Fortinet Inc. (FTNT) Given New $47.00 Price Target at Nomura
Fortinet Inc. (NASDAQ:FTNT) had its price objective dropped by stock analysts at Nomura from $55.00 to $47.00 in a report released on Wednesday. The firm currently has a “buy” rating on the stock. Nomura’s price objective would indicate a potential upside of 37.87% from the company’s current price.
Several other equities analysts also recently commented on the stock. Wunderlich assumed coverage on shares of Fortinet in a report on Tuesday, September 13th. They issued a “buy” rating and a $45.00 target price on the stock. Wells Fargo & Co. reaffirmed a “buy” rating on shares of Fortinet in a research note on Sunday, September 25th. Goldman Sachs Group Inc. decreased their price target on shares of Fortinet from $43.00 to $36.00 and set a “buy” rating on the stock in a research note on Wednesday. Stephens downgraded shares of Fortinet from an “overweight” rating to an “equal weight” rating in a research note on Wednesday. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $33.00 price target (down previously from $35.00) on shares of Fortinet in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and eighteen have issued a buy rating to the stock. Fortinet has an average rating of “Buy” and a consensus price target of $37.19.
Fortinet (NASDAQ:FTNT) traded down 11.88% on Wednesday, hitting $30.04. 10,902,296 shares of the stock were exchanged. Fortinet has a 12 month low of $23.16 and a 12 month high of $44.63. The company has a 50-day moving average of $35.98 and a 200-day moving average of $33.64. The stock has a market cap of $5.19 billion, a price-to-earnings ratio of 811.89 and a beta of 1.62.
Fortinet (NASDAQ:FTNT) last issued 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. Fortinet had a net margin of 0.07% and a return on equity of 0.68%. The business had revenue of $311.40 million for the quarter, compared to the consensus estimate of $304.71 million. During the same quarter in the previous year, the firm earned $0.11 earnings per share. The company’s revenue for the quarter was up 29.9% on a year-over-year basis. On average, equities analysts predict that Fortinet will post $0.70 EPS for the current year.
In related news, VP John Whittle sold 15,007 shares of the stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $34.91, for a total value of $523,894.37. Following the completion of the transaction, the vice president now directly owns 18,969 shares of the company’s stock, valued at approximately $662,207.79. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Matto Andrew H. Del sold 5,500 shares of the stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $34.07, for a total transaction of $187,385.00. Following the completion of the transaction, the chief financial officer now directly owns 22,099 shares of the company’s stock, valued at $752,912.93. The disclosure for this sale can be found here. 16.40% of the stock is currently owned by corporate insiders.
Several institutional investors have recently made changes to their positions in FTNT. US Bancorp DE raised its position in shares of Fortinet by 3.8% in the second quarter. US Bancorp DE now owns 3,342 shares of the company’s stock valued at $106,000 after buying an additional 123 shares during the last quarter. Nordea Investment Management AB raised its position in shares of Fortinet by 10.4% in the second quarter. Nordea Investment Management AB now owns 3,865 shares of the company’s stock valued at $122,000 after buying an additional 365 shares during the last quarter. Advisor Group Inc. bought a new position in shares of Fortinet during the second quarter valued at approximately $152,000. Tower Research Capital LLC TRC raised its position in shares of Fortinet by 179.7% in the second quarter. Tower Research Capital LLC TRC now owns 6,464 shares of the company’s stock valued at $204,000 after buying an additional 4,153 shares during the last quarter. Finally, Compagnie Lombard Odier SCmA raised its position in shares of Fortinet by 62.0% in the second quarter. Compagnie Lombard Odier SCmA now owns 6,500 shares of the company’s stock valued at $206,000 after buying an additional 2,487 shares during the last quarter. 70.65% of the stock is owned by hedge funds and other institutional investors.
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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