Fortinet Inc. (FTNT) Given a $34.00 Price Target at Robert W. Baird
Several other equities research analysts have also commented on the company. Zacks Investment Research lowered Fortinet from a hold rating to a strong sell rating in a research note on Monday, July 18th. Pacific Crest raised Fortinet from a sector weight rating to an overweight rating and set a $47.00 target price on the stock in a research note on Tuesday, August 30th. Wunderlich reduced their target price on Fortinet from $45.00 to $42.00 and set a buy rating on the stock in a research note on Wednesday. Oppenheimer Holdings Inc. reaffirmed an outperform rating and issued a $45.00 target price (down previously from $50.00) on shares of Fortinet in a research note on Monday, August 1st. Finally, RBC Capital Markets reaffirmed a sector perform rating and issued a $30.00 target price (down previously from $37.00) on shares of Fortinet in a research note on Wednesday. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and eighteen have assigned a buy rating to the company’s stock. Fortinet presently has a consensus rating of Buy and a consensus price target of $36.30.
Shares of Fortinet (NASDAQ:FTNT) traded up 1.50% during trading on Wednesday, reaching $31.12. The company’s stock had a trading volume of 5,561,062 shares. Fortinet has a 52 week low of $23.16 and a 52 week high of $44.63. The firm has a market capitalization of $5.37 billion, a P/E ratio of 841.08 and a beta of 1.62. The company has a 50 day moving average price of $35.83 and a 200 day moving average price of $33.62.
Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, July 28th. The company reported $0.14 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.14. The business had revenue of $311.40 million for the quarter, compared to analyst estimates 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 quarter in the previous year, the company earned $0.11 EPS. On average, equities research analysts expect that Fortinet will post $0.70 EPS for the current fiscal year.
In other news, VP John Whittle sold 983 shares of the stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $32.86, for a total value of $32,301.38. Following the transaction, the vice president now directly owns 17,531 shares of the company’s stock, valued at $576,068.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Keith Jensen sold 1,900 shares of the stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $33.53, for a total transaction of $63,707.00. Following the completion of the transaction, the insider now directly owns 229 shares in the company, valued at $7,678.37. The disclosure for this sale can be found here. 16.40% of the stock is currently owned by corporate insiders.
Several institutional investors have recently modified their holdings of the stock. Nomura Holdings Inc. raised 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. BlackRock Fund Advisors raised its position in Fortinet by 5.2% in the second quarter. BlackRock Fund Advisors now owns 5,534,971 shares of the company’s stock worth $174,850,000 after buying an additional 271,097 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in Fortinet by 6.4% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 4,582,486 shares of the company’s stock valued at $144,761,000 after buying an additional 277,305 shares in the last quarter. State Street Corp raised its stake in Fortinet by 2.7% in the second quarter. State Street Corp now owns 4,536,944 shares of the company’s stock valued at $143,318,000 after buying an additional 118,978 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its stake in Fortinet by 43.8% in the second quarter. Ameriprise Financial Inc. now owns 3,905,990 shares of the company’s stock valued at $123,388,000 after buying an additional 1,190,096 shares in the last quarter. 70.65% of the stock is currently 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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