Stephens cut shares of Fortinet Inc. (NASDAQ:FTNT) from an overweight rating to an equal weight rating in a research note published on Wednesday morning.
Several other research firms have also weighed in on FTNT. Pacific Crest restated a hold rating on shares of Fortinet in a report on Friday, July 29th. Citigroup Inc. reduced their target price on shares of Fortinet from $37.00 to $35.00 and set a neutral rating on the stock in a report on Friday, July 29th. Wells Fargo & Co. restated a buy rating on shares of Fortinet in a report on Sunday, September 25th. Wunderlich assumed coverage on shares of Fortinet in a report on Tuesday, September 13th. They set a buy rating and a $45.00 target price on the stock. Finally, Oppenheimer Holdings Inc. restated an outperform rating and set a $45.00 target price on shares of Fortinet in a report on Tuesday, September 20th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and eighteen have given a buy rating to the company. Fortinet has an average rating of Buy and a consensus target price of $36.55.
Shares of Fortinet (NASDAQ:FTNT) traded down 0.6875% during trading on Wednesday, hitting $30.4492. The company’s stock had a trading volume of 1,954,270 shares. Fortinet has a 52 week low of $23.16 and a 52 week high of $44.63. The company has a market cap of $5.26 billion, a PE ratio of 822.9514 and a beta of 1.62. The firm’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 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.14. The business had revenue of $311.40 million for 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 quarter in the previous year, the business posted $0.11 EPS. On average, analysts predict that Fortinet will post $0.70 earnings per share for the current year.
In other news, Director Christopher B. Paisley sold 6,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $34.07, for a total value of $204,420.00. Following the completion of the sale, the director now directly owns 60,648 shares of the company’s stock, valued at approximately $2,066,277.36. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Ming Hsieh sold 23,900 shares of the company’s stock in a transaction that occurred on 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 modified their holdings of the company. Nomura Holdings Inc. raised 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 in the last quarter. Credit Suisse AG raised its stake in shares of Fortinet by 362.8% in the second quarter. Credit Suisse AG now owns 2,371,272 shares of the company’s stock worth $74,907,000 after buying an additional 1,858,948 shares in the last quarter. Fiera Capital Corp bought a new stake in shares of Fortinet during the second quarter worth $46,487,000. Ameriprise Financial Inc. raised 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 in the last quarter. Finally, Renaissance Technologies LLC raised its stake in shares of Fortinet by 112.0% in the first quarter. Renaissance Technologies LLC now owns 1,571,500 shares of the company’s stock worth $48,135,000 after buying an additional 830,400 shares in the last quarter. 70.65% of the stock is owned by institutional investors.