Morgan Stanley Analysts Give Fortinet Inc. (FTNT) a $33.00 Price Target
Several other equities research analysts have also weighed in on FTNT. Oppenheimer Holdings Inc. reiterated an outperform rating and set a $50.00 price objective on shares of Fortinet in a research note on Friday, July 15th. Zacks Investment Research lowered shares of Fortinet from a hold rating to a strong sell rating in a research note on Monday, July 18th. Citigroup Inc. dropped their price target 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 restated a hold rating on shares of Fortinet in a research note on Friday, July 29th. Finally, Wunderlich began coverage on shares of Fortinet in a research note on Tuesday, September 13th. They issued a buy rating and a $45.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and seventeen have assigned a buy rating to the company. The company currently has an average rating of Buy and a consensus price target of $36.16.
Shares of Fortinet (NASDAQ:FTNT) opened at 30.96 on Wednesday. The stock’s 50 day moving average price is $35.58 and its 200 day moving average price is $33.62. Fortinet has a 52 week low of $23.16 and a 52 week high of $44.63. The stock has a market cap of $5.35 billion, a price-to-earnings ratio of 836.76 and a beta of 1.62.
Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.14 earnings per share for the quarter, hitting the consensus estimate of $0.14. The firm 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%. Fortinet’s quarterly revenue was up 29.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.11 earnings per share. Equities research analysts anticipate that Fortinet will post $0.70 EPS for the current fiscal year.
In other news, CFO Matto Andrew H. Del sold 3,250 shares of the firm’s 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 transaction, the chief financial officer now owns 9,686 shares in the company, valued at approximately $351,504.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ming Hsieh sold 23,900 shares of the firm’s stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $34.84, for a total transaction of $832,676.00. The disclosure for this sale can be found here. Insiders own 16.40% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in FTNT. Nomura Holdings Inc. increased its position in 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 in the last quarter. Credit Suisse AG increased its position in 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 in the last quarter. Fiera Capital Corp acquired a new position in Fortinet during the second quarter worth $46,487,000. Ameriprise Financial Inc. increased its position in 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 in the last quarter. Finally, Renaissance Technologies LLC increased its position in 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 in the last quarter. Institutional investors and hedge funds own 70.63% of the company’s stock.
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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