Needham & Company LLC restated their buy rating on shares of Fortinet Inc. (NASDAQ:FTNT) in a research note published on Wednesday morning. Needham & Company LLC currently has a $41.00 target price on the stock, down from their prior target price of $42.00.

FTNT has been the topic of a number of other reports. Dougherty & Co decreased their target price on Fortinet from $40.00 to $35.00 and set a buy rating on the stock in a research report on Wednesday. Pacific Crest upgraded Fortinet from a sector weight rating to an overweight rating and set a $47.00 target price on the stock in a research report on Tuesday, August 30th. Citigroup Inc. decreased their target price on Fortinet from $35.00 to $31.00 and set a neutral rating on the stock in a research report on Wednesday. Oppenheimer Holdings Inc. reiterated an outperform rating and set a $50.00 target price on shares of Fortinet in a research report on Friday, July 15th. Finally, Nomura decreased their target price on Fortinet from $55.00 to $47.00 and set a buy rating on the stock in a research report on Wednesday. One research analyst has rated the stock with a sell rating, ten have given a hold rating and eighteen have issued a buy rating to the company’s stock. Fortinet presently has an average rating of Buy and an average target price of $36.55.

Shares of Fortinet (NASDAQ:FTNT) opened at 30.13 on Wednesday. Fortinet has a 12 month low of $23.16 and a 12 month high of $44.63. The firm has a market capitalization of $5.20 billion, a P/E ratio of 814.32 and a beta of 1.62. 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 posted its earnings results on Thursday, July 28th. The company reported $0.14 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.14. The company had revenue of $311.40 million for the quarter, compared to the consensus estimate of $304.71 million. Fortinet had a return on equity of 0.68% and a net margin of 0.07%. Fortinet’s quarterly revenue was up 29.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.11 earnings per share. On average, equities analysts predict that Fortinet will post $0.70 earnings per share for the current fiscal year.

In other Fortinet news, VP John Whittle sold 13,663 shares of the stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $35.00, for a total transaction of $478,205.00. Following the transaction, the vice president now owns 18,969 shares of the company’s stock, valued at approximately $663,915. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, 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 value of $117,942.50. Following the transaction, the chief financial officer now directly owns 9,686 shares in the company, valued at approximately $351,504.94. The disclosure for this sale can be found here. 16.40% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FTNT. US Bancorp DE increased its position in 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. Nordea Investment Management AB increased its position in 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 in the last quarter. Advisor Group Inc. purchased a new position in Fortinet during the second quarter worth approximately $152,000. Tower Research Capital LLC TRC increased its position in 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 in the last quarter. Finally, Compagnie Lombard Odier SCmA increased its position in 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 in the last quarter. 70.65% of the stock is currently owned by institutional investors.

About Fortinet

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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