Robert W. Baird Analysts Give Fortinet Inc. (FTNT) a $34.00 Price Target
Fortinet Inc. (NASDAQ:FTNT) received a $34.00 target price from analysts at Robert W. Baird in a research report issued on Wednesday. The brokerage currently has a a “hold” rating on the stock. Robert W. Baird’s price objective indicates a potential upside of 10.89% from the stock’s current price.
A number of other analysts also recently weighed in on FTNT. Oppenheimer Holdings Inc. reiterated an “outperform” rating and set a $50.00 target price on shares of Fortinet in a research report on Friday, July 15th. Zacks Investment Research downgraded Fortinet from a “hold” rating to a “strong sell” rating in a research report on Monday, July 18th. Citigroup Inc. cut their target price on Fortinet from $37.00 to $35.00 and set a “neutral” rating for the company in a research report on Friday, July 29th. Pacific Crest reiterated a “hold” rating on shares of Fortinet in a research report on Friday, July 29th. Finally, Wunderlich began coverage on Fortinet in a research report on Tuesday, September 13th. They set a “buy” rating and a $45.00 target price for the company. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and eighteen have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $36.30.
Fortinet (NASDAQ:FTNT) traded up 1.73% during trading on Wednesday, reaching $31.19. The company had a trading volume of 7,796,054 shares. Fortinet has a 12-month low of $23.16 and a 12-month high of $44.63. The firm’s 50 day moving average price is $35.83 and its 200 day moving average price is $33.62. The firm has a market capitalization of $5.39 billion, a PE ratio of 842.97 and a beta of 1.62.
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Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.14 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.14. The business 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 quarterly revenue was up 29.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.11 EPS. Analysts anticipate that Fortinet will post $0.70 earnings per share for the current year.
In other news, VP John Whittle sold 834 shares of the stock in a transaction that occurred 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 completion of the sale, the vice president now directly owns 5,515 shares of the company’s stock, valued at $202,400.50. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Matto Andrew H. Del sold 5,500 shares of the stock in a transaction that occurred on Tuesday, August 2nd. The stock was 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 directly owns 22,099 shares of the company’s stock, valued at $752,912.93. The disclosure for this sale can be found here. 16.40% of the stock is owned by insiders.
Hedge funds have recently modified their holdings of the company. Nomura Holdings Inc. increased its stake in shares of Fortinet by 185.2% in the second quarter. Nomura Holdings Inc. now owns 5,775,000 shares of the company’s stock valued at $182,556,000 after buying an additional 3,750,000 shares during the period. Credit Suisse AG increased its stake in shares of Fortinet by 362.8% in the second quarter. Credit Suisse AG now owns 2,371,272 shares of the company’s stock valued at $74,907,000 after buying an additional 1,858,948 shares during the period. Fiera Capital Corp bought a new stake in shares of Fortinet during the second quarter valued at approximately $46,487,000. Ameriprise Financial Inc. increased its stake in shares of Fortinet by 43.8% in the second quarter. Ameriprise Financial Inc. now owns 3,905,990 shares of the company’s stock valued at $123,388,000 after buying an additional 1,190,096 shares during the period. Finally, 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 valued at $48,135,000 after buying an additional 830,400 shares during the period. 70.65% of the stock is owned by hedge funds and other institutional investors.
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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