Fortinet Inc. (FTNT) Shares Up 5.4%
Fortinet Inc. (NASDAQ:FTNT) shot up 5.4% on Tuesday . The company traded as high as $34.83 and last traded at $34.69, with a volume of 2,113,144 shares traded. The stock had previously closed at $32.90.
A number of research firms have recently weighed in on FTNT. Citigroup Inc. dropped 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. Pacific Crest reaffirmed a “hold” rating on shares of Fortinet in a research note on Friday, July 29th. Oppenheimer Holdings Inc. reaffirmed an “outperform” rating and issued a $45.00 price target (down previously from $50.00) on shares of Fortinet in a research note on Monday, August 1st. JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of Fortinet in a research note on Wednesday, June 8th. Finally, Bank of America Corp. reaffirmed a “buy” rating and issued a $40.00 price target (up previously from $37.00) on shares of Fortinet in a research note on Wednesday, June 8th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $38.95.
The company has a market cap of $5.95 billion and a P/E ratio of 931.35. The company has a 50-day moving average price of $33.86 and a 200-day moving average price of $31.27.
Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.14 earnings per share for the quarter, meeting the consensus estimate of $0.14. The business earned $311.40 million during the quarter, compared to analysts’ expectations of $304.71 million. The business’s revenue was up 29.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.11 EPS. On average, equities research analysts predict that Fortinet Inc. will post $0.70 EPS for the current year.
In other news, CFO Matto Andrew H. Del sold 1,500 shares of the stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $35.00, for a total transaction of $52,500.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP John Whittle sold 983 shares of the stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $32.86, for a total value of $32,301.38. Following the transaction, the vice president now owns 17,531 shares in the company, valued at $576,068.66. The disclosure for this sale can be found here.
Other institutional investors have recently made changes to their positions in the company. King Luther Capital Management Corp raised its position in shares of Fortinet by 10.4% in the fourth quarter. King Luther Capital Management Corp now owns 385,860 shares of the company’s stock valued at $12,027,000 after buying an additional 36,435 shares during the period. Westfield Capital Management Co. LP raised its position in shares of Fortinet by 36.0% in the fourth quarter. Westfield Capital Management Co. LP now owns 3,221,095 shares of the company’s stock valued at $100,402,000 after buying an additional 852,591 shares during the period. Trexquant Investment LP purchased a new position in shares of Fortinet during the fourth quarter valued at approximately $1,702,000. Schroder Investment Management Group raised its position in shares of Fortinet by 24.8% in the fourth quarter. Schroder Investment Management Group now owns 730,300 shares of the company’s stock valued at $22,763,000 after buying an additional 144,900 shares during the period. Finally, Airain ltd purchased a new position in shares of Fortinet during the fourth quarter valued at approximately $3,156,000.
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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