Royal Bank Of Canada Cuts Fortinet Inc. (FTNT) Price Target to $30.00
Fortinet Inc. (NASDAQ:FTNT) had its target price cut by Royal Bank Of Canada from $37.00 to $30.00 in a research report report published on Wednesday. They currently have a sector perform rating on the stock.
FTNT has been the subject of several other reports. Oppenheimer Holdings Inc. reiterated an outperform rating and set a $45.00 target price on shares of Fortinet in a research note on Tuesday, September 20th. Wunderlich initiated coverage on shares of Fortinet in a research note on Tuesday, September 13th. They set a buy rating and a $45.00 target price for the company. Zacks Investment Research cut shares of Fortinet from a hold rating to a strong sell rating in a research note on Monday, July 18th. Wells Fargo & Co. reiterated a buy rating on shares of Fortinet in a research note on Sunday, September 25th. Finally, Citigroup Inc. cut their target price on shares of Fortinet from $37.00 to $35.00 and set a neutral rating for the company in a research note on Friday, July 29th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seventeen have assigned a buy rating to the company’s stock. The company has a consensus rating of Buy and an average target price of $36.16.
Fortinet (NASDAQ:FTNT) opened at 31.01 on Wednesday. The firm’s 50-day moving average is $35.58 and its 200-day moving average is $33.62. Fortinet has a 1-year low of $23.16 and a 1-year high of $44.63. The firm has a market capitalization of $5.36 billion, a price-to-earnings ratio of 838.11 and a beta of 1.62.
Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, July 28th. The company reported $0.14 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.14. The firm earned $311.40 million during the quarter, compared to analysts’ expectations of $304.71 million. Fortinet had a net margin of 0.07% and a return on equity of 0.68%. The business’s quarterly revenue was up 29.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.11 EPS. On average, equities analysts anticipate that Fortinet will post $0.70 EPS for the current year.
In other Fortinet news, VP John Whittle sold 983 shares of the firm’s stock in a transaction that occurred on Monday, August 15th. The shares were sold at an average price of $32.86, for a total transaction of $32,301.38. Following the sale, the vice president now directly owns 17,531 shares in the company, valued at approximately $576,068.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Matto Andrew H. Del sold 5,500 shares of the firm’s stock in a transaction that occurred 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 sale, the chief financial officer now owns 22,099 shares in the company, valued at $752,912.93. The disclosure for this sale can be found here. Company insiders own 16.40% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the company. PNC Financial Services Group Inc. increased its stake in shares of Fortinet by 0.4% in the second quarter. PNC Financial Services Group Inc. now owns 14,891 shares of the company’s stock valued at $471,000 after buying an additional 59 shares during the period. Shelton Capital Management increased its stake in shares of Fortinet by 0.8% in the second quarter. Shelton Capital Management now owns 13,366 shares of the company’s stock valued at $422,000 after buying an additional 100 shares during the period. Brown Advisory Inc. increased its stake in shares of Fortinet by 0.5% in the second quarter. Brown Advisory Inc. now owns 20,209 shares of the company’s stock valued at $638,000 after buying an additional 106 shares during the period. Ranger Investment Management L.P. increased its stake in shares of Fortinet by 1.3% in the second quarter. Ranger Investment Management L.P. now owns 8,350 shares of the company’s stock valued at $264,000 after buying an additional 110 shares during the period. Finally, US Bancorp DE increased 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 valued at $106,000 after buying an additional 123 shares during the period. Hedge funds and other 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.
Receive News & Ratings for Fortinet Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortinet Inc. and related companies with MarketBeat.com's FREE daily email newsletter.