Fortinet Inc. (FTNT) Price Target Cut to $34.00 by Analysts at JMP Securities
Fortinet Inc. (NASDAQ:FTNT) had its target price trimmed by JMP Securities from $40.00 to $34.00 in a report issued on Wednesday morning. The brokerage currently has a market outperform rating on the stock.
Other research analysts also recently issued reports about the company. Oppenheimer Holdings Inc. reiterated an outperform rating and issued 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. Citigroup Inc. cut their price target on Fortinet from $37.00 to $35.00 and set a neutral rating on the stock in a report on Friday, July 29th. Pacific Crest reiterated a hold rating on shares of Fortinet in a report on Friday, July 29th. Finally, Wunderlich began coverage on Fortinet in a report on Tuesday, September 13th. They issued a buy rating and a $45.00 price target on the stock. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and eighteen have given a buy rating to the company’s stock. The stock has an average rating of Buy and an average target price of $36.55.
Shares of Fortinet (NASDAQ:FTNT) traded down 0.03% on Wednesday, hitting $30.65. The stock had a trading volume of 3,094,286 shares. The company has a market cap of $5.29 billion, a P/E ratio of 828.38 and a beta of 1.62. Fortinet has a 12 month low of $23.16 and a 12 month high of $44.63. The company’s 50 day moving average price is $35.83 and its 200-day moving average price is $33.62.
Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, July 28th. The company reported $0.14 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.14. The business earned $311.40 million during 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%. Fortinet’s revenue was up 29.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.11 EPS. On average, analysts expect that Fortinet will post $0.70 earnings per share for the current year.
In other Fortinet news, CFO Matto Andrew H. Del sold 3,250 shares of the stock in a transaction that occurred on Thursday, September 1st. The stock was sold at an average price of $36.29, for a total transaction of $117,942.50. Following the completion of the transaction, the chief financial officer now owns 9,686 shares of the company’s stock, valued at $351,504.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP John Whittle sold 983 shares of the stock in a transaction that occurred on 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 approximately $576,068.66. The disclosure for this sale can be found here. Company insiders own 16.40% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. US Bancorp DE boosted 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 worth $106,000 after buying an additional 123 shares during the last quarter. Nordea Investment Management AB boosted 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 worth $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 worth approximately $152,000. Tower Research Capital LLC TRC boosted 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 worth $204,000 after buying an additional 4,153 shares during the last quarter. Finally, Compagnie Lombard Odier SCmA boosted 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 worth $206,000 after buying an additional 2,487 shares during the last quarter. 70.65% of the stock is 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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