Piper Jaffray Cos. Analysts Give Fortinet Inc. (FTNT) a $30.00 Price Target
Fortinet Inc. (NASDAQ:FTNT) received a $30.00 price objective from equities researchers at Piper Jaffray Cos. in a note issued to investors on Wednesday. The firm currently has a a “hold” rating on the stock. Piper Jaffray Cos.’s target price points to a potential downside of 2.15% from the stock’s previous close.
Several other equities analysts have also issued reports on the company. Zacks Investment Research lowered Fortinet from a “hold” rating to a “strong sell” rating in a research note on Monday, July 18th. 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 note on Tuesday, August 30th. Wunderlich cut their target price on Fortinet from $45.00 to $42.00 and set a “buy” rating on the stock in a research note on Wednesday. Oppenheimer Holdings Inc. reiterated an “outperform” rating and issued a $45.00 target price (down previously from $50.00) on shares of Fortinet in a research note on Monday, August 1st. Finally, RBC Capital Markets reiterated a “sector perform” rating and issued a $30.00 target price (down previously from $37.00) on shares of Fortinet in a research note on Wednesday. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eighteen have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $36.30.
Shares of Fortinet (NASDAQ:FTNT) traded up 1.30% during trading on Wednesday, hitting $31.06. 5,473,865 shares of the stock traded hands. The stock has a 50 day moving average of $35.83 and a 200 day moving average of $33.62. Fortinet has a 52-week low of $23.16 and a 52-week high of $44.63. The firm has a market cap of $5.36 billion, a price-to-earnings ratio of 839.46 and a beta of 1.62.
Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, July 28th. The company reported $0.14 EPS for the quarter, meeting the consensus estimate of $0.14. The firm had revenue of $311.40 million for the quarter, compared to analyst estimates of $304.71 million. Fortinet had a return on equity of 0.68% and a net margin of 0.07%. The business’s revenue for the quarter was up 29.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.11 earnings per share. Analysts expect that Fortinet will post $0.70 EPS for the current year.
In other news, CFO Matto Andrew H. Del sold 5,500 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 value of $187,385.00. Following the transaction, the chief financial officer now owns 22,099 shares of the company’s stock, valued at approximately $752,912.93. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 completion of the transaction, the vice president now directly owns 18,969 shares in the company, valued at approximately $663,915. The disclosure for this sale can be found here. 16.40% of the stock is owned by insiders.
Several institutional investors have recently made changes to their positions in the stock. PNC Financial Services Group Inc. raised 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 valued at $471,000 after buying an additional 59 shares during the period. Shelton Capital Management raised 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 valued at $422,000 after buying an additional 100 shares during the period. Brown Advisory Inc. raised 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 valued at $638,000 after buying an additional 106 shares during the period. Ranger Investment Management L.P. raised 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 valued at $264,000 after buying an additional 110 shares during the period. Finally, US Bancorp DE raised 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 valued at $106,000 after buying an additional 123 shares during the period. 70.65% of the stock is currently owned by institutional investors and hedge funds.
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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