Citigroup Inc. Cuts Fortinet Inc. (FTNT) Price Target to $31.00
Several other equities analysts have also recently weighed in on FTNT. Zacks Investment Research cut shares of Fortinet from a hold rating to a strong sell rating in a research note on Monday, July 18th. Pacific Crest raised shares of Fortinet from a sector weight rating to an overweight rating and set a $47.00 target price for the company in a research note on Tuesday, August 30th. Wunderlich cut their target price on shares of Fortinet from $45.00 to $42.00 and set a buy rating for the company in a research note on Wednesday, October 12th. Oppenheimer Holdings Inc. reaffirmed an outperform rating and set a $45.00 target price (down from $50.00) on shares of Fortinet in a research note on Monday, August 1st. Finally, Wells Fargo & Co. reaffirmed a buy rating on shares of Fortinet in a research note on Sunday, September 25th. 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 stock. The stock currently has an average rating of Buy and an average target price of $36.16.
Fortinet (NASDAQ:FTNT) opened at 30.96 on Wednesday. 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 $35.45 and a 200-day moving average of $33.69. The stock has a market cap of $5.35 billion, a PE ratio of 836.76 and a beta of 1.62.
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, hitting the Zacks’ 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 company’s revenue for the quarter was up 29.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.11 earnings per share. Equities analysts anticipate that Fortinet will post $0.70 earnings per share for the current fiscal year.
In other Fortinet news, CFO Matto Andrew H. Del sold 3,250 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at approximately $351,504.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP John Whittle sold 834 shares of the firm’s stock in a transaction dated Thursday, September 1st. The shares were sold at an average price of $36.70, for a total transaction of $30,607.80. Following the transaction, the vice president now directly owns 5,515 shares in the company, valued at approximately $202,400.50. The disclosure for this sale can be found here. Company insiders own 16.40% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. US Bancorp DE increased its position in 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 during the period. Advisor Group Inc. acquired a new position in Fortinet during the second quarter worth approximately $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 during the period. 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 during the period. 70.63% of the stock is currently owned by institutional investors and hedge funds.
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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