Fortinet Inc. (FTNT) Given Outperform Rating at Wells Fargo & Co.
Fortinet Inc. (NASDAQ:FTNT)‘s stock had its “outperform” rating restated by equities research analysts at Wells Fargo & Co. in a research note issued on Thursday. They currently have a $37.00 target price on the stock, down from their previous target price of $43.50. Wells Fargo & Co.’s price objective would indicate a potential upside of 18.63% from the company’s previous close.
FTNT has been the subject of a number of other reports. Oppenheimer Holdings Inc. restated an “outperform” rating and set a $45.00 price objective on shares of Fortinet in a research note on Tuesday, September 20th. Wunderlich initiated coverage on Fortinet in a research note on Tuesday, September 13th. They set a “buy” rating and a $45.00 price objective for the company. Nomura reduced their price target on Fortinet from $55.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday. Zacks Investment Research lowered Fortinet from a “hold” rating to a “strong sell” rating in a research report on Monday, July 18th. Finally, Stephens lowered Fortinet from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $43.00 to $32.00 in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and eighteen have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $36.16.
Fortinet (NASDAQ:FTNT) traded up 1.73% during mid-day trading on Thursday, reaching $31.19. The company had a trading volume of 7,813,583 shares. The stock’s 50-day moving average is $35.71 and its 200 day moving average is $33.60. Fortinet has a 12 month low of $23.16 and a 12 month high of $44.63. The firm has a market capitalization of $5.39 billion, a P/E ratio of 842.97 and a beta of 1.62.
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Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, July 28th. The company reported $0.14 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.14. The firm earned $311.40 million during the quarter, compared to the consensus estimate of $304.71 million. Fortinet had a return on equity of 0.68% and a net margin of 0.07%. The firm’s revenue was up 29.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.11 EPS. On average, analysts predict that Fortinet will post $0.70 earnings per share for the current fiscal year.
In other Fortinet news, CFO Matto Andrew H. Del sold 5,500 shares of the business’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 transaction, the chief financial officer now owns 22,099 shares in the company, valued at $752,912.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ming Hsieh sold 23,900 shares of the business’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 disclosure for this sale can be found here. 16.40% of the stock is currently owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in the stock. US Bancorp DE boosted its position in shares of 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 in the last quarter. Nordea Investment Management AB boosted its position 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. bought a new position in shares of Fortinet during the second quarter valued at about $152,000. Tower Research Capital LLC TRC boosted its position 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 position 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. Hedge funds and other institutional investors 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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