Fortinet (NASDAQ:FTNT) Downgraded by BidaskClub to “Sell”

BidaskClub lowered shares of Fortinet (NASDAQ:FTNT) from a hold rating to a sell rating in a research report released on Wednesday morning, BidAskClub reports.

Other analysts have also recently issued research reports about the stock. Citigroup raised their target price on shares of Fortinet from $78.00 to $80.00 and gave the company a sell rating in a report on Friday, August 2nd. Evercore ISI reaffirmed a hold rating and issued a $80.00 target price on shares of Fortinet in a report on Tuesday, May 7th. Morgan Stanley raised their target price on shares of Fortinet from $77.00 to $79.00 and gave the company an equal weight rating in a report on Friday, August 2nd. JPMorgan Chase & Co. raised shares of Fortinet from a neutral rating to an overweight rating and set a $93.00 target price on the stock in a report on Monday, June 24th. Finally, ValuEngine cut shares of Fortinet from a buy rating to a hold rating in a report on Monday, July 29th. Four analysts have rated the stock with a sell rating, fourteen have issued a hold rating and ten have issued a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $87.96.

NASDAQ FTNT opened at $80.35 on Wednesday. The firm has a 50 day simple moving average of $83.17 and a 200-day simple moving average of $82.83. Fortinet has a one year low of $64.41 and a one year high of $96.96. The firm has a market cap of $14.02 billion, a price-to-earnings ratio of 71.11, a PEG ratio of 3.74 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, August 1st. The software maker reported $0.58 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.28. The firm had revenue of $521.70 million for the quarter, compared to analysts’ expectations of $511.38 million. Fortinet had a net margin of 19.07% and a return on equity of 23.96%. The firm’s revenue was up 18.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.41 earnings per share. As a group, analysts forecast that Fortinet will post 1.42 EPS for the current fiscal year.

In other Fortinet news, VP John Whittle sold 1,250 shares of the firm’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $75.23, for a total transaction of $94,037.50. Following the sale, the vice president now owns 9,309 shares of the company’s stock, valued at $700,316.07. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Michael Xie sold 40,000 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $70.43, for a total transaction of $2,817,200.00. Following the sale, the vice president now directly owns 6,388,548 shares in the company, valued at approximately $449,945,435.64. The disclosure for this sale can be found here. In the last three months, insiders have sold 50,250 shares of company stock worth $3,642,598. 17.20% of the stock is owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC lifted its holdings in Fortinet by 50.3% during the 4th quarter. Geode Capital Management LLC now owns 2,351,384 shares of the software maker’s stock valued at $165,377,000 after buying an additional 787,230 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Fortinet by 16.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 462,670 shares of the software maker’s stock valued at $32,588,000 after buying an additional 66,442 shares in the last quarter. IFM Investors Pty Ltd lifted its holdings in Fortinet by 12.8% during the 1st quarter. IFM Investors Pty Ltd now owns 10,110 shares of the software maker’s stock valued at $849,000 after buying an additional 1,145 shares in the last quarter. Conning Inc. bought a new stake in Fortinet during the 1st quarter valued at about $231,000. Finally, Oppenheimer & Co. Inc. lifted its holdings in Fortinet by 194.5% during the 1st quarter. Oppenheimer & Co. Inc. now owns 11,075 shares of the software maker’s stock valued at $930,000 after buying an additional 7,315 shares in the last quarter. 71.55% of the stock is currently owned by institutional investors.

About Fortinet

Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions worldwide. 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; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.

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