Fortinet Inc. (FTNT) Stock Rating Reaffirmed by RBC Capital Markets
Fortinet Inc. (NASDAQ:FTNT)‘s stock had its “sector perform” rating reaffirmed by equities research analysts at RBC Capital Markets in a report released on Wednesday. They currently have a $30.00 price target on the stock, down from their prior price target of $37.00. RBC Capital Markets’ target price points to a potential downside of 2.15% from the stock’s previous close.
FTNT has been the topic of several other research reports. Dougherty & Co reduced their price objective on shares of Fortinet from $40.00 to $35.00 and set a “buy” rating on the stock in a research note on Wednesday. Pacific Crest raised shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $47.00 price objective on the stock in a research note on Tuesday, August 30th. Citigroup Inc. reduced their price objective on shares of Fortinet from $35.00 to $31.00 and set a “neutral” rating on the stock in a research note on Wednesday. Oppenheimer Holdings Inc. reissued an “outperform” rating and set a $50.00 price objective on shares of Fortinet in a research note on Friday, July 15th. Finally, Nomura reduced their price objective on shares of Fortinet from $55.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and eighteen have issued a buy rating to the company’s stock. Fortinet presently has an average rating of “Buy” and an average price target of $36.64.
Fortinet (NASDAQ:FTNT) traded down 10.06% during mid-day trading on Wednesday, reaching $30.66. 21,248,756 shares of the company traded hands. The firm has a market cap of $5.29 billion, a PE ratio of 828.65 and a beta of 1.62. The stock’s 50-day moving average price is $35.98 and its 200-day moving average price is $33.64. Fortinet has a one year low of $23.16 and a one year high of $44.63.
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. Fortinet had a net margin of 0.07% and a return on equity of 0.68%. The business had revenue of $311.40 million for the quarter, compared to analyst estimates of $304.71 million. During the same quarter last year, the firm earned $0.11 EPS. Fortinet’s quarterly revenue was up 29.9% compared to the same quarter last year. Analysts forecast that Fortinet will post $0.70 earnings per share for the current fiscal year.
In other Fortinet news, VP John Whittle sold 15,007 shares of the company’s stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $34.91, for a total value of $523,894.37. Following the transaction, the vice president now directly owns 18,969 shares in the company, valued at $662,207.79. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Matto Andrew H. Del sold 5,500 shares of the business’s stock in a transaction dated 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 directly owns 22,099 shares of the company’s stock, valued at approximately $752,912.93. The disclosure for this sale can be found here. 16.40% of the stock is currently owned by company insiders.
Several large investors have recently made changes to their positions in FTNT. Nomura Holdings Inc. boosted its stake in shares of 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 during the last quarter. Credit Suisse AG boosted its stake in shares of 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 during the last quarter. Fiera Capital Corp acquired a new stake in shares of Fortinet during the second quarter worth about $46,487,000. Ameriprise Financial Inc. boosted its stake in shares of 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 during the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of 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 last quarter. 70.65% of the stock is owned by institutional investors.
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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