Fortinet Inc. (FTNT) Given a $30.00 Price Target by Piper Jaffray Cos. Analysts
Fortinet Inc. (NASDAQ:FTNT) has been assigned a $30.00 target price by equities researchers at Piper Jaffray Cos. in a report released on Wednesday. The brokerage currently has a a “hold” rating on the stock. Piper Jaffray Cos.’s price objective suggests a potential downside of 2.15% from the company’s previous close.
A number of other brokerages also recently commented on FTNT. Oppenheimer Holdings Inc. lowered their price target on shares of Fortinet from $45.00 to $40.00 and set an “outperform” rating for the company in a report on Wednesday. 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. RBC Capital Markets reissued a “sector perform” rating and issued a $30.00 target price (down from $37.00) on shares of Fortinet in a research report on Wednesday. Wells Fargo & Co. reissued a “buy” rating on shares of Fortinet in a research report on Sunday, September 25th. Finally, Citigroup Inc. decreased their target price on shares of Fortinet from $37.00 to $35.00 and set a “neutral” rating on the stock in a research report on Friday, July 29th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and eighteen have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $36.30.
Shares of Fortinet (NASDAQ:FTNT) traded up 1.73% during midday trading on Wednesday, reaching $31.19. 7,796,054 shares of the company traded hands. Fortinet has a 12 month low of $23.16 and a 12 month high of $44.63. The company’s 50 day moving average is $35.83 and its 200-day moving average is $33.62. The stock has a market capitalization of $5.39 billion, a price-to-earnings ratio of 842.97 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, meeting 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 the consensus estimate of $304.71 million. During the same period 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. Equities research analysts forecast that Fortinet will post $0.70 earnings per share for the current fiscal year.
In related news, CFO Matto Andrew H. Del sold 5,500 shares of the company’s stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $34.07, for a total value of $187,385.00. Following the completion of the sale, the chief financial officer now owns 22,099 shares of the company’s stock, valued at $752,912.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ming Hsieh sold 23,900 shares of the company’s stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $34.84, for a total transaction of $832,676.00. The disclosure for this sale can be found here. 16.40% of the stock is currently owned by corporate insiders.
Large investors have recently bought and sold shares of the company. AMP Capital Investors Ltd increased its stake in shares of Fortinet by 86.3% in the first quarter. AMP Capital Investors Ltd now owns 116,465 shares of the company’s stock worth $3,426,000 after buying an additional 53,958 shares during the last quarter. Renaissance Technologies LLC increased its stake in shares of Fortinet by 112.0% in the first quarter. Renaissance Technologies LLC now owns 1,571,500 shares of the company’s stock worth $48,135,000 after buying an additional 830,400 shares during the last quarter. HBK Investments L P increased its stake in shares of Fortinet by 56.5% in the first quarter. HBK Investments L P now owns 54,900 shares of the company’s stock worth $1,682,000 after buying an additional 19,831 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Fortinet by 4.9% in the first quarter. Geode Capital Management LLC now owns 934,608 shares of the company’s stock worth $28,610,000 after buying an additional 43,232 shares during the last quarter. Finally, Pictet Asset Management Ltd. increased its stake in shares of Fortinet by 0.4% in the first quarter. Pictet Asset Management Ltd. now owns 644,450 shares of the company’s stock worth $18,302,000 after buying an additional 2,650 shares during the last quarter. 70.65% of the stock is owned by institutional investors and hedge funds.
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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