Today: The Fortinet Inc. (FTNT) Price Target Cut to $34.00 by Analysts at JMP Securities

The Fortinet Inc. (FTNT) Price Target Cut to $34.00 by Analysts at JMP Securities

Fortinet Inc. (NASDAQ:FTNT) had its price objective lowered by JMP Securities from $40.00 to $34.00 in a research report report published on Wednesday morning. The brokerage currently has a market outperform rating on the stock.

FTNT has been the topic of a number of other research reports. Pacific Crest raised Fortinet from a sector weight rating to an overweight rating and set a $47.00 price target on the stock in a report on Tuesday, August 30th. Citigroup Inc. lowered their price target on Fortinet from $35.00 to $31.00 and set a neutral rating on the stock in a report on Wednesday. Oppenheimer Holdings Inc. reissued an outperform rating and set a $50.00 price target on shares of Fortinet in a report on Friday, July 15th. Nomura lowered their price target on Fortinet from $55.00 to $47.00 and set a buy rating on the stock in a report on Wednesday. Finally, Morgan Stanley reissued an equal weight rating and set a $33.00 price target (down previously from $35.00) on shares of Fortinet in a report on Wednesday. One analyst has rated the stock with a sell rating, ten have issued a hold rating and eighteen have given a buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus target price of $36.55.

Shares of Fortinet (NASDAQ:FTNT) traded down 0.03% during trading on Wednesday, hitting $30.65. The company’s stock had a trading volume of 3,094,286 shares. Fortinet has a one year low of $23.16 and a one year high of $44.63. The stock has a market cap of $5.29 billion, a PE ratio of 828.38 and a beta of 1.62. The company has a 50-day moving average price of $35.83 and a 200-day moving average price of $33.62.

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

In other news, Director Christopher B. Paisley sold 6,000 shares of the business’s stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $34.07, for a total transaction 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 filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP John Whittle sold 834 shares of the business’s stock in a transaction on Thursday, September 1st. The shares were sold at an average price of $36.70, for a total transaction of $30,607.80. Following the sale, the vice president now directly owns 5,515 shares of the company’s stock, valued at $202,400.50. The disclosure for this sale can be found here. Insiders own 16.40% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. US Bancorp DE boosted its stake 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 in the last quarter. Nordea Investment Management AB boosted its stake 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 worth $122,000 after buying an additional 365 shares during the period. Advisor Group Inc. acquired a new stake in shares of Fortinet during the second quarter worth $152,000. Tower Research Capital LLC TRC boosted its stake 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 worth $204,000 after buying an additional 4,153 shares during the period. Finally, Compagnie Lombard Odier SCmA boosted its stake 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 worth $206,000 after buying an additional 2,487 shares during the period. 70.65% of the stock is owned by institutional investors.

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