Fortinet Inc. (NASDAQ:FTNT) had its price objective lowered by Royal Bank Of Canada from $37.00 to $30.00 in a research report released on Wednesday. The brokerage currently has a sector perform rating on the stock.
FTNT has been the subject of several other research reports. Pacific Crest raised Fortinet from a sector weight rating to an overweight rating and set a $47.00 price objective for the company in a report on Tuesday, August 30th. Oppenheimer Holdings Inc. reaffirmed an outperform rating and issued a $50.00 price objective on shares of Fortinet in a report on Friday, July 15th. Zacks Investment Research lowered Fortinet from a hold rating to a strong sell rating in a report on Monday, July 18th. Wunderlich assumed coverage on Fortinet in a report on Tuesday, September 13th. They issued a buy rating and a $45.00 price objective for the company. Finally, Citigroup Inc. cut their price objective on Fortinet from $37.00 to $35.00 and set a neutral rating for the company in a report on Friday, July 29th. One analyst has rated the stock with a sell rating, ten have given a hold rating and eighteen have given a buy rating to the stock. The company currently has a consensus rating of Buy and a consensus target price of $36.55.
Shares of Fortinet (NASDAQ:FTNT) traded down 1.5978% during mid-day trading on Wednesday, reaching $30.1701. The company had a trading volume of 1,222,916 shares. Fortinet has a one year low of $23.16 and a one year high of $44.63. The stock has a market capitalization of $5.21 billion, a P/E ratio of 815.4081 and a beta of 1.62. The firm has a 50 day moving average of $35.83 and a 200-day moving average of $33.62.
Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, July 28th. The company reported $0.14 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.14. The business earned $311.40 million during the quarter, compared to analysts’ expectations of $304.71 million. Fortinet had a return on equity of 0.68% and a net margin of 0.07%. The firm’s quarterly revenue was up 29.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.11 earnings per share. Analysts forecast that Fortinet will post $0.70 EPS for the current fiscal year.
In related news, VP John Whittle sold 834 shares of the stock in a transaction that occurred on Thursday, September 1st. The stock was sold at an average price of $36.70, for a total value of $30,607.80. Following the transaction, the vice president now owns 5,515 shares of the company’s stock, valued at $202,400.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 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 completion of 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. Insiders own 16.40% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. US Bancorp DE boosted 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. Nordea Investment Management AB boosted its position in shares of Fortinet by 10.4% in the second quarter. Nordea Investment Management AB now owns 3,865 shares of the company’s stock valued at $122,000 after buying an additional 365 shares during the period. Advisor Group Inc. purchased a new position in shares of Fortinet during the second quarter valued at about $152,000. Tower Research Capital LLC TRC boosted its position in shares of Fortinet by 179.7% in the second quarter. Tower Research Capital LLC TRC now owns 6,464 shares of the company’s stock valued at $204,000 after buying an additional 4,153 shares during the period. Finally, Compagnie Lombard Odier SCmA boosted its position in shares of Fortinet by 62.0% in the second quarter. Compagnie Lombard Odier SCmA now owns 6,500 shares of the company’s stock valued at $206,000 after buying an additional 2,487 shares during the period. 70.65% of the stock is currently owned by institutional investors.