Todays Report: The Fortinet Inc. (FTNT) Price Target Lowered to $36.00 at Goldman Sachs Group Inc.

The Fortinet Inc. (FTNT) Price Target Lowered to $36.00 at Goldman Sachs Group Inc.

Fortinet Inc. (NASDAQ:FTNT) had its price target trimmed by Goldman Sachs Group Inc. from $43.00 to $36.00 in a report issued on Wednesday morning. The brokerage currently has a buy rating on the stock.

A number of other equities analysts have also recently issued reports on the stock. Royal Bank Of Canada dropped their price objective on shares of Fortinet from $37.00 to $30.00 and set a sector perform rating for the company in a research note on Wednesday. Wells Fargo & Co. restated a buy rating on shares of Fortinet in a research note on Sunday, September 25th. Oppenheimer Holdings Inc. restated an outperform rating and issued a $45.00 price objective on shares of Fortinet in a research note on Tuesday, September 20th. Wunderlich started coverage on shares of Fortinet in a research note on Tuesday, September 13th. They issued a buy rating and a $45.00 price objective for the company. Finally, Pacific Crest upgraded shares of Fortinet from a sector weight rating to an overweight rating and set a $47.00 price objective for the company in a research note on Tuesday, August 30th. One research 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. The company currently has a consensus rating of Buy and a consensus price target of $36.55.

Shares of Fortinet (NASDAQ:FTNT) traded down 0.68% during mid-day trading on Wednesday, hitting $30.45. 1,952,733 shares of the stock were exchanged. The firm has a market cap of $5.26 billion, a price-to-earnings ratio of 822.97 and a beta of 1.62. The company’s 50-day moving average is $35.83 and its 200-day moving average is $33.62. Fortinet has a 1-year low of $23.16 and a 1-year high of $44.63.

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

In related news, Director Ming Hsieh sold 23,900 shares of the business’s stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $34.84, for a total transaction of $832,676.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Matto Andrew H. Del sold 1,500 shares of the business’s stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $35.00, for a total transaction of $52,500.00. The disclosure for this sale can be found here. 16.40% of the stock is currently owned by insiders.

Institutional investors have recently modified their holdings of the company. US Bancorp DE increased 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 worth $106,000 after buying an additional 123 shares during the last quarter. Nordea Investment Management AB increased 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 worth $122,000 after buying an additional 365 shares during the last quarter. Advisor Group Inc. purchased a new position in shares of Fortinet during the second quarter worth $152,000. Tower Research Capital LLC TRC increased 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 worth $204,000 after buying an additional 4,153 shares during the last quarter. Finally, Compagnie Lombard Odier SCmA increased 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 worth $206,000 after buying an additional 2,487 shares during the last quarter. Institutional investors and hedge funds own 70.65% of the company’s stock.

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