Fortinet Inc. (FTNT) Shares Gap Up to $35.67
Fortinet Inc. (NASDAQ:FTNT)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $35.52, but opened at $35.67. Fortinet shares last traded at $36.34, with a volume of 723,747 shares trading hands.
Several equities analysts have recently weighed in on the company. Pacific Crest reaffirmed a “hold” rating on shares of Fortinet in a research note on Friday, July 29th. Citigroup Inc. reduced their price objective on Fortinet from $37.00 to $35.00 and set a “neutral” rating on the stock in a research note on Friday, July 29th. Oppenheimer Holdings Inc. reaffirmed an “outperform” rating and issued a $45.00 price objective (down 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 objective (up from $37.00) on shares of Fortinet in a research note on Wednesday, June 8th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $39.35.
The firm has a market capitalization of $6.28 billion and a P/E ratio of 982.43. The stock has a 50-day moving average price of $34.66 and a 200 day moving average price of $31.98.
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 firm earned $311.40 million during the quarter, compared to analyst estimates of $304.71 million. During the same period in the prior year, the business earned $0.11 EPS. The business’s revenue for the quarter was up 29.9% compared to the same quarter last year. Equities research analysts expect that Fortinet Inc. will post $0.70 earnings per share for the current fiscal year.
In related news, Director Christopher B. Paisley sold 6,000 shares of Fortinet stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $34.07, for a total value of $204,420.00. Following the sale, the director now owns 60,648 shares of the company’s stock, valued at $2,066,277.36. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Ming Hsieh sold 23,900 shares of Fortinet stock in a transaction dated Monday, August 22nd. The shares were sold at an average price of $34.84, for a total value of $832,676.00. The disclosure for this sale can be found here.
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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