Fortinet Inc. (NASDAQ:FTNT) had its price target lowered by Dougherty & Co from $40.00 to $35.00 in a research note issued to investors on Wednesday morning. Dougherty & Co currently has a buy rating on the stock.

Several other equities research analysts have also issued reports on FTNT. Oppenheimer Holdings Inc. decreased their price target on shares of Fortinet from $45.00 to $40.00 and set an outperform rating on the stock in a report on Wednesday. Nomura decreased their price target on shares of Fortinet from $55.00 to $47.00 and set a buy rating on the stock in a report on Wednesday. JMP Securities decreased their price target on shares of Fortinet from $40.00 to $34.00 and set a market outperform rating on the stock in a report on Wednesday. Royal Bank Of Canada decreased their price target on shares of Fortinet from $37.00 to $30.00 and set a sector perform rating on the stock in a report on Wednesday. Finally, Barclays PLC decreased their price target on shares of Fortinet from $42.00 to $34.00 and set an overweight rating on the stock in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and eighteen have given a buy rating to the stock. The stock presently has a consensus rating of Buy and an average target price of $36.55.

Analyst Recommendations for Fortinet (NASDAQ:FTNT)

Fortinet (NASDAQ:FTNT) traded down 0.03% during midday trading on Wednesday, reaching $30.65. 3,096,196 shares of the company’s stock traded hands. The stock’s 50 day moving average price is $35.83 and its 200 day moving average price is $33.62. The firm has a market cap of $5.29 billion, a price-to-earnings ratio of 828.38 and a beta of 1.62. Fortinet has a 1-year low of $23.16 and a 1-year high of $44.63.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, July 28th. The company reported $0.14 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.14. The company had revenue of $311.40 million for the quarter, compared to analyst estimates of $304.71 million. Fortinet had a net margin of 0.07% and a return on equity of 0.68%. The firm’s revenue was up 29.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.11 EPS. Equities research analysts anticipate that Fortinet will post $0.70 EPS for the current year.

In other news, VP John Whittle sold 834 shares of the company’s stock in a transaction on Thursday, September 1st. The shares were sold at an average price of $36.70, for a total value of $30,607.80. Following the completion of the sale, the vice president now owns 5,515 shares in the company, valued at approximately $202,400.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Christopher B. Paisley sold 6,000 shares of the company’s stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $34.07, for a total transaction of $204,420.00. Following the completion of the sale, the director now owns 60,648 shares of the company’s stock, valued at approximately $2,066,277.36. The disclosure for this sale can be found here. 16.40% of the stock is currently owned by insiders.

Several hedge funds have recently bought and sold shares of FTNT. US Bancorp DE raised its stake in 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 stake in 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 stake in Fortinet during the second quarter valued at about $152,000. Tower Research Capital LLC TRC raised its stake in 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 stake in 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. Hedge funds and other institutional investors own 70.65% of the company’s stock.

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.

5 Day Chart for NASDAQ:FTNT

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.