Fortinet Inc. (FTNT) Given a $34.00 Price Target at Robert W. Baird
Several other equities analysts also recently weighed in on the company. Wunderlich initiated coverage on Fortinet in a report on Tuesday, September 13th. They set a buy rating and a $45.00 price target for the company. Wells Fargo & Co. restated a buy rating on shares of Fortinet in a report on Sunday, September 25th. Goldman Sachs Group Inc. reduced their price target on Fortinet from $43.00 to $36.00 and set a buy rating for the company in a report on Wednesday. Nomura reduced their price target on Fortinet from $55.00 to $47.00 and set a buy rating for the company in a report on Wednesday. Finally, Dougherty & Co reduced their price target on Fortinet from $40.00 to $35.00 and set a buy rating for the company in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eighteen have given a buy rating to the company. The stock currently has a consensus rating of Buy and a consensus price target of $36.30.
Fortinet (NASDAQ:FTNT) traded up 1.50% during mid-day trading on Wednesday, hitting $31.12. 5,561,062 shares of the stock traded hands. The company has a 50-day moving average of $35.83 and a 200 day moving average of $33.62. The firm has a market capitalization of $5.37 billion, a P/E ratio of 841.08 and a beta of 1.62. Fortinet has a 1-year low of $23.16 and a 1-year high of $44.63.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.14 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.14. The business earned $311.40 million during the quarter, compared to the consensus estimate of $304.71 million. Fortinet had a return on equity of 0.68% and a net margin of 0.07%. The firm’s quarterly revenue was up 29.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.11 earnings per share. On average, equities research analysts anticipate that Fortinet will post $0.70 EPS for the current year.
In other Fortinet news, CFO Matto Andrew H. Del sold 5,500 shares of the firm’s stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $34.07, for a total transaction of $187,385.00. Following the completion of the sale, the chief financial officer now owns 22,099 shares of the company’s stock, valued at $752,912.93. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Ming Hsieh sold 23,900 shares of the firm’s stock in a transaction on Monday, August 22nd. The stock was 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. 16.40% of the stock is owned by corporate insiders.
A number of large investors have recently bought and sold shares of the company. Fox Run Management L.L.C. acquired a new stake in Fortinet during the third quarter valued at about $1,027,000. Oregon Public Employees Retirement Fund boosted its stake in Fortinet by 1.2% in the third quarter. Oregon Public Employees Retirement Fund now owns 50,730 shares of the company’s stock valued at $1,873,000 after buying an additional 606 shares during the period. Mason Street Advisors LLC acquired a new stake in Fortinet during the second quarter valued at about $2,102,000. Aldebaran Financial Inc. boosted its stake in Fortinet by 3.5% in the second quarter. Aldebaran Financial Inc. now owns 89,270 shares of the company’s stock valued at $2,987,000 after buying an additional 3,050 shares during the period. Finally, Public Employees Retirement System of Ohio boosted its stake 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 valued at $3,065,000 after buying an additional 1,073 shares during the period. 70.65% of the stock is owned by 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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