Wunderlich Lowers Fortinet Inc. (FTNT) Price Target to $42.00
Fortinet Inc. (NASDAQ:FTNT) had its price target lowered by equities researchers at Wunderlich from $45.00 to $42.00 in a note issued to investors on Wednesday. The firm currently has a “buy” rating on the stock. Wunderlich’s price objective would indicate a potential upside of 23.20% from the stock’s previous close.
FTNT has been the topic of a number of other reports. Oppenheimer Holdings Inc. reaffirmed an “outperform” rating and set a $45.00 price objective on shares of Fortinet in a report on Tuesday, September 20th. Zacks Investment Research downgraded Fortinet from a “hold” rating to a “strong sell” rating in a report on Monday, July 18th. Wells Fargo & Co. reaffirmed a “buy” rating on shares of Fortinet in a report on Sunday, September 25th. Citigroup Inc. decreased their price objective on Fortinet from $37.00 to $35.00 and set a “neutral” rating on the stock in a report on Friday, July 29th. Finally, Pacific Crest raised Fortinet from a “sector weight” rating to an “overweight” rating and set a $47.00 price objective on the stock in a report on Tuesday, August 30th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and eighteen have given a buy rating to the company. Fortinet currently has a consensus rating of “Buy” and an average target price of $39.10.
Shares of Fortinet (NASDAQ:FTNT) opened at 34.09 on Wednesday. The firm has a market capitalization of $5.89 billion, a price-to-earnings ratio of 921.35 and a beta of 1.62. Fortinet has a 52 week low of $23.16 and a 52 week high of $44.63. The firm’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 data on Thursday, July 28th. The company reported $0.14 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.14. The company had revenue of $311.40 million for the quarter, compared to the consensus estimate of $304.71 million. Fortinet had a return on equity of 0.68% and a net margin of 0.07%. The company’s quarterly revenue was up 29.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.11 earnings per share. On average, analysts anticipate that Fortinet will post $0.70 EPS for the current year.
In other news, VP John Whittle sold 834 shares of the 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 completion of the transaction, the vice president now directly owns 5,515 shares in the company, valued at approximately $202,400.50. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Matto Andrew H. Del sold 3,250 shares of the stock in a transaction dated Thursday, September 1st. The stock was 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 $351,504.94. The disclosure for this sale can be found here. Company insiders own 16.40% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Nomura Holdings Inc. increased its position in 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 in the last quarter. Credit Suisse AG increased its position in 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 in the last quarter. Fiera Capital Corp acquired a new position in Fortinet during the second quarter worth approximately $46,487,000. Ameriprise Financial Inc. increased its position in 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 in the last quarter. Finally, Renaissance Technologies LLC increased 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 in the last quarter. Institutional investors own 70.65% of the company’s stock.
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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