Fortinet Inc. (FTNT) Stock Rating Reaffirmed by RBC Capital Markets
Fortinet Inc. (NASDAQ:FTNT)‘s stock had its “sector perform” rating reiterated by equities researchers at RBC Capital Markets in a research note issued on Wednesday. They presently have a $30.00 target price on the stock, down from their prior target price of $37.00. RBC Capital Markets’ price target indicates a potential downside of 2.15% from the stock’s previous close.
A number of other research analysts have also weighed in on the company. Oppenheimer Holdings Inc. reduced their target price on Fortinet from $45.00 to $40.00 and set an “outperform” rating for the company in a report on Wednesday. Goldman Sachs Group Inc. reduced their target price on Fortinet from $43.00 to $36.00 and set a “buy” rating for the company in a report on Wednesday. Wells Fargo & Co. reaffirmed a “buy” rating on shares of Fortinet in a report on Sunday, September 25th. Citigroup Inc. reduced their target price on Fortinet from $37.00 to $35.00 and set a “neutral” rating for the company in a report on Friday, July 29th. Finally, Barclays PLC reduced their target price on Fortinet from $42.00 to $34.00 and set an “overweight” rating for the company in a report on Wednesday. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and eighteen have issued a buy rating to the stock. Fortinet has an average rating of “Buy” and a consensus price target of $36.64.
Shares of Fortinet (NASDAQ:FTNT) traded down 10.06% during midday trading on Wednesday, hitting $30.66. 21,248,756 shares of the stock were exchanged. The firm has a market capitalization of $5.29 billion, a price-to-earnings ratio of 828.65 and a beta of 1.62. Fortinet has a 1-year low of $23.16 and a 1-year high of $44.63. The stock’s 50-day moving average price is $35.98 and its 200-day moving average price is $33.64.
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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, hitting the consensus estimate of $0.14. Fortinet had a return on equity of 0.68% and a net margin of 0.07%. The company earned $311.40 million during the quarter, compared to analyst estimates of $304.71 million. During the same quarter last year, the firm posted $0.11 EPS. The firm’s revenue for the quarter was up 29.9% on a year-over-year basis. On average, analysts forecast that Fortinet will post $0.70 EPS for the current year.
In other news, VP John Whittle sold 834 shares of the business’s stock in a transaction that occurred on Thursday, September 1st. The stock was sold at an average price of $36.70, for a total transaction of $30,607.80. Following the transaction, the vice president now directly owns 5,515 shares of the company’s stock, valued at $202,400.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Christopher B. Paisley sold 6,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $34.07, for a total value of $204,420.00. Following the transaction, the director now directly owns 60,648 shares in the company, valued at $2,066,277.36. The disclosure for this sale can be found here. Insiders own 16.40% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. Nomura Holdings Inc. boosted its position in Fortinet by 185.2% in the second quarter. Nomura Holdings Inc. now owns 5,775,000 shares of the company’s stock valued at $182,556,000 after buying an additional 3,750,000 shares during the period. BlackRock Fund Advisors boosted its position in Fortinet by 5.2% in the second quarter. BlackRock Fund Advisors now owns 5,534,971 shares of the company’s stock valued at $174,850,000 after buying an additional 271,097 shares during the period. BlackRock Institutional Trust Company N.A. boosted its position in Fortinet by 6.4% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 4,582,486 shares of the company’s stock valued at $144,761,000 after buying an additional 277,305 shares during the period. State Street Corp boosted its position in Fortinet by 2.7% in the second quarter. State Street Corp now owns 4,536,944 shares of the company’s stock valued at $143,318,000 after buying an additional 118,978 shares during the period. Finally, Ameriprise Financial Inc. boosted its position in Fortinet by 43.8% in the second quarter. Ameriprise Financial Inc. now owns 3,905,990 shares of the company’s stock valued at $123,388,000 after buying an additional 1,190,096 shares during the period. 70.65% of the stock is currently owned by hedge funds and other institutional investors.
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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