The Fortinet Inc. (FTNT) Price Target Cut to $35.00

The Fortinet Inc. (FTNT) Price Target Cut to $35.00

Fortinet Inc. (NASDAQ:FTNT) had its price target decreased by analysts at Dougherty & Co from $40.00 to $35.00 in a research note issued to investors on Wednesday. The firm presently has a “buy” rating on the stock. Dougherty & Co’s price target points to a potential upside of 2.67% from the stock’s current price.

A number of other research analysts have also weighed in on the stock. Oppenheimer Holdings Inc. reaffirmed an “outperform” rating and issued a $45.00 price objective on shares of Fortinet in a research note on Tuesday, September 20th. Wunderlich began coverage on shares of Fortinet in a research note on Tuesday, September 13th. They issued a “buy” rating and a $45.00 price objective on the stock. Zacks Investment Research lowered shares of Fortinet from a “hold” rating to a “strong sell” rating in a research note on Monday, July 18th. Wells Fargo & Co. reaffirmed a “buy” rating on shares of Fortinet in a research note on Sunday, September 25th. Finally, Citigroup Inc. dropped their price objective on shares of Fortinet from $37.00 to $35.00 and set a “neutral” rating on the stock in a research note on Friday, July 29th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eighteen have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $36.95.

Fortinet (NASDAQ:FTNT) traded down 11.79% on Wednesday, hitting $30.07. 15,981,845 shares of the stock traded hands. The stock has a 50 day moving average of $35.98 and a 200 day moving average of $33.64. Fortinet has a 52 week low of $23.16 and a 52 week high of $44.63. The firm has a market capitalization of $5.19 billion, a PE ratio of 812.70 and a beta of 1.62.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, July 28th. The company reported $0.14 earnings per share (EPS) for the quarter, hitting 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%. Fortinet’s revenue was up 29.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.11 earnings per share. Equities research analysts anticipate that Fortinet will post $0.70 earnings per share for the current year.

In other Fortinet news, CFO Matto Andrew H. Del sold 5,500 shares of Fortinet stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $34.07, for a total transaction of $187,385.00. Following the transaction, the chief financial officer now directly owns 22,099 shares of the company’s stock, valued at $752,912.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP John Whittle sold 13,663 shares of Fortinet stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $35.00, for a total transaction of $478,205.00. Following the transaction, the vice president now directly owns 18,969 shares in the company, valued at $663,915. The disclosure for this sale can be found here. Company insiders own 16.40% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of FTNT. State Street Corp increased its position in Fortinet by 1.5% in the first quarter. State Street Corp now owns 4,417,966 shares of the company’s stock valued at $135,328,000 after buying an additional 64,030 shares during the period. Geode Capital Management LLC increased its position in Fortinet by 4.9% in the first quarter. Geode Capital Management LLC now owns 934,608 shares of the company’s stock valued at $28,610,000 after buying an additional 43,232 shares during the period. British Columbia Investment Management Corp increased its position in Fortinet by 82.4% in the second quarter. British Columbia Investment Management Corp now owns 53,021 shares of the company’s stock valued at $1,675,000 after buying an additional 23,949 shares during the period. Jacobs Levy Equity Management Inc. acquired a new position in Fortinet during the first quarter valued at approximately $935,000. Finally, Telemus Capital LLC increased its position in Fortinet by 1.9% in the second quarter. Telemus Capital LLC now owns 7,409 shares of the company’s stock valued at $234,000 after buying an additional 137 shares during the period. 70.65% of the stock is currently owned by hedge funds and other institutional investors.

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