Fortinet (NASDAQ:FTNT) PT Lowered to $56.00

Fortinet (NASDAQ:FTNTGet Rating) had its target price cut by stock analysts at Barclays from $57.00 to $56.00 in a report issued on Wednesday, The Fly reports. The brokerage currently has an “overweight” rating on the software maker’s stock. Barclays‘s price objective indicates a potential upside of 15.70% from the company’s current price.

A number of other analysts have also commented on the company. Royal Bank of Canada cut their price target on Fortinet from $69.00 to $57.00 and set a “sector perform” rating on the stock in a report on Thursday, November 3rd. KeyCorp cut their price target on Fortinet from $63.00 to $62.00 and set an “overweight” rating on the stock in a report on Wednesday, November 16th. MKM Partners assumed coverage on Fortinet in a report on Thursday, September 15th. They issued a “buy” rating and a $70.00 price target on the stock. BTIG Research cut their price target on Fortinet from $80.00 to $62.00 and set a “buy” rating on the stock in a report on Thursday, November 3rd. Finally, Oppenheimer cut their price target on Fortinet from $80.00 to $70.00 and set an “outperform” rating on the stock in a report on Thursday, November 3rd. Five analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $67.00.

Fortinet Trading Down 0.8 %

FTNT stock opened at $48.40 on Wednesday. The business’s 50-day moving average price is $51.26 and its two-hundred day moving average price is $52.95. The firm has a market cap of $37.81 billion, a PE ratio of 53.42, a P/E/G ratio of 2.56 and a beta of 1.13. Fortinet has a 1-year low of $42.61 and a 1-year high of $71.52.

Fortinet (NASDAQ:FTNTGet Rating) last posted its earnings results on Wednesday, November 2nd. The software maker reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.08. The firm had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.12 billion. Fortinet had a return on equity of 9,183.04% and a net margin of 18.12%. The company’s revenue for the quarter was up 32.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.15 earnings per share. On average, analysts forecast that Fortinet will post 0.9 earnings per share for the current year.

Insider Activity

In other news, VP John Whittle sold 3,125 shares of the company’s stock in a transaction that occurred on Friday, November 11th. The stock was sold at an average price of $55.00, for a total value of $171,875.00. Following the transaction, the vice president now owns 12,876 shares of the company’s stock, valued at $708,180. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 18.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Fortinet

Several institutional investors have recently made changes to their positions in FTNT. Price T Rowe Associates Inc. MD boosted its stake in shares of Fortinet by 395.4% in the second quarter. Price T Rowe Associates Inc. MD now owns 52,995,764 shares of the software maker’s stock valued at $2,998,500,000 after buying an additional 42,299,029 shares during the period. State Street Corp boosted its stake in shares of Fortinet by 380.5% in the second quarter. State Street Corp now owns 25,872,049 shares of the software maker’s stock valued at $1,463,841,000 after buying an additional 20,487,614 shares during the period. Northern Trust Corp boosted its stake in shares of Fortinet by 363.9% in the second quarter. Northern Trust Corp now owns 6,811,189 shares of the software maker’s stock valued at $385,377,000 after buying an additional 5,343,055 shares during the period. Legal & General Group Plc lifted its stake in Fortinet by 407.8% during the second quarter. Legal & General Group Plc now owns 6,549,130 shares of the software maker’s stock worth $370,552,000 after purchasing an additional 5,259,399 shares during the last quarter. Finally, FMR LLC lifted its stake in Fortinet by 148.6% during the second quarter. FMR LLC now owns 7,416,167 shares of the software maker’s stock worth $419,606,000 after purchasing an additional 4,433,565 shares during the last quarter. 64.35% of the stock is currently owned by institutional investors.

About Fortinet

(Get Rating)

Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration.

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