Fortinet Inc. (FTNT) Price Target Lowered to $31.00 at Citigroup Inc.
Other research analysts also recently issued research reports about the company. Wunderlich started coverage on Fortinet in a report on Tuesday, September 13th. They issued a buy rating and a $45.00 target price on the stock. Wells Fargo & Co. restated a buy rating on shares of Fortinet in a research report on Sunday, September 25th. Goldman Sachs Group Inc. reduced their price target on Fortinet from $43.00 to $36.00 and set a buy rating for the company in a research report on Wednesday. Morgan Stanley restated an equal weight rating and issued a $33.00 price target (down previously from $35.00) on shares of Fortinet in a research report on Wednesday. Finally, Stephens cut Fortinet from an overweight rating to an equal weight rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and eighteen have assigned a buy rating to the stock. Fortinet currently has a consensus rating of Buy and a consensus target price of $36.55.
Fortinet (NASDAQ:FTNT) traded down 0.72% during mid-day trading on Wednesday, reaching $30.44. The company had a trading volume of 1,954,713 shares. The firm has a 50-day moving average of $35.83 and a 200 day moving average of $33.62. Fortinet has a 1-year low of $23.16 and a 1-year high of $44.63. The company has a market capitalization of $5.26 billion, a PE ratio of 822.70 and a beta of 1.62.
Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, July 28th. The company reported $0.14 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.14. Fortinet had a return on equity of 0.68% and a net margin of 0.07%. The company had revenue of $311.40 million for the quarter, compared to the consensus estimate of $304.71 million. During the same quarter in the prior year, the company earned $0.11 earnings per share. Fortinet’s revenue was up 29.9% on a year-over-year basis. On average, analysts predict that Fortinet will post $0.70 earnings per share for the current fiscal year.
In other Fortinet news, VP John Whittle sold 15,007 shares of Fortinet stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $34.91, for a total transaction of $523,894.37. Following the completion of the sale, the vice president now directly owns 18,969 shares of the company’s stock, valued at approximately $662,207.79. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Matto Andrew H. Del sold 5,500 shares of Fortinet stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $34.07, for a total value of $187,385.00. Following the sale, the chief financial officer now directly owns 22,099 shares of the company’s stock, valued at $752,912.93. The disclosure for this sale can be found here. Company insiders own 16.40% of the company’s stock.
Large investors have recently modified their holdings of the stock. PNC Financial Services Group Inc. increased its position in shares of Fortinet by 0.4% in the second quarter. PNC Financial Services Group Inc. now owns 14,891 shares of the company’s stock worth $471,000 after buying an additional 59 shares in the last quarter. Shelton Capital Management increased its position in shares of Fortinet by 0.8% in the second quarter. Shelton Capital Management now owns 13,366 shares of the company’s stock worth $422,000 after buying an additional 100 shares in the last quarter. Brown Advisory Inc. increased its position in shares of Fortinet by 0.5% in the second quarter. Brown Advisory Inc. now owns 20,209 shares of the company’s stock worth $638,000 after buying an additional 106 shares in the last quarter. Ranger Investment Management L.P. increased its position in shares of Fortinet by 1.3% in the second quarter. Ranger Investment Management L.P. now owns 8,350 shares of the company’s stock worth $264,000 after buying an additional 110 shares in the last quarter. Finally, US Bancorp DE increased 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 in the last quarter. 70.65% of the stock is owned by institutional investors and hedge funds.
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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