisors LLC acquired a new stake in Fortinet during the second quarter worth approximately $2,102,000. Aldebaran Financial Inc. boosted 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 during the period. Public Employees Retirement System of Ohio boosted 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 during the period. Finally, Sterling Capital Management LLC boosted its stake in 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. Institutional investors and hedge funds own 70.65% of the company’s stock.
The firm has a market capitalization of $5.19 billion, a price-to-earnings ratio of 812.70 and a beta of 1.62. The company’s 50 day moving average price is $35.98 and its 200-day moving average price is $33.64.
Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.14 EPS for the quarter, meeting analysts’ consensus estimates of $0.14. Fortinet had a return on equity of 0.68% and a net margin of 0.07%. The business had revenue of $311.40 million for the quarter, compared to the consensus estimate of $304.71 million. During the same quarter in the prior year, the business posted $0.11 EPS. The business’s revenue for the quarter was up 29.9% on a year-over-year basis. On average, equities analysts anticipate that Fortinet Inc. will post $0.70 EPS for the current fiscal year.
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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