Published On: Sun, Sep 11th, 2016

Fortinet’s (FTNT) Outperform Rating Reaffirmed at Oppenheimer Holdings Inc.

Fortinet Inc. (NASDAQ:FTNT)‘s stock had its “outperform” rating reissued by Oppenheimer Holdings Inc. in a research report issued on Monday. They presently have a $45.00 target price on the stock, down from their previous target price of $50.00. Oppenheimer Holdings Inc.’s price objective points to a potential upside of 25.84% from the company’s current price.
Other research analysts also recently issued reports about the company. JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of Fortinet in a report on Wednesday, June 8th. Bank of America Corp. reaffirmed a “buy” rating and set a $40.00 price target (up from $37.00) on shares of Fortinet in a report on Wednesday, June 8th. Dougherty & Co upped their price target on Fortinet from $38.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, April 27th. Wunderlich upped their price target on Fortinet from $37.00 to $42.00 and gave the company a “buy” rating in a report on Wednesday, April 27th. Finally, Stifel Nicolaus downgraded Fortinet from a “buy” rating to a “hold” rating in a report on Wednesday, April 27th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price of $39.35.
Fortinet (NASDAQ:FTNT) traded down 1.73% during mid-day trading on Monday, reaching $35.76. 945,930 shares of the company’s stock were exchanged. The stock has a 50-day moving average of $35.14 and a 200-day moving average of $32.42. The stock has a market cap of $6.18 billion, a price-to-earnings ratio of 966.49 and a beta of 1.63. Fortinet has a one year low of $23.16 and a one year high of $46.50.

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Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, July 28th. The company reported $0.14 EPS for the quarter, hitting 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 business had revenue of $311.40 million for the quarter, compared to the consensus estimate of $304.71 million. During the same period in the previous year, the company posted $0.11 earnings per share. The company’s revenue for the quarter was up 29.9% compared to the same quarter last year. On average, equities research analysts anticipate that Fortinet will post $0.70 earnings per share for the current year.
In related news, VP John Whittle sold 15,007 shares of the business’s stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $34.91, for a total transaction of $523,894.37. Following the transaction, the vice president now directly owns 18,969 shares in the company, valued at approximately $662,207.79. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Keith Jensen sold 1,900 shares of the business’s stock in a transaction on 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 in the company, valued at $7,678.37. The disclosure for this sale can be found here. Company insiders own 16.40% of the company’s stock.
A number of hedge funds and institutional investors have made changes to their positions in FTNT. Vanguard Group Inc. increased its position in shares of Fortinet by 4.6% in the fourth quarter. Vanguard Group Inc. now owns 10,179,640 shares of the company’s stock valued at $317,300,000 after buying an additional 443,306 shares during the period. State Street Corp increased its position in shares of Fortinet by 1.5% in the first quarter. State Street Corp now owns 4,417,966 shares of the company’s stock valued at $135,328,000 after buying an additional 64,030 shares during the period. BlackRock Institutional Trust Company N.A. increased its position in shares of Fortinet by 1.8% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 4,305,181 shares of the company’s stock valued at $131,868,000 after buying an additional 76,896 shares during the period. Westfield Capital Management Co. LP increased its position in shares of Fortinet by 36.0% in the fourth quarter. Westfield Capital Management Co. LP now owns 3,221,095 shares of the company’s stock valued at $100,402,000 after buying an additional 852,591 shares during the period. Finally, Clearbridge Investments LLC increased its position in shares of Fortinet by 5.0% in the fourth quarter. Clearbridge Investments LLC now owns 2,629,359 shares of the company’s stock valued at $81,957,000 after buying an additional 126,393 shares during the period. Hedge funds and other institutional investors own 72.13% of the company’s stock.
About Fortinet
Fortinet, Inc provides cyber security solutions to enterprises, service providers and government organizations across the world. The Company’s flagship network security solution consists of FortiGate physical, virtual machine and cloud platforms, which provide integrated security and networking functions to protect data, applications and users from network-and content-level security threats.

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