Fortinet Inc. (NASDAQ:FTNT)‘s stock had its “outperform” rating reissued by stock analysts at Wells Fargo & Co. in a research note issued on Thursday. They currently have a $37.00 price objective on the stock, down from their previous price objective of $43.50. Wells Fargo & Co.’s price target points to a potential upside of 19.32% from the stock’s current price.

A number of other equities research analysts have also weighed in on FTNT. Piper Jaffray Cos. set a $30.00 price objective on shares of Fortinet and gave the stock a “hold” rating in a report on Wednesday, October 12th. Oppenheimer Holdings Inc. lowered their price objective on shares of Fortinet from $45.00 to $40.00 and set an “outperform” rating for the company in a report on Wednesday, October 12th. JMP Securities lowered their price objective on shares of Fortinet from $40.00 to $34.00 and set a “market outperform” rating for the company in a report on Wednesday, October 12th. Nomura lowered their price objective on shares of Fortinet from $55.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, October 12th. Finally, Dougherty & Co lowered their price objective on shares of Fortinet from $40.00 to $35.00 and set a “buy” rating for the company in a report on Wednesday, October 12th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seventeen have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $36.16.

Analyst Recommendations for Fortinet (NASDAQ:FTNT)

Fortinet (NASDAQ:FTNT) opened at 31.01 on Thursday. The company has a market capitalization of $5.36 billion, a price-to-earnings ratio of 838.11 and a beta of 1.62. The firm has a 50 day moving average of $35.58 and a 200-day moving average of $33.62. Fortinet has a 1-year low of $23.16 and a 1-year high of $44.63.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, July 28th. The company reported $0.14 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.14. The firm earned $311.40 million during the quarter, compared to analyst estimates of $304.71 million. Fortinet had a net margin of 0.07% and a return on equity of 0.68%. The business’s quarterly revenue was up 29.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.11 EPS. On average, equities research analysts anticipate that Fortinet will post $0.70 earnings per share for the current fiscal year.

In other news, VP John Whittle sold 834 shares of the company’s stock in a transaction dated Thursday, September 1st. The shares were sold at an average price of $36.70, for a total value of $30,607.80. Following the sale, the vice president now directly owns 5,515 shares of the company’s stock, valued at approximately $202,400.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ming Hsieh sold 23,900 shares of the company’s stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $34.84, for a total transaction of $832,676.00. The disclosure for this sale can be found here. 16.40% of the stock is currently owned by insiders.

Several hedge funds have recently added to or reduced their stakes in FTNT. State Street Corp increased its stake in Fortinet by 1.5% in the first quarter. State Street Corp now owns 4,417,966 shares of the company’s stock worth $135,328,000 after buying an additional 64,030 shares in the last quarter. Geode Capital Management LLC increased its stake in Fortinet by 4.9% in the first quarter. Geode Capital Management LLC now owns 934,608 shares of the company’s stock worth $28,610,000 after buying an additional 43,232 shares in the last quarter. British Columbia Investment Management Corp increased its stake in Fortinet by 82.4% in the second quarter. British Columbia Investment Management Corp now owns 53,021 shares of the company’s stock worth $1,675,000 after buying an additional 23,949 shares in the last quarter. Hartford Investment Management Co. increased its stake in Fortinet by 9.7% in the second quarter. Hartford Investment Management Co. now owns 8,064 shares of the company’s stock worth $255,000 after buying an additional 715 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. acquired a new stake in Fortinet during the first quarter worth $935,000. 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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