Fortinet Inc. (FTNT) Given a $34.00 Price Target at Robert W. Baird
Fortinet Inc. (NASDAQ:FTNT) has been given a $34.00 price target by equities research analysts at Robert W. Baird in a research note issued on Wednesday. The brokerage presently has a a “hold” rating on the stock. Robert W. Baird’s target price would suggest a potential upside of 10.89% from the company’s current price.
A number of other brokerages have also recently commented on FTNT. Oppenheimer Holdings Inc. dropped their target price on shares of Fortinet from $45.00 to $40.00 and set an “outperform” rating on the stock in a report on Wednesday. Goldman Sachs Group Inc. dropped their target price on shares of Fortinet from $43.00 to $36.00 and set a “buy” rating on the stock in a report on Wednesday. RBC Capital Markets restated a “sector perform” rating and set a $30.00 target price (down previously from $37.00) on shares of Fortinet in a report on Wednesday. Wells Fargo & Co. restated a “buy” rating on shares of Fortinet in a report on Sunday, September 25th. Finally, Citigroup Inc. dropped their target price 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. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eighteen have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $36.30.
Fortinet (NASDAQ:FTNT) traded up 1.30% during mid-day trading on Wednesday, reaching $31.06. 5,473,865 shares of the company were exchanged. The company has a market capitalization of $5.36 billion, a PE ratio of 839.46 and a beta of 1.62. Fortinet has a one year low of $23.16 and a one year high of $44.63. The stock 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 issued its quarterly earnings data on Thursday, July 28th. The company reported $0.14 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.14. The business had revenue of $311.40 million for the quarter, compared to the consensus estimate of $304.71 million. Fortinet had a net margin of 0.07% and a return on equity of 0.68%. The company’s quarterly revenue was up 29.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.11 EPS. Analysts predict that Fortinet will post $0.70 EPS for the current year.
In other Fortinet news, VP John Whittle sold 834 shares of the stock in a transaction on Thursday, September 1st. The stock was sold at an average price of $36.70, for a total value of $30,607.80. Following the sale, the vice president now owns 5,515 shares in the company, valued at $202,400.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Matto Andrew H. Del sold 3,250 shares of the stock in a transaction on Thursday, September 1st. The stock was sold at an average price of $36.29, for a total value of $117,942.50. Following the completion of the sale, the chief financial officer now owns 9,686 shares in the company, valued at approximately $351,504.94. The disclosure for this sale can be found here. Insiders own 16.40% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in FTNT. Nomura Holdings Inc. raised its stake in Fortinet by 185.2% in the second quarter. Nomura Holdings Inc. now owns 5,775,000 shares of the company’s stock worth $182,556,000 after buying an additional 3,750,000 shares during the last quarter. BlackRock Fund Advisors raised its stake in Fortinet by 5.2% in the second quarter. BlackRock Fund Advisors now owns 5,534,971 shares of the company’s stock worth $174,850,000 after buying an additional 271,097 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in Fortinet by 6.4% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 4,582,486 shares of the company’s stock worth $144,761,000 after buying an additional 277,305 shares during the last quarter. State Street Corp raised its stake in Fortinet by 2.7% in the second quarter. State Street Corp now owns 4,536,944 shares of the company’s stock worth $143,318,000 after buying an additional 118,978 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its stake in Fortinet by 43.8% in the second quarter. Ameriprise Financial Inc. now owns 3,905,990 shares of the company’s stock worth $123,388,000 after buying an additional 1,190,096 shares during 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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