Investors Buy Shares of Fortinet Inc. (FTNT) on Weakness
Traders bought shares of Fortinet Inc. (NASDAQ:FTNT) on weakness during trading hours on Monday. $12.67 million flowed into the stock on the tick-up and $7.45 million flowed out of the stock on the tick-down, for a money net flow of $5.22 million into the stock. Of all companies tracked, Fortinet had the 20th highest net in-flow for the day. Fortinet traded down ($0.03) for the day and closed at $35.67
A number of brokerages have recently issued reports on FTNT. Bank of America Corp. reissued a “buy” rating and set a $40.00 target price (up from $37.00) on shares of Fortinet in a research note on Wednesday, June 8th. Oppenheimer Holdings Inc. reissued an “outperform” rating and set a $50.00 target price on shares of Fortinet in a research note on Friday, July 15th. JPMorgan Chase & Co. reissued a “buy” rating on shares of Fortinet in a research note on Wednesday, June 8th. Pacific Crest reissued a “hold” rating on shares of Fortinet in a research note on Friday, July 29th. Finally, Zacks Investment Research downgraded Fortinet from a “hold” rating to a “strong sell” rating in a research note on Monday, July 18th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the stock. Fortinet presently has an average rating of “Buy” and an average price target of $38.95.
The stock has a market cap of $6.16 billion and a PE ratio of 964.05. The firm’s 50-day moving average price is $34.58 and its 200 day moving average price is $31.89.
Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, July 28th. The company reported $0.14 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.14. During the same period last year, the firm earned $0.11 earnings per share. The firm had revenue of $311.40 million for the quarter, compared to analyst estimates of $304.71 million. Fortinet’s revenue for the quarter was up 29.9% compared to the same quarter last year. On average, equities analysts forecast that Fortinet Inc. will post $0.70 EPS for the current fiscal year.
In other Fortinet news, VP John Whittle sold 13,663 shares of the business’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $35.00, for a total transaction of $478,205.00. Following the sale, the vice president now directly owns 18,969 shares of the company’s stock, valued at approximately $663,915. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Matto Andrew H. Del sold 2,750 shares of the business’s stock in a transaction on Wednesday, June 1st. The shares were sold at an average price of $34.23, for a total transaction of $94,132.50. Following the sale, the chief financial officer now directly owns 14,599 shares in the company, valued at $499,723.77. 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.