Goldman Sachs Group Inc. Trims Fortinet Inc. (FTNT) Target Price to $36.00
Several other brokerages have also recently commented on FTNT. Pacific Crest reaffirmed a hold rating on shares of Fortinet in a research report on Friday, July 29th. Citigroup Inc. reduced their price target on shares of Fortinet from $37.00 to $35.00 and set a neutral rating on the stock in a research report on Friday, July 29th. Wells Fargo & Co. reaffirmed a buy rating on shares of Fortinet in a research report on Sunday, September 25th. Wunderlich assumed coverage on shares of Fortinet in a research report on Tuesday, September 13th. They set a buy rating and a $45.00 price target on the stock. Finally, Oppenheimer Holdings Inc. reaffirmed an outperform rating and set a $45.00 price target on shares of Fortinet in a research report on Tuesday, September 20th. One investment 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 stock presently has an average rating of Buy and an average price target of $36.16.
Fortinet (NASDAQ:FTNT) opened at 30.96 on Wednesday. The company has a 50-day moving average price of $35.58 and a 200 day moving average price of $33.62. The firm has a market cap of $5.35 billion, a PE ratio of 836.76 and a beta of 1.62. Fortinet has a 12 month low of $23.16 and a 12 month high of $44.63.
Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, July 28th. The company reported $0.14 EPS for the quarter, hitting 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 analysts’ expectations of $304.71 million. During the same quarter last year, the company posted $0.11 earnings per share. The company’s quarterly revenue was up 29.9% compared to the same quarter last year. Equities research analysts anticipate 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 on Tuesday, August 2nd. The shares were sold at an average price of $34.91, for a total transaction of $523,894.37. Following the completion of the sale, the vice president now owns 18,969 shares of the company’s stock, valued at approximately $662,207.79. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 sale, the chief financial officer now directly owns 9,686 shares of the company’s stock, valued at approximately $351,504.94. The disclosure for this sale can be found here. 16.40% of the stock is currently owned by corporate insiders.
Several large investors have recently modified their holdings of the stock. Nomura Holdings Inc. raised its stake in shares of Fortinet by 185.2% in the second quarter. Nomura Holdings Inc. now owns 5,775,000 shares of the company’s stock worth $182,556,000 after buying an additional 3,750,000 shares during the period. Credit Suisse AG raised its stake in shares of Fortinet by 362.8% in the second quarter. Credit Suisse AG now owns 2,371,272 shares of the company’s stock worth $74,907,000 after buying an additional 1,858,948 shares during the period. Fiera Capital Corp bought a new stake in shares of Fortinet during the second quarter worth about $46,487,000. Ameriprise Financial Inc. raised its stake in shares of Fortinet by 43.8% in the second quarter. Ameriprise Financial Inc. now owns 3,905,990 shares of the company’s stock worth $123,388,000 after buying an additional 1,190,096 shares during the period. Finally, Renaissance Technologies LLC raised 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 worth $48,135,000 after buying an additional 830,400 shares during the period. 70.63% of the stock is owned by institutional investors.
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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