JMP Securities Lowers Fortinet Inc. (FTNT) Price Target to $34.00
Fortinet Inc. (NASDAQ:FTNT) had its price target cut by investment analysts at JMP Securities from $40.00 to $34.00 in a research note issued on Wednesday. The brokerage currently has a “market outperform” rating on the stock. JMP Securities’ target price indicates a potential upside of 10.89% from the stock’s current price.
Other equities analysts have also recently issued research reports about the stock. Wunderlich started coverage on shares of Fortinet in a research report on Tuesday, September 13th. They issued a “buy” rating and a $45.00 target price on the stock. Wells Fargo & Co. reiterated a “buy” rating on shares of Fortinet in a research report on Sunday, September 25th. Goldman Sachs Group Inc. decreased their target price on shares of Fortinet from $43.00 to $36.00 and set a “buy” rating on the stock in a research report on Wednesday. Nomura decreased their target price on shares of Fortinet from $55.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, Stephens cut shares of Fortinet from an “overweight” rating to an “equal weight” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and eighteen have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $36.55.
Shares of Fortinet (NASDAQ:FTNT) traded down 10.06% during trading on Wednesday, hitting $30.66. 21,248,756 shares of the 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 12 month low of $23.16 and a 12 month high of $44.63. The company has a 50 day moving average price of $35.83 and a 200 day moving average price of $33.62.
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Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data 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 firm had revenue of $311.40 million for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same quarter last year, the company posted $0.11 EPS. Analysts anticipate that Fortinet will post $0.70 earnings per share for the current fiscal year.
In other news, VP John Whittle sold 15,007 shares of the business’s stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $34.91, for a total transaction of $523,894.37. Following the completion of the transaction, the vice president now directly owns 18,969 shares of the company’s stock, valued at $662,207.79. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Keith Jensen sold 900 shares of the business’s stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $35.47, for a total transaction of $31,923.00. The disclosure for this sale can be found here. Insiders own 16.40% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State Street Corp boosted its position in Fortinet by 1.5% in the first quarter. State Street Corp now owns 4,417,966 shares of the company’s stock valued at $135,328,000 after buying an additional 64,030 shares during the last quarter. Geode Capital Management LLC boosted its position in Fortinet by 4.9% in the first quarter. Geode Capital Management LLC now owns 934,608 shares of the company’s stock valued at $28,610,000 after buying an additional 43,232 shares during the last quarter. British Columbia Investment Management Corp boosted its position in Fortinet by 82.4% in the second quarter. British Columbia Investment Management Corp now owns 53,021 shares of the company’s stock valued at $1,675,000 after buying an additional 23,949 shares during the last quarter. Jacobs Levy Equity Management Inc. bought a new position in Fortinet during the first quarter valued at $935,000. Finally, Telemus Capital LLC boosted its position in Fortinet by 1.9% in the second quarter. Telemus Capital LLC now owns 7,409 shares of the company’s stock valued at $234,000 after buying an additional 137 shares during the last quarter. 70.65% of the stock is owned by hedge funds and other 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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