Dougherty & Co Lowers Fortinet Inc. (FTNT) Price Target to $35.00
Fortinet Inc. (NASDAQ:FTNT) had its price objective dropped by analysts at Dougherty & Co from $40.00 to $35.00 in a research report issued on Wednesday. The brokerage currently has a “buy” rating on the stock. Dougherty & Co’s target price points to a potential upside of 12.22% from the stock’s current price.
A number of other equities analysts have also recently issued reports on FTNT. Oppenheimer Holdings Inc. reaffirmed an “outperform” rating and issued a $50.00 price objective on shares of Fortinet in a research note on Friday, July 15th. Zacks Investment Research cut shares of Fortinet from a “hold” rating to a “strong sell” rating in a research note on Monday, July 18th. Citigroup Inc. reduced their price objective on shares of Fortinet from $37.00 to $35.00 and set a “neutral” rating on the stock in a research note on Friday, July 29th. Pacific Crest reaffirmed a “hold” rating on shares of Fortinet in a research note on Friday, July 29th. Finally, Wunderlich initiated coverage on shares of Fortinet in a research note on Tuesday, September 13th. They issued a “buy” rating and a $45.00 price objective on the stock. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and seventeen have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $36.16.
Fortinet (NASDAQ:FTNT) opened at 31.19 on Wednesday. The stock has a market capitalization of $5.39 billion, a PE ratio of 842.97 and a beta of 1.62. The stock’s 50 day moving average is $35.71 and its 200 day moving average is $33.60. Fortinet has a 12-month low of $23.16 and a 12-month high of $44.63.
Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, July 28th. The company reported $0.14 earnings per share (EPS) 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 analysts’ expectations of $304.71 million. During the same period last year, the firm earned $0.11 earnings per share. The business’s revenue for the quarter was up 29.9% on a year-over-year basis. Analysts forecast that Fortinet will post $0.70 EPS for the current year.
In other Fortinet news, VP John Whittle sold 15,007 shares of Fortinet stock in a transaction dated 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 sale, the vice president now owns 18,969 shares in the company, valued at approximately $662,207.79. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Matto Andrew H. Del sold 5,500 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 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 approximately $752,912.93. The disclosure for this sale can be found here. Corporate insiders own 16.40% of the company’s stock.
A number of hedge funds have recently modified their holdings of the company. Renaissance Technologies LLC boosted its stake in shares of Fortinet by 112.0% in the first quarter. Renaissance Technologies LLC now owns 1,571,500 shares of the company’s stock valued at $48,135,000 after buying an additional 830,400 shares during the period. HBK Investments L P boosted its stake in shares of Fortinet by 56.5% in the first quarter. HBK Investments L P now owns 54,900 shares of the company’s stock valued at $1,682,000 after buying an additional 19,831 shares during the period. Geode Capital Management LLC boosted its stake in shares of Fortinet by 4.9% in the first quarter. Geode Capital Management LLC now owns 934,608 shares of the company’s stock valued at $28,610,000 after buying an additional 43,232 shares during the period. Pictet Asset Management Ltd. boosted its stake in shares of Fortinet by 0.4% in the first quarter. Pictet Asset Management Ltd. now owns 644,450 shares of the company’s stock valued at $18,302,000 after buying an additional 2,650 shares during the period. Finally, Quadrature Capital Ltd acquired a new stake in shares of Fortinet during the first quarter valued at $337,000. Institutional investors and hedge funds 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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