Fortinet Inc. (FTNT) Lowered to Equal Weight at Stephens
Several other equities research analysts have also commented on the company. Goldman Sachs Group Inc. cut their price objective on Fortinet from $43.00 to $36.00 and set a buy rating for the company in a research note on Wednesday. Royal Bank Of Canada cut their price objective on Fortinet from $37.00 to $30.00 and set a sector perform rating for the company in a research note on Wednesday. Wells Fargo & Co. reiterated a buy rating on shares of Fortinet in a research note on Sunday, September 25th. Oppenheimer Holdings Inc. reiterated an outperform rating and set a $45.00 price objective on shares of Fortinet in a research note on Tuesday, September 20th. Finally, Wunderlich started coverage on Fortinet in a report on Tuesday, September 13th. They set a buy rating and a $45.00 target price on the stock. One investment 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. The company has a consensus rating of Buy and an average target price of $36.55.
Shares of Fortinet (NASDAQ:FTNT) traded down 0.6875% during midday trading on Wednesday, hitting $30.4492. The stock had a trading volume of 1,954,270 shares. The firm has a market cap of $5.26 billion, a price-to-earnings ratio of 822.9514 and a beta of 1.62. The firm’s 50 day moving average price is $35.83 and its 200 day moving average price is $33.62. Fortinet has a 52-week low of $23.16 and a 52-week high of $44.63.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.14 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.14. Fortinet had a return on equity of 0.68% and a net margin of 0.07%. The company earned $311.40 million during the quarter, compared to analyst estimates of $304.71 million. During the same period in the previous year, the business earned $0.11 EPS. Fortinet’s quarterly revenue was up 29.9% on a year-over-year basis. On average, equities research analysts expect that Fortinet will post $0.70 earnings per share for the current year.
In other Fortinet news, VP John Whittle sold 834 shares of the firm’s stock in a transaction dated Thursday, September 1st. The stock was sold at an average price of $36.70, for a total transaction of $30,607.80. Following the transaction, the vice president now owns 5,515 shares of the company’s stock, valued at $202,400.50. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Keith Jensen sold 1,900 shares of the firm’s stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $33.53, for a total value of $63,707.00. Following the transaction, the insider now directly owns 229 shares in the company, valued at approximately $7,678.37. The disclosure for this sale can be found here. 16.40% of the stock is owned by corporate insiders.
Institutional investors have recently modified their holdings of the company. US Bancorp DE raised its position in shares of Fortinet by 3.8% in the second quarter. US Bancorp DE now owns 3,342 shares of the company’s stock valued at $106,000 after buying an additional 123 shares during the last quarter. Nordea Investment Management AB raised its position 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 valued at $122,000 after buying an additional 365 shares during the last quarter. Advisor Group Inc. purchased a new position in shares of Fortinet during the second quarter valued at about $152,000. Tower Research Capital LLC TRC raised its position 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 valued at $204,000 after buying an additional 4,153 shares during the last quarter. Finally, Compagnie Lombard Odier SCmA raised its position 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 valued at $206,000 after buying an additional 2,487 shares during 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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