Fortinet Inc. (FTNT) PT Lowered to $40.00 at Oppenheimer Holdings Inc.
Fortinet Inc. (NASDAQ:FTNT) had its target price cut by Oppenheimer Holdings Inc. from $45.00 to $40.00 in a report published on Wednesday morning. They currently have an outperform rating on the stock.
FTNT has been the topic of several other reports. Wunderlich started coverage on shares of Fortinet in a research report on Tuesday, September 13th. They issued a buy rating and a $45.00 price objective on the stock. Zacks Investment Research lowered shares of Fortinet from a hold rating to a strong sell rating in a research report on Monday, July 18th. Stephens lowered shares of Fortinet from an overweight rating to an equal weight rating and dropped their price objective for the company from $43.00 to $32.00 in a research report on Wednesday, October 12th. Wells Fargo & Co. reissued a buy rating on shares of Fortinet in a research report on Sunday, September 25th. Finally, Citigroup Inc. dropped their price objective on shares of Fortinet from $35.00 to $31.00 and set a neutral rating on the stock in a research report on Wednesday, October 12th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and seventeen have given a buy rating to the company. The company presently has a consensus rating of Buy and an average target price of $36.16.
Fortinet (NASDAQ:FTNT) opened at 30.96 on Wednesday. The firm has a market capitalization of $5.35 billion, a price-to-earnings ratio of 836.76 and a beta of 1.62. Fortinet has a 52-week low of $23.16 and a 52-week high of $44.63. The firm has a 50-day moving average of $35.58 and a 200-day moving average of $33.62.
Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, July 28th. The company reported $0.14 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.14. The company had revenue of $311.40 million for the quarter, compared to analyst estimates of $304.71 million. Fortinet had a net margin of 0.07% and a return on equity of 0.68%. The company’s revenue was up 29.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.11 earnings per share. On average, equities research analysts forecast that Fortinet will post $0.70 EPS for the current fiscal year.
In other news, VP John Whittle sold 13,663 shares of Fortinet stock in a transaction on Monday, August 1st. The shares were sold at an average price of $35.00, for a total value of $478,205.00. Following the completion of the sale, the vice president now owns 18,969 shares in the company, valued at approximately $663,915. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Matto Andrew H. Del sold 3,250 shares of Fortinet stock in a transaction on 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 sale, the chief financial officer now owns 9,686 shares of the company’s stock, valued at approximately $351,504.94. The disclosure for this sale can be found here. Company insiders own 16.40% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in FTNT. US Bancorp DE raised its stake in shares of Fortinet by 3.8% in the second quarter. US Bancorp DE now owns 3,342 shares of the company’s stock worth $106,000 after buying an additional 123 shares during the period. Nordea Investment Management AB increased its position in Fortinet by 10.4% in the second quarter. Nordea Investment Management AB now owns 3,865 shares of the company’s stock worth $122,000 after buying an additional 365 shares in the last quarter. Advisor Group Inc. purchased a new position in Fortinet during the second quarter worth about $152,000. Tower Research Capital LLC TRC increased its position in Fortinet by 179.7% in the second quarter. Tower Research Capital LLC TRC now owns 6,464 shares of the company’s stock worth $204,000 after buying an additional 4,153 shares in the last quarter. Finally, Compagnie Lombard Odier SCmA increased its position in Fortinet by 62.0% in the second quarter. Compagnie Lombard Odier SCmA now owns 6,500 shares of the company’s stock worth $206,000 after buying an additional 2,487 shares in the last quarter. Institutional investors own 70.63% 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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