Trade Report: The Fortinet Inc. (FTNT) Given Outperform Rating at Wells Fargo & Co.

The Fortinet Inc. (FTNT) Given Outperform Rating at Wells Fargo & Co.

Wells Fargo & Co. reiterated their outperform rating on shares of Fortinet Inc. (NASDAQ:FTNT) in a research note published on Thursday morning. Wells Fargo & Co. currently has a $37.00 target price on the stock, down from their prior target price of $43.50.

A number of other research analysts have also recently weighed in on FTNT. Oppenheimer Holdings Inc. restated an outperform rating and set a $50.00 target price on shares of Fortinet in a research note on Friday, July 15th. Zacks Investment Research cut shares of Fortinet from a hold rating to a strong sell rating in a research note on Monday, July 18th. Citigroup Inc. decreased their price target 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. Pacific Crest reiterated a hold rating on shares of Fortinet in a research note on Friday, July 29th. Finally, 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 target on the stock. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and seventeen have given a buy rating to the company. Fortinet has an average rating of Buy and a consensus target price of $36.16.

Shares of Fortinet (NASDAQ:FTNT) traded down 0.64% on Thursday, hitting $30.99. The stock had a trading volume of 998,423 shares. Fortinet has a 12 month low of $23.16 and a 12 month high of $44.63. The company has a 50 day moving average price of $35.71 and a 200-day moving average price of $33.60. The stock has a market cap of $5.35 billion, a PE ratio of 837.57 and a beta of 1.62.

Fortinet (NASDAQ:FTNT) last released its 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 company had revenue of $311.40 million for the quarter, compared to analysts’ expectations of $304.71 million. During the same quarter in the previous year, the company earned $0.11 EPS. Fortinet’s revenue for the quarter was up 29.9% on a year-over-year basis. On average, equities research analysts anticipate that Fortinet will post $0.70 earnings per share for the current year.

In related news, Director Ming Hsieh sold 23,900 shares of the firm’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 transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP John Whittle sold 15,007 shares of the firm’s stock in a transaction 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 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 currently owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in the stock. Nomura Holdings Inc. raised its stake in Fortinet by 185.2% in the second quarter. Nomura Holdings Inc. now owns 5,775,000 shares of the company’s stock valued at $182,556,000 after buying an additional 3,750,000 shares in the last quarter. Credit Suisse AG raised its stake in Fortinet by 362.8% in the second quarter. Credit Suisse AG now owns 2,371,272 shares of the company’s stock valued at $74,907,000 after buying an additional 1,858,948 shares in the last quarter. Fiera Capital Corp purchased a new stake in Fortinet during the second quarter valued at approximately $46,487,000. Ameriprise Financial Inc. raised its stake in Fortinet by 43.8% in the second quarter. Ameriprise Financial Inc. now owns 3,905,990 shares of the company’s stock valued at $123,388,000 after buying an additional 1,190,096 shares in the last quarter. Finally, Renaissance Technologies LLC raised 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 valued at $48,135,000 after buying an additional 830,400 shares in the last quarter. Institutional investors own 70.65% of the company’s stock.

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