Fortinet Inc. (FTNT) Price Target Cut to $40.00 by Analysts at Oppenheimer Holdings Inc.
Fortinet Inc. (NASDAQ:FTNT) had its price target decreased by analysts at Oppenheimer Holdings Inc. from $45.00 to $40.00 in a note issued to investors on Wednesday. The brokerage presently has an “outperform” rating on the stock. Oppenheimer Holdings Inc.’s price objective indicates a potential upside of 17.34% from the company’s previous close.
Other equities analysts have also recently issued research reports about the company. Stephens cut Fortinet from an “overweight” rating to an “equal weight” rating in a research report on Wednesday. Royal Bank Of Canada cut their price objective on Fortinet from $37.00 to $30.00 and set a “sector perform” rating for the company in a research report on Wednesday. Morgan Stanley reissued an “equal weight” rating and set a $33.00 price objective (down previously from $35.00) on shares of Fortinet in a research report on Wednesday. Wunderlich cut their price objective on Fortinet from $45.00 to $42.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, Goldman Sachs Group Inc. cut their price objective on Fortinet from $43.00 to $36.00 and set a “buy” rating for the company in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and eighteen have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $37.19.
Fortinet (NASDAQ:FTNT) traded down 11.895% during trading on Wednesday, hitting $30.035. The stock had a trading volume of 10,898,941 shares. The firm’s 50 day moving average is $35.98 and its 200 day moving average is $33.64. Fortinet has a 1-year low of $23.16 and a 1-year high of $44.63. The firm has a market cap of $5.19 billion, a price-to-earnings ratio of 811.757 and a beta of 1.62.
Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, July 28th. The company reported $0.14 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.14. Fortinet had a return on equity of 0.68% and a net margin of 0.07%. The company earned $311.40 million during the quarter, compared to analysts’ expectations of $304.71 million. During the same quarter in the previous year, the firm earned $0.11 earnings per share. The business’s quarterly revenue was up 29.9% compared to the same quarter last year. On average, analysts anticipate that Fortinet will post $0.70 earnings per share for the current year.
In other Fortinet news, VP John Whittle sold 834 shares of the stock in a transaction dated Thursday, September 1st. The stock was sold at an average price of $36.70, for a total transaction of $30,607.80. Following the completion of the transaction, the vice president now owns 5,515 shares in the company, valued at approximately $202,400.50. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Ming Hsieh sold 23,900 shares of the stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $34.84, for a total value of $832,676.00. The disclosure for this sale can be found here. 16.40% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in FTNT. Renaissance Technologies LLC boosted 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 during the period. HBK Investments L P boosted its position in Fortinet by 56.5% in the first quarter. HBK Investments L P now owns 54,900 shares of the company’s stock worth $1,682,000 after buying an additional 19,831 shares during the period. Geode Capital Management LLC boosted its position in Fortinet by 4.9% in the first quarter. Geode Capital Management LLC now owns 934,608 shares of the company’s stock worth $28,610,000 after buying an additional 43,232 shares during the period. Pictet Asset Management Ltd. boosted its position in Fortinet by 0.4% in the first quarter. Pictet Asset Management Ltd. now owns 644,450 shares of the company’s stock worth $18,302,000 after buying an additional 2,650 shares during the period. Finally, Quadrature Capital Ltd purchased a new position in Fortinet during the first quarter worth about $337,000. Hedge funds and other institutional investors own 70.65% 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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