Fortinet Inc. (NASDAQ:FTNT) had its price target decreased by Nomura from $55.00 to $47.00 in a research note published on Wednesday morning. Nomura currently has a buy rating on the stock.

Other research analysts have also issued research reports about the company. Barclays PLC cut their price objective on Fortinet from $42.00 to $34.00 and set an overweight rating for the company in a report on Wednesday. Oppenheimer Holdings Inc. dropped their target price on Fortinet from $45.00 to $40.00 and set an outperform rating for the company in a research report on Wednesday. Royal Bank Of Canada dropped their target price on Fortinet from $37.00 to $30.00 and set a sector perform rating for the company in a research report on Wednesday. Goldman Sachs Group Inc. dropped their target price on Fortinet from $43.00 to $36.00 and set a buy rating for the company in a research report on Wednesday. Finally, Wunderlich dropped their target price on Fortinet from $45.00 to $42.00 and set a buy rating for the company in a research report on Wednesday. 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 company. The stock presently has an average rating of Buy and an average price target of $36.55.

Analyst Recommendations for Fortinet (NASDAQ:FTNT)

Shares of Fortinet (NASDAQ:FTNT) traded down 0.03% during mid-day trading on Wednesday, hitting $30.65. 3,094,286 shares of the stock traded hands. The stock has a market cap of $5.29 billion, a price-to-earnings ratio of 828.38 and a beta of 1.62. The firm’s 50-day moving average is $35.83 and its 200-day moving average is $33.62. Fortinet has a 52 week low of $23.16 and a 52 week high of $44.63.

Fortinet (NASDAQ:FTNT) last issued 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 quarter in the previous year, the firm earned $0.11 earnings per share. Fortinet’s revenue was up 29.9% on a year-over-year basis. On average, analysts forecast that Fortinet will post $0.70 earnings per share for the current year.

In other news, Director Ming Hsieh sold 23,900 shares of the company’s stock in a transaction on Monday, August 22nd. The stock was sold at an average price of $34.84, for a total transaction of $832,676.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP John Whittle sold 13,663 shares of the company’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $35.00, for a total value of $478,205.00. Following the transaction, the vice president now directly owns 18,969 shares in the company, valued at $663,915. The disclosure for this sale can be found here. Insiders own 16.40% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in FTNT. 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 during 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 during 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 during 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 during 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 during the last quarter. 70.65% of the stock is currently owned by hedge funds and other 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.

5 Day Chart for NASDAQ:FTNT

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