Piper Jaffray Cos. Analysts Give Fortinet Inc. (FTNT) a $30.00 Price Target
Fortinet Inc. (NASDAQ:FTNT) received a $30.00 price objective from equities researchers at Piper Jaffray Cos. in a research report issued on Wednesday. The firm currently has a a “hold” rating on the stock. Piper Jaffray Cos.’s target price would indicate a potential downside of 2.15% from the company’s current price.
Several other brokerages have also weighed in on FTNT. Oppenheimer Holdings Inc. lowered their price objective on Fortinet from $45.00 to $40.00 and set an “outperform” rating for the company in a report on Wednesday. Goldman Sachs Group Inc. lowered their target price on Fortinet from $43.00 to $36.00 and set a “buy” rating for the company in a report on Wednesday. RBC Capital Markets reaffirmed a “sector perform” rating and set a $30.00 target price (down from $37.00) on shares of Fortinet in a report on Wednesday. Wells Fargo & Co. reaffirmed a “buy” rating on shares of Fortinet in a report on Sunday, September 25th. Finally, Citigroup Inc. lowered their target price on Fortinet from $37.00 to $35.00 and set a “neutral” rating for the company 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 assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $36.30.
Shares of Fortinet (NASDAQ:FTNT) traded up 1.30% during trading on Wednesday, hitting $31.06. The stock had a trading volume of 5,473,865 shares. The stock’s 50 day moving average is $35.83 and its 200-day moving average is $33.62. Fortinet has a 12-month low of $23.16 and a 12-month high of $44.63. The company has a market cap of $5.36 billion, a PE ratio of 839.46 and a beta of 1.62.
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Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, July 28th. The company reported $0.14 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.14. The firm earned $311.40 million during the quarter, compared to analyst estimates of $304.71 million. Fortinet had a return on equity of 0.68% and a net margin of 0.07%. Fortinet’s quarterly revenue was up 29.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.11 earnings per share. Analysts forecast that Fortinet will post $0.70 earnings per share for the current year.
In other news, CFO Matto Andrew H. Del sold 3,250 shares of the company’s stock in a transaction on Thursday, September 1st. The shares were sold at an average price of $36.29, for a total value of $117,942.50. Following the transaction, the chief financial officer now directly owns 9,686 shares of the company’s stock, valued at $351,504.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ming Hsieh sold 23,900 shares of the company’s stock in a transaction on 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 insiders.
Several institutional investors have recently bought and sold shares of FTNT. State Street Corp increased its position in Fortinet by 1.5% in the first quarter. State Street Corp now owns 4,417,966 shares of the company’s stock worth $135,328,000 after buying an additional 64,030 shares during the period. Geode Capital Management LLC increased its position in 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 period. British Columbia Investment Management Corp increased its position in Fortinet by 82.4% in the second quarter. British Columbia Investment Management Corp now owns 53,021 shares of the company’s stock worth $1,675,000 after buying an additional 23,949 shares during the period. Jacobs Levy Equity Management Inc. bought a new position in Fortinet during the first quarter worth $935,000. Finally, Telemus Capital LLC increased its position in Fortinet by 1.9% in the second quarter. Telemus Capital LLC now owns 7,409 shares of the company’s stock worth $234,000 after buying an additional 137 shares during the period. 70.65% of the stock is currently 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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