Nomura Cuts Fortinet Inc. (FTNT) Price Target to $47.00
Fortinet Inc. (NASDAQ:FTNT) had its price objective reduced by investment analysts at Nomura from $55.00 to $47.00 in a research report issued to clients and investors on Wednesday. The firm currently has a “buy” rating on the stock. Nomura’s price objective points to a potential upside of 53.29% from the company’s previous close.
Other analysts have also recently issued research reports about the stock. Oppenheimer Holdings Inc. dropped their price objective on shares of Fortinet from $45.00 to $40.00 and set an “outperform” rating for the company in a research note on Wednesday. Goldman Sachs Group Inc. dropped their price target on shares of Fortinet from $43.00 to $36.00 and set a “buy” rating for the company in a research note on Wednesday. Barclays PLC dropped their price target on shares of Fortinet from $42.00 to $34.00 and set an “overweight” rating for the company in a research note on Wednesday. Citigroup Inc. dropped their price target on shares of Fortinet from $35.00 to $31.00 and set a “neutral” rating for the company in a research note on Wednesday. Finally, Wunderlich dropped their price target on shares of Fortinet from $45.00 to $42.00 and set a “buy” rating for the company 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 stock. Fortinet currently has an average rating of “Buy” and an average price target of $36.55.
Fortinet (NASDAQ:FTNT) traded down 10.06% on Wednesday, reaching $30.66. 21,248,756 shares of the company’s stock were exchanged. The stock has a market cap of $5.29 billion, a price-to-earnings ratio of 828.65 and a beta of 1.62. The firm has a 50 day moving average of $35.83 and a 200-day moving average of $33.62. Fortinet has a one year low of $23.16 and a one year 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 (EPS) for the quarter, meeting the consensus estimate of $0.14. Fortinet had a net margin of 0.07% and a return on equity of 0.68%. The company earned $311.40 million during the quarter, compared to analysts’ expectations of $304.71 million. During the same quarter in the prior year, the company earned $0.11 EPS. Fortinet’s revenue was up 29.9% compared to the same quarter last year. Equities research analysts forecast that Fortinet will post $0.70 EPS for the current fiscal year.
In other Fortinet news, VP John Whittle sold 983 shares of Fortinet stock in a transaction on Monday, August 15th. The shares were sold at an average price of $32.86, for a total value of $32,301.38. Following the transaction, the vice president now directly owns 17,531 shares in the company, valued at $576,068.66. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Christopher B. Paisley sold 6,000 shares of Fortinet stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $34.07, for a total transaction of $204,420.00. Following the completion of the transaction, the director now owns 60,648 shares in the company, valued at $2,066,277.36. The disclosure for this sale can be found here. Corporate insiders own 16.40% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of FTNT. Fox Run Management L.L.C. acquired a new position in Fortinet during the third quarter worth approximately $1,027,000. Oregon Public Employees Retirement Fund raised its position 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 position in Fortinet during the second quarter worth approximately $2,102,000. Aldebaran Financial Inc. raised its position 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 raised its position 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. Institutional investors own 70.65% of the company’s stock.
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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