Wunderlich Lowers Fortinet Inc. (FTNT) Price Target to $42.00
Fortinet Inc. (NASDAQ:FTNT) had its price objective dropped by equities researchers at Wunderlich from $45.00 to $42.00 in a report released on Wednesday. The firm currently has a “buy” rating on the stock. Wunderlich’s target price indicates a potential upside of 23.20% from the stock’s current price.
A number of other analysts have also weighed in on FTNT. Oppenheimer Holdings Inc. reaffirmed an “outperform” rating and set a $50.00 target price on shares of Fortinet in a report on Friday, July 15th. Zacks Investment Research lowered shares of Fortinet from a “hold” rating to a “strong sell” rating in a report on Monday, July 18th. Citigroup Inc. decreased their price target on shares of Fortinet from $37.00 to $35.00 and set a “neutral” rating on the stock in a report on Friday, July 29th. Pacific Crest reissued a “hold” rating on shares of Fortinet in a report on Friday, July 29th. Finally, Wells Fargo & Co. reissued a “buy” rating on shares of Fortinet in a report on Sunday, September 25th. One analyst has rated the stock with a sell rating, nine have given a hold rating and eighteen have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $39.10.
Fortinet (NASDAQ:FTNT) opened at 34.09 on Wednesday. The stock’s 50 day moving average is $35.98 and its 200-day moving average is $33.64. Fortinet has a 1-year low of $23.16 and a 1-year high of $44.63. The firm has a market capitalization of $5.89 billion, a P/E ratio of 921.35 and a beta of 1.62.
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Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, July 28th. The company reported $0.14 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.14. The business had revenue of $311.40 million for the quarter, compared to analyst estimates of $304.71 million. Fortinet had a net margin of 0.07% and a return on equity of 0.68%. Fortinet’s revenue was up 29.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.11 EPS. Analysts forecast that Fortinet will post $0.70 EPS for the current year.
In other Fortinet news, Director Ming Hsieh sold 23,900 shares of the firm’s stock in a transaction dated Monday, August 22nd. The shares were sold at an average price of $34.84, for a total transaction of $832,676.00. 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 15,007 shares of the firm’s stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $34.91, for a total transaction of $523,894.37. Following the sale, the vice president now owns 18,969 shares of the company’s stock, valued at $662,207.79. The disclosure for this sale can be found here. Company insiders own 16.40% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. US Bancorp DE raised its stake in Fortinet by 3.8% in the second quarter. US Bancorp DE now owns 3,342 shares of the company’s stock worth $106,000 after buying an additional 123 shares in the last quarter. Nordea Investment Management AB raised its stake in Fortinet by 10.4% in the second quarter. Nordea Investment Management AB now owns 3,865 shares of the company’s stock worth $122,000 after buying an additional 365 shares in the last quarter. Advisor Group Inc. purchased a new stake in Fortinet during the second quarter worth $152,000. Tower Research Capital LLC TRC raised its stake in Fortinet by 179.7% in the second quarter. Tower Research Capital LLC TRC now owns 6,464 shares of the company’s stock worth $204,000 after buying an additional 4,153 shares in the last quarter. Finally, Compagnie Lombard Odier SCmA raised its stake in Fortinet by 62.0% in the second quarter. Compagnie Lombard Odier SCmA now owns 6,500 shares of the company’s stock worth $206,000 after buying an additional 2,487 shares in the last quarter. Institutional investors and hedge funds own 70.65% of the company’s stock.
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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