Fortinet Inc. (FTNT) Stock Rating Reaffirmed by Oppenheimer Holdings Inc.
Fortinet Inc. (NASDAQ:FTNT)‘s stock had its “outperform” rating restated by equities research analysts at Oppenheimer Holdings Inc. in a research report issued to clients and investors on Tuesday. They presently have a $45.00 price objective on the stock. Oppenheimer Holdings Inc.’s price objective would suggest a potential upside of 25.17% from the company’s previous close.
A number of other analysts have also weighed in on the stock. Wunderlich assumed coverage on shares of Fortinet in a research report on Tuesday, September 13th. They issued a “buy” rating and a $45.00 target price on the stock. Pacific Crest upgraded shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $47.00 price target on the stock in a report on Tuesday, August 30th. Citigroup Inc. cut their price target on shares of Fortinet from $37.00 to $35.00 and set a “neutral” rating on the stock in a report on Friday, July 29th. Zacks Investment Research lowered shares of Fortinet from a “hold” rating to a “strong sell” rating in a report on Monday, July 18th. Finally, JPMorgan Chase & Co. reiterated a “buy” rating on shares of Fortinet in a report on Wednesday, June 8th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Fortinet presently has an average rating of “Buy” and a consensus target price of $39.50.
Fortinet (NASDAQ:FTNT) opened at 35.95 on Tuesday. Fortinet has a 52 week low of $23.16 and a 52 week high of $46.50. The firm has a market capitalization of $6.21 billion, a price-to-earnings ratio of 971.62 and a beta of 1.63. The company has a 50-day moving average of $35.10 and a 200-day moving average of $32.87.
Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, July 28th. The company reported $0.14 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.14. Fortinet had a net margin of 0.07% and a return on equity of 0.68%. The firm had revenue of $311.40 million for the quarter, compared to analyst estimates of $304.71 million. During the same quarter last year, the business posted $0.11 earnings per share. The company’s quarterly revenue was up 29.9% on a year-over-year basis. On average, equities analysts forecast that Fortinet will post $0.70 earnings per share for the current fiscal year.
In other Fortinet news, CFO Matto Andrew H. Del sold 5,500 shares of the business’s stock in a transaction dated 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 directly owns 22,099 shares in the company, valued at $752,912.93. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Matto Andrew H. Del sold 3,250 shares of the business’s stock in a transaction dated Thursday, September 1st. The shares were sold at an average price of $36.29, for a total transaction of $117,942.50. Following the completion of the transaction, the chief financial officer now owns 9,686 shares in the company, valued at $351,504.94. The disclosure for this sale can be found here. Corporate insiders own 16.40% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FTNT. Mason Street Advisors LLC bought a new position in Fortinet during the second quarter worth $2,102,000. Aldebaran Financial Inc. boosted its position in Fortinet by 3.5% in the second quarter. Aldebaran Financial Inc. now owns 89,270 shares of the company’s stock worth $2,987,000 after buying an additional 3,050 shares during the last quarter. Public Employees Retirement System of Ohio boosted its position in Fortinet by 1.1% in the second quarter. Public Employees Retirement System of Ohio now owns 97,022 shares of the company’s stock worth $3,065,000 after buying an additional 1,073 shares during the last quarter. Sterling Capital Management LLC boosted its position in Fortinet by 5.5% in the second quarter. Sterling Capital Management LLC now owns 7,806 shares of the company’s stock worth $247,000 after buying an additional 406 shares during the last quarter. Finally, Perigon Wealth Management LLC boosted its position in Fortinet by 62.0% in the second quarter. Perigon Wealth Management LLC now owns 41,802 shares of the company’s stock worth $1,321,000 after buying an additional 16,002 shares during the last quarter. Hedge funds and other institutional investors own 70.65% of the company’s stock.
Fortinet Company Profile
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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