Fortinet Inc. (FTNT) Stock Price Down 11.8% After Analyst Downgrade
Shares of Fortinet Inc. (NASDAQ:FTNT) dropped 11.8% during mid-day trading on Wednesday after Dougherty & Co lowered their price target on the stock from $40.00 to $35.00. Dougherty & Co currently has a buy rating on the stock. Fortinet traded as low as $29.00 and last traded at $30.08, with a volume of 16,330,771 shares traded. The stock had previously closed at $34.09.
Other equities analysts have also issued research reports about the stock. Wunderlich started coverage on shares of Fortinet in a research report on Tuesday, September 13th. They set a “buy” rating and a $45.00 target price for the company. Wells Fargo & Co. reiterated a “buy” rating on shares of Fortinet in a research report on Sunday, September 25th. Goldman Sachs Group Inc. cut their target price on shares of Fortinet from $43.00 to $36.00 and set a “buy” rating for the company in a research report on Wednesday. Nomura cut their target price on shares of Fortinet from $55.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, Stephens lowered shares of Fortinet from an “overweight” rating to an “equal weight” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, nine have given a hold rating and eighteen have issued a buy rating to the company. The company has an average rating of “Buy” and an average price target of $36.95.
In related news, Director Ming Hsieh sold 23,900 shares of Fortinet stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $34.84, for a total value of $832,676.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Matto Andrew H. Del sold 5,500 shares of Fortinet stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $34.07, for a total transaction of $187,385.00. Following the completion of the sale, the chief financial officer now owns 22,099 shares in the company, valued at approximately $752,912.93. The disclosure for this sale can be found here. 16.40% of the stock is currently owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the stock. US Bancorp DE boosted its stake in 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. Nordea Investment Management AB boosted its stake in shares of 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 stake in shares of Fortinet during the second quarter worth approximately $152,000. Tower Research Capital LLC TRC boosted its stake in shares of 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 boosted its stake in shares of 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. Institutional investors and hedge funds own 70.65% of the company’s stock.
The firm has a market cap of $5.19 billion, a PE ratio of 812.70 and a beta of 1.62. The company’s 50 day moving average price is $35.98 and its 200 day moving average price is $33.64.
Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.14 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.14. Fortinet had a return on equity of 0.68% and a net margin of 0.07%. The company had revenue of $311.40 million for the quarter, compared to analyst estimates of $304.71 million. During the same quarter in the prior year, the firm posted $0.11 EPS. Fortinet’s quarterly revenue was up 29.9% compared to the same quarter last year. On average, equities analysts forecast that Fortinet Inc. will post $0.70 earnings per share for the current year.
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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