Fortinet Inc. (FTNT) Given New $30.00 Price Target at Royal Bank Of Canada
Fortinet Inc. (NASDAQ:FTNT) had its target price cut by Royal Bank Of Canada from $37.00 to $30.00 in a research note released on Wednesday morning. They currently have a sector perform rating on the stock.
FTNT has been the subject of several other research reports. Pacific Crest raised Fortinet from a sector weight rating to an overweight rating and set a $47.00 price target for the company in a report on Tuesday, August 30th. Oppenheimer Holdings Inc. reaffirmed an outperform rating and set a $50.00 price target on shares of Fortinet in a report on Friday, July 15th. Zacks Investment Research downgraded Fortinet from a hold rating to a strong sell rating in a report on Monday, July 18th. Wunderlich began coverage on Fortinet in a report on Tuesday, September 13th. They set a buy rating and a $45.00 price target for the company. Finally, Citigroup Inc. cut their price target on Fortinet from $37.00 to $35.00 and set a neutral rating for the company in a report on Friday, July 29th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and eighteen have assigned a buy rating to the stock. The company currently has an average rating of Buy and a consensus price target of $36.55.
Shares of Fortinet (NASDAQ:FTNT) traded down 1.5978% during midday trading on Wednesday, reaching $30.1701. 1,222,916 shares of the company’s stock traded hands. The stock has a 50 day moving average of $35.83 and a 200-day moving average of $33.62. Fortinet has a 52-week low of $23.16 and a 52-week high of $44.63. The stock has a market cap of $5.21 billion, a price-to-earnings ratio of 815.4081 and a beta of 1.62.
Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.14 EPS for the quarter, meeting the consensus estimate of $0.14. The company earned $311.40 million during 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 firm’s revenue for the quarter was up 29.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.11 EPS. On average, equities research analysts expect that Fortinet will post $0.70 EPS for the current year.
In related news, 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 sale, the chief financial officer now owns 9,686 shares of the company’s stock, valued at approximately $351,504.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP John Whittle sold 13,663 shares of the stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $35.00, for a total value of $478,205.00. Following the sale, the vice president now directly owns 18,969 shares in the company, valued at approximately $663,915. The disclosure for this sale can be found here. Insiders own 16.40% of the company’s stock.
A number of hedge funds have recently modified their holdings of the company. US Bancorp DE boosted its stake in shares of Fortinet by 3.8% in the second quarter. US Bancorp DE now owns 3,342 shares of the company’s stock worth $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. bought a new stake in shares of Fortinet during the second quarter worth about $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. 70.65% of the stock is currently owned by institutional investors and hedge funds.
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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