Trading Report: The Fortinet Inc. (FTNT) Price Target Cut to $42.00 by Analysts at Wunderlich

The Fortinet Inc. (FTNT) Price Target Cut to $42.00 by Analysts at Wunderlich

Fortinet Inc. (NASDAQ:FTNT) had its price objective lowered by Wunderlich from $45.00 to $42.00 in a research report report published on Wednesday. Wunderlich currently has a buy rating on the stock.

FTNT has been the topic of several other reports. Oppenheimer Holdings Inc. reiterated an outperform rating and issued a $45.00 price objective on shares of Fortinet in a report on Tuesday, September 20th. Zacks Investment Research downgraded shares of Fortinet from a hold rating to a strong sell rating in a report on Monday, July 18th. Wells Fargo & Co. reiterated a buy rating on shares of Fortinet in a report on Sunday, September 25th. Citigroup Inc. decreased their price objective 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. Finally, Pacific Crest upgraded shares of Fortinet from a sector weight rating to an overweight rating and set a $47.00 price objective on the stock in a report on Tuesday, August 30th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and eighteen have issued a buy rating to the company. Fortinet currently has an average rating of Buy and a consensus price target of $36.55.

Shares of Fortinet (NASDAQ:FTNT) traded down 0.6875% during midday trading on Wednesday, hitting $30.4492. 1,954,270 shares of the company were exchanged. Fortinet has a one year low of $23.16 and a one year high of $44.63. The company has a 50-day moving average of $35.83 and a 200 day moving average of $33.62. The company has a market capitalization of $5.26 billion, a P/E ratio of 822.9514 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 for the quarter, hitting the Zacks’ consensus estimate of $0.14. The business had revenue of $311.40 million for the quarter, compared to the consensus estimate of $304.71 million. Fortinet had a net margin of 0.07% and a return on equity of 0.68%. The firm’s revenue for the quarter was up 29.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.11 earnings per share. On average, equities research analysts expect that Fortinet will post $0.70 earnings per share for the current fiscal year.

In other Fortinet news, Director Christopher B. Paisley sold 6,000 shares of the 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 $204,420.00. Following the completion of the sale, the director now owns 60,648 shares of the company’s stock, valued at approximately $2,066,277.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP John Whittle sold 15,007 shares of the stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $34.91, for a total transaction of $523,894.37. Following the sale, the vice president now directly owns 18,969 shares of the company’s stock, valued at approximately $662,207.79. The disclosure for this sale can be found here. 16.40% of the stock is owned by insiders.

Hedge funds have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC increased its stake in 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. HBK Investments L P boosted its position in Fortinet by 56.5% in the first quarter. HBK Investments L P now owns 54,900 shares of the company’s stock worth $1,682,000 after buying an additional 19,831 shares during the last quarter. Geode Capital Management LLC boosted 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 worth $28,610,000 after buying an additional 43,232 shares during the last quarter. Pictet Asset Management Ltd. boosted its position in Fortinet by 0.4% in the first quarter. Pictet Asset Management Ltd. now owns 644,450 shares of the company’s stock worth $18,302,000 after buying an additional 2,650 shares during the last quarter. Finally, Quadrature Capital Ltd acquired a new position in Fortinet during the first quarter worth about $337,000. 70.65% of the stock is owned by institutional investors and hedge funds.

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