Fortinet Inc. (FTNT) Given New $34.00 Price Target at Barclays PLC
Fortinet Inc. (NASDAQ:FTNT) had its price objective lowered by Barclays PLC from $42.00 to $34.00 in a research note published on Wednesday morning. Barclays PLC currently has an overweight rating on the stock.
Several other analysts have also recently commented on the stock. Zacks Investment Research cut shares of Fortinet from a hold rating to a strong sell rating in a research note on Monday, July 18th. Pacific Crest raised shares of Fortinet from a sector weight rating to an overweight rating and set a $47.00 target price for the company in a research note on Tuesday, August 30th. Wunderlich lowered their price objective on shares of Fortinet from $45.00 to $42.00 and set a buy rating for the company in a research note on Wednesday. Oppenheimer Holdings Inc. reissued an outperform rating and set a $45.00 price objective (down from $50.00) on shares of Fortinet in a research note on Monday, August 1st. Finally, Wells Fargo & Co. reissued a buy rating on shares of Fortinet in a research note on Sunday, September 25th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and eighteen have given a buy rating to the company’s stock. Fortinet has a consensus rating of Buy and a consensus target price of $36.55.
Shares of Fortinet (NASDAQ:FTNT) traded down 0.03% during mid-day trading on Wednesday, hitting $30.65. The stock had a trading volume of 3,094,186 shares. The company’s 50 day moving average price is $35.83 and its 200 day moving average price is $33.62. Fortinet has a 12-month low of $23.16 and a 12-month high of $44.63. The stock has a market cap of $5.29 billion, a P/E ratio of 828.38 and a beta of 1.62.
Fortinet (NASDAQ:FTNT) last released its 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 firm earned $311.40 million during the quarter, compared to analysts’ expectations of $304.71 million. Fortinet had a net margin of 0.07% and a return on equity of 0.68%. Fortinet’s revenue for the quarter was up 29.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.11 EPS. Equities research analysts predict that Fortinet will post $0.70 EPS for the current fiscal year.
In other news, CFO Matto Andrew H. Del sold 5,500 shares of the 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 transaction, the chief financial officer now owns 22,099 shares in the company, valued at approximately $752,912.93. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP John Whittle sold 13,663 shares of the stock in a transaction on Monday, August 1st. The stock was sold at an average price of $35.00, for a total transaction of $478,205.00. Following the transaction, the vice president now 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.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Fox Run Management L.L.C. purchased a new position in Fortinet during the third quarter worth about $1,027,000. Oregon Public Employees Retirement Fund raised its position in Fortinet by 1.2% in the third quarter. Oregon Public Employees Retirement Fund now owns 50,730 shares of the company’s stock worth $1,873,000 after buying an additional 606 shares during the last quarter. Mason Street Advisors LLC purchased a new position in Fortinet during the second quarter worth about $2,102,000. Aldebaran Financial Inc. raised its position in Fortinet by 3.5% in the second quarter. Aldebaran Financial Inc. now owns 89,270 shares of the company’s stock worth $2,987,000 after buying an additional 3,050 shares during the last quarter. Finally, Public Employees Retirement System of Ohio raised its position in Fortinet by 1.1% in the second quarter. Public Employees Retirement System of Ohio now owns 97,022 shares of the company’s stock worth $3,065,000 after buying an additional 1,073 shares during 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.
Receive News & Stock Ratings for Fortinet Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortinet Inc. and related stocks with our FREE daily email newsletter.