Today: The Fortinet Inc. (FTNT) PT Set at $34.00 by Robert W. Baird

The Fortinet Inc. (FTNT) PT Set at $34.00 by Robert W. Baird

Fortinet Inc. (NASDAQ:FTNT) has been given a $34.00 target price by research analysts at Robert W. Baird in a research note issued to investors on Wednesday. The firm presently has a a “hold” rating on the stock. Robert W. Baird’s price objective indicates a potential upside of 9.01% from the company’s previous close.

A number of other research firms have also commented on FTNT. Pacific Crest reiterated a “hold” rating on shares of Fortinet in a report on Friday, July 29th. Citigroup Inc. lowered their price target on shares of Fortinet from $37.00 to $35.00 and set a “neutral” rating for the company in a report on Friday, July 29th. Wells Fargo & Co. reiterated 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 price target for the company. Finally, Oppenheimer Holdings Inc. reiterated an “outperform” rating and set a $45.00 price target on shares of Fortinet in a report on Tuesday, September 20th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and seventeen have assigned a buy rating to the company. Fortinet presently has an average rating of “Buy” and an average price target of $36.16.

Fortinet (NASDAQ:FTNT) opened at 31.19 on Wednesday. Fortinet has a 1-year low of $23.16 and a 1-year high of $44.63. The company has a market capitalization of $5.39 billion, a price-to-earnings ratio of 842.97 and a beta of 1.62. The firm has a 50 day moving average of $35.71 and a 200-day moving average of $33.60.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, July 28th. The company reported $0.14 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.14. The firm earned $311.40 million during 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 period in the previous year, the business posted $0.11 EPS. On average, equities research analysts anticipate that Fortinet will post $0.70 earnings per share for the current fiscal year.

In other news, CFO Matto Andrew H. Del sold 3,250 shares of the stock in a transaction dated Thursday, September 1st. The stock was sold at an average price of $36.29, for a total value of $117,942.50. Following the transaction, the chief financial officer now owns 9,686 shares in the company, valued at approximately $351,504.94. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP John Whittle sold 15,007 shares of the stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $34.91, for a total value of $523,894.37. Following the completion of the transaction, the vice president now owns 18,969 shares in the company, valued at approximately $662,207.79. The disclosure for this sale can be found here. 16.40% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. AMP Capital Investors Ltd increased its position in Fortinet by 86.3% in the first quarter. AMP Capital Investors Ltd now owns 116,465 shares of the company’s stock worth $3,426,000 after buying an additional 53,958 shares during the last quarter. Renaissance Technologies LLC increased its position 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 during the last quarter. HBK Investments L P increased 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 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 worth $28,610,000 after buying an additional 43,232 shares during the last quarter. Finally, Pictet Asset Management Ltd. increased 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. Institutional investors and hedge funds own 70.65% of the company’s stock.

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