Trade Report: The Fortinet Inc. (FTNT) Price Target Cut to $31.00

The Fortinet Inc. (FTNT) Price Target Cut to $31.00

Fortinet Inc. (NASDAQ:FTNT) had its price objective dropped by stock analysts at Citigroup Inc. from $35.00 to $31.00 in a report issued on Wednesday. The firm presently has a “neutral” rating on the stock. Citigroup Inc.’s price target suggests a potential downside of 0.61% from the stock’s current price.

Several other brokerages also recently weighed in on FTNT. Goldman Sachs Group Inc. lowered their price objective on Fortinet from $43.00 to $36.00 and set a “buy” rating for the company in a research report on Wednesday. Wells Fargo & Co. reiterated a “buy” rating on shares of Fortinet in a research report on Sunday, September 25th. Stephens downgraded Fortinet from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $43.00 to $32.00 in a research report on Wednesday. Royal Bank Of Canada lowered their price objective on Fortinet from $37.00 to $30.00 and set a “sector perform” rating for the company in a research report on Wednesday. Finally, Wunderlich assumed coverage on Fortinet in a research report on Tuesday, September 13th. They issued a “buy” rating and a $45.00 price objective for the company. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seventeen have given a buy rating to the stock. Fortinet has a consensus rating of “Buy” and a consensus target price of $36.16.

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

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

In other Fortinet news, insider Keith Jensen sold 1,900 shares of the stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $33.53, for a total value of $63,707.00. Following the transaction, the insider now owns 229 shares of the company’s stock, valued at $7,678.37. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP John Whittle sold 834 shares of the stock in a transaction dated Thursday, September 1st. The shares were sold at an average price of $36.70, for a total value of $30,607.80. Following the completion of the transaction, the vice president now directly owns 5,515 shares in the company, valued at approximately $202,400.50. The disclosure for this sale can be found here. 16.40% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of FTNT. Fox Run Management L.L.C. bought a new stake in shares of Fortinet during the third quarter worth approximately $1,027,000. Oregon Public Employees Retirement Fund boosted its stake in shares of Fortinet by 1.2% in the third quarter. Oregon Public Employees Retirement Fund now owns 50,730 shares of the company’s stock worth $1,873,000 after buying an additional 606 shares during the last quarter. Mason Street Advisors LLC bought a new stake in shares of Fortinet during the second quarter worth approximately $2,102,000. Aldebaran Financial Inc. boosted its stake in shares of Fortinet by 3.5% in the second quarter. Aldebaran Financial Inc. now owns 89,270 shares of the company’s stock worth $2,987,000 after buying an additional 3,050 shares during the last quarter. Finally, Public Employees Retirement System of Ohio boosted its stake in shares of Fortinet by 1.1% in the second quarter. Public Employees Retirement System of Ohio now owns 97,022 shares of the company’s stock worth $3,065,000 after buying an additional 1,073 shares during the last quarter. 70.65% of the stock is currently owned by institutional investors.

Fortinet Company Profile

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