Fortinet’s (FTNT) Hold Rating Reaffirmed at Deutsche Bank AG
FTNT has been the subject of several other research reports. Dougherty & Co reduced their target price on shares of Fortinet from $40.00 to $35.00 and set a buy rating for the company in a research note on Wednesday. Wells Fargo & Co. restated an outperform rating and issued a $37.00 target price (down previously from $43.50) on shares of Fortinet in a research note on Thursday. Pacific Crest upgraded shares of Fortinet from a sector weight rating to an overweight rating and set a $47.00 target price for the company in a research note on Tuesday, August 30th. Citigroup Inc. reduced their target price on shares of Fortinet from $35.00 to $31.00 and set a neutral rating for the company in a research note on Wednesday. Finally, Zacks Investment Research cut shares of Fortinet from a hold rating to a sell rating in a research note on Friday. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and seventeen have issued a buy rating to the company. The stock presently has a consensus rating of Buy and a consensus price target of $36.16.
Shares of Fortinet (NASDAQ:FTNT) opened at 31.01 on Friday. The company’s 50-day moving average is $35.58 and its 200 day moving average is $33.62. The stock has a market cap of $5.36 billion, a PE ratio of 838.11 and a beta of 1.62. Fortinet has a 52 week low of $23.16 and a 52 week high of $44.63.
Fortinet (NASDAQ:FTNT) last released its earnings results 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 net margin of 0.07% and a return on equity of 0.68%. The company earned $311.40 million during the quarter, compared to analysts’ expectations of $304.71 million. During the same quarter last year, the business earned $0.11 EPS. The business’s revenue was up 29.9% on a year-over-year basis. Analysts forecast that Fortinet will post $0.70 earnings per share for the current fiscal year.
In other Fortinet news, Director Ming Hsieh sold 23,900 shares of the company’s stock in a transaction dated Monday, August 22nd. The shares were sold at an average price of $34.84, for a total value of $832,676.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Matto Andrew H. Del sold 5,500 shares of the company’s stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $34.07, for a total transaction of $187,385.00. Following the completion of 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. 16.40% of the stock is currently owned by corporate insiders.
A number of large investors have recently modified their holdings of the stock. Nomura Holdings Inc. increased its stake in shares of Fortinet by 185.2% in the second quarter. Nomura Holdings Inc. now owns 5,775,000 shares of the company’s stock worth $182,556,000 after buying an additional 3,750,000 shares during the last quarter. BlackRock Fund Advisors increased its stake in shares of Fortinet by 5.2% in the second quarter. BlackRock Fund Advisors now owns 5,534,971 shares of the company’s stock worth $174,850,000 after buying an additional 271,097 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in shares of Fortinet by 6.4% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 4,582,486 shares of the company’s stock worth $144,761,000 after buying an additional 277,305 shares during the last quarter. State Street Corp increased its stake in shares of Fortinet by 2.7% in the second quarter. State Street Corp now owns 4,536,944 shares of the company’s stock worth $143,318,000 after buying an additional 118,978 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its stake in shares of Fortinet by 43.8% in the second quarter. Ameriprise Financial Inc. now owns 3,905,990 shares of the company’s stock worth $123,388,000 after buying an additional 1,190,096 shares during the last quarter. 70.65% of the stock is owned by institutional investors.
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.
Receive News & Stock Ratings for Fortinet Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortinet Inc. and related stocks with our FREE daily email newsletter.