Fortinet Inc. (FTNT) Price Target Lowered to $36.00 at Goldman Sachs Group Inc.
Fortinet Inc. (NASDAQ:FTNT) had its price objective reduced by Goldman Sachs Group Inc. from $43.00 to $36.00 in a research report released on Wednesday morning. Goldman Sachs Group Inc. currently has a buy rating on the stock.
A number of other analysts have also weighed in on the company. Zacks Investment Research lowered Fortinet from a hold rating to a strong sell rating in a research report on Monday, July 18th. Pacific Crest raised Fortinet from a sector weight rating to an overweight rating and set a $47.00 target price on the stock in a report on Tuesday, August 30th. Oppenheimer Holdings Inc. reissued an outperform rating and issued a $45.00 target price (down previously from $50.00) on shares of Fortinet in a report on Monday, August 1st. Wells Fargo & Co. reissued a buy rating on shares of Fortinet in a report on Sunday, September 25th. Finally, Citigroup Inc. dropped their target price on Fortinet from $37.00 to $35.00 and set a neutral rating on the stock in a report on Friday, July 29th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and eighteen have assigned a buy rating to the stock. The stock presently has an average rating of Buy and a consensus target price of $36.55.
Fortinet (NASDAQ:FTNT) traded down 0.68% during trading on Wednesday, hitting $30.45. The company’s stock had a trading volume of 1,952,733 shares. The firm has a market cap of $5.26 billion, a PE ratio of 822.97 and a beta of 1.62. Fortinet has a one year low of $23.16 and a one year high of $44.63. The company has a 50-day moving average of $35.83 and a 200 day moving average of $33.62.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.14 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.14. Fortinet had a return on equity of 0.68% and a net margin of 0.07%. The business had revenue of $311.40 million for the quarter, compared to analyst estimates of $304.71 million. During the same quarter in the prior year, the company earned $0.11 earnings per share. The company’s revenue was up 29.9% on a year-over-year basis. On average, equities analysts forecast that Fortinet will post $0.70 earnings per share for the current year.
In other news, CFO Matto Andrew H. Del sold 3,250 shares of the company’s stock in a transaction that occurred on Thursday, September 1st. The shares were sold at an average price of $36.29, for a total value of $117,942.50. Following the completion of the sale, the chief financial officer now directly owns 9,686 shares of the company’s stock, valued at approximately $351,504.94. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP John Whittle sold 834 shares of the company’s stock in a transaction that occurred on Thursday, September 1st. The stock was sold at an average price of $36.70, for a total transaction of $30,607.80. Following the completion of the sale, the vice president now directly owns 5,515 shares of the company’s stock, valued at $202,400.50. The disclosure for this sale can be found here. Company insiders own 16.40% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Fox Run Management L.L.C. bought a new stake in shares of Fortinet during the third quarter worth $1,027,000. Oregon Public Employees Retirement Fund raised its stake in shares of 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 in the last quarter. Mason Street Advisors LLC bought a new stake in shares of Fortinet during the second quarter worth $2,102,000. Aldebaran Financial Inc. raised its stake in shares of 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 in the last quarter. Finally, Public Employees Retirement System of Ohio raised its stake in shares of 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 in the last quarter. 70.65% of the stock is owned by institutional investors.
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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