Trading Report: Today, Nomura Cuts Fortinet Inc. (FTNT) Price Target to $47.00

Today, Nomura Cuts Fortinet Inc. (FTNT) Price Target to $47.00

Fortinet Inc. (NASDAQ:FTNT) had its price objective reduced by Nomura from $55.00 to $47.00 in a report released on Wednesday morning. They currently have a buy rating on the stock.

Other equities research analysts have also issued research reports about the company. Barclays PLC reduced their target price on Fortinet from $42.00 to $34.00 and set an overweight rating on the stock in a research note on Wednesday, October 12th. Royal Bank Of Canada reduced their target price on Fortinet from $37.00 to $30.00 and set a sector perform rating on the stock in a research note on Wednesday, October 12th. Goldman Sachs Group Inc. reduced their target price on Fortinet from $43.00 to $36.00 and set a buy rating on the stock in a research note on Wednesday, October 12th. Oppenheimer Holdings Inc. reaffirmed an outperform rating and issued a $45.00 target price (down previously from $50.00) on shares of Fortinet in a research note on Monday, August 1st. Finally, Wunderlich reduced their price target on Fortinet from $45.00 to $42.00 and set a buy rating on the stock in a research note on Wednesday, October 12th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seventeen have assigned a buy rating to the company. The stock has a consensus rating of Buy and an average target price of $36.16.

Shares of Fortinet (NASDAQ:FTNT) opened at 30.96 on Wednesday. The firm has a market capitalization of $5.35 billion, a PE ratio of 836.76 and a beta of 1.62. The stock has a 50 day moving average price of $35.58 and a 200-day moving average price of $33.62. Fortinet has a 52 week low of $23.16 and a 52 week high of $44.63.

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

In other Fortinet news, CFO Matto Andrew H. Del sold 5,500 shares of the firm’s stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $34.07, for a total value of $187,385.00. Following the transaction, the chief financial officer now owns 22,099 shares of the company’s stock, valued at $752,912.93. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP John Whittle sold 13,663 shares of the firm’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $35.00, for a total transaction of $478,205.00. Following the completion of the transaction, the vice president now directly owns 18,969 shares in the company, valued at approximately $663,915. The disclosure for this sale can be found here. Insiders own 16.40% of the company’s stock.

A number of institutional investors have recently modified their holdings of the company. US Bancorp DE boosted 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 in the last quarter. Nordea Investment Management AB boosted 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 in the last quarter. Advisor Group Inc. acquired a new position in shares of Fortinet during the second quarter worth about $152,000. Tower Research Capital LLC TRC boosted 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 in the last quarter. Finally, Compagnie Lombard Odier SCmA boosted 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 in the last quarter. 70.63% of the stock is currently owned by hedge funds and other institutional investors.

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