Royal Bank Of Canada Trims Fortinet Inc. (FTNT) Target Price to $30.00
Fortinet Inc. (NASDAQ:FTNT) had its price target reduced by investment analysts at Royal Bank Of Canada from $37.00 to $30.00 in a research report issued on Wednesday. The brokerage currently has a “sector perform” rating on the stock. Royal Bank Of Canada’s price target would suggest a potential downside of 12.00% from the company’s current price.
Several other research analysts have also issued reports on FTNT. Oppenheimer Holdings Inc. reiterated an “outperform” rating and issued a $50.00 price target on shares of Fortinet in a research note on Friday, July 15th. Wunderlich assumed coverage on shares of Fortinet in a research note on Tuesday, September 13th. They issued a “buy” rating and a $45.00 price target for the company. Citigroup Inc. decreased their price target on shares of Fortinet from $37.00 to $35.00 and set a “neutral” rating for the company in a research note on Friday, July 29th. Wells Fargo & Co. reiterated a “buy” rating on shares of Fortinet in a research note on Sunday, September 25th. Finally, Pacific Crest reiterated a “hold” rating on shares of Fortinet in a research note on Friday, July 29th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $39.25.
Shares of Fortinet (NASDAQ:FTNT) opened at 34.09 on Wednesday. The firm has a market cap of $5.89 billion, a price-to-earnings ratio of 921.35 and a beta of 1.62. Fortinet has a 12 month low of $23.16 and a 12 month high of $44.63. The firm has a 50-day moving average of $35.98 and a 200-day moving average of $33.64.
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Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, July 28th. The company reported $0.14 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.14. Fortinet had a net margin of 0.07% and a return on equity of 0.68%. The firm earned $311.40 million during the quarter, compared to analysts’ expectations of $304.71 million. During the same period last year, the company posted $0.11 EPS. The company’s quarterly revenue was up 29.9% compared to the same quarter last year. On average, analysts anticipate 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 on Thursday, September 1st. The shares were sold at an average price of $36.70, for a total value of $30,607.80. Following the transaction, the vice president now 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, CFO Matto Andrew H. Del sold 5,500 shares of the business’s stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $34.07, for a total transaction of $187,385.00. Following the completion of the transaction, the chief financial officer now directly owns 22,099 shares in the company, valued at approximately $752,912.93. The disclosure for this sale can be found here. 16.40% of the stock is currently owned by insiders.
Institutional investors have recently added to or reduced their stakes in the company. US Bancorp DE increased its position in Fortinet by 3.8% in the second quarter. US Bancorp DE now owns 3,342 shares of the company’s stock valued at $106,000 after buying an additional 123 shares during the period. Nordea Investment Management AB boosted its stake in shares of Fortinet by 10.4% in the second quarter. Nordea Investment Management AB now owns 3,865 shares of the company’s stock valued at $122,000 after buying an additional 365 shares in the last quarter. Advisor Group Inc. acquired a new stake in shares of Fortinet during the second quarter valued at $152,000. Tower Research Capital LLC TRC boosted its stake in shares of Fortinet by 179.7% in the second quarter. Tower Research Capital LLC TRC now owns 6,464 shares of the company’s stock valued at $204,000 after buying an additional 4,153 shares in the last quarter. Finally, Compagnie Lombard Odier SCmA boosted its stake in shares of Fortinet by 62.0% in the second quarter. Compagnie Lombard Odier SCmA now owns 6,500 shares of the company’s stock valued at $206,000 after buying an additional 2,487 shares in the last quarter. 70.65% of the stock is currently 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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