Wells Fargo & Co. Reaffirms Outperform Rating for Fortinet Inc. (FTNT)
Fortinet Inc. (NASDAQ:FTNT)‘s stock had its “outperform” rating restated by Wells Fargo & Co. in a research note issued to investors on Thursday. They currently have a $37.00 price objective on the stock, down from their prior price objective of $43.50. Wells Fargo & Co.’s price target would indicate a potential upside of 18.63% from the company’s current price.
A number of other equities analysts also recently weighed in on the company. Zacks Investment Research downgraded Fortinet from a “hold” rating to a “strong sell” rating in a research report on Monday, July 18th. Pacific Crest raised Fortinet from a “sector weight” rating to an “overweight” rating and set a $47.00 price target on the stock in a research report on Tuesday, August 30th. Wunderlich lowered their price target on Fortinet from $45.00 to $42.00 and set a “buy” rating on the stock in a research report on Wednesday. Oppenheimer Holdings Inc. reissued an “outperform” rating and set a $45.00 price target (down previously from $50.00) on shares of Fortinet in a research report on Monday, August 1st. Finally, RBC Capital Markets reissued a “sector perform” rating and set a $30.00 price target (down previously from $37.00) on shares of Fortinet in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eighteen have given a buy rating to the stock. Fortinet presently has a consensus rating of “Buy” and an average price target of $36.16.
Shares of Fortinet (NASDAQ:FTNT) traded up 1.73% during trading on Thursday, hitting $31.19. The stock had a trading volume of 7,813,583 shares. The stock has a market capitalization of $5.39 billion, a P/E ratio of 842.97 and a beta of 1.62. Fortinet has a 12-month low of $23.16 and a 12-month high of $44.63. The stock’s 50-day moving average is $35.71 and its 200-day moving average is $33.60.
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Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, July 28th. The company reported $0.14 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.14. The firm had revenue of $311.40 million for 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 business’s revenue was up 29.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.11 earnings per share. Analysts predict that Fortinet will post $0.70 EPS for the current fiscal year.
In other news, CFO Matto Andrew H. Del sold 5,500 shares of Fortinet stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $752,912.93. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Ming Hsieh sold 23,900 shares of Fortinet stock in a transaction that occurred 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.
Hedge funds and other institutional investors have recently modified their holdings of the company. Nomura Holdings Inc. increased its position 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 worth $182,556,000 after buying an additional 3,750,000 shares during the last quarter. Credit Suisse AG increased its position 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 worth $74,907,000 after buying an additional 1,858,948 shares during the last quarter. Fiera Capital Corp purchased a new position in shares of Fortinet during the second quarter worth about $46,487,000. Ameriprise Financial Inc. increased its position 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 worth $123,388,000 after buying an additional 1,190,096 shares during the last quarter. Finally, Renaissance Technologies LLC increased its position 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. 70.65% of the stock is currently 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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