Fortinet Inc (FTNT) was Reiterated by RBC Capital Mkts to “Sector Perform” while Lowering the Price Target of the company shares to $ 30 from a previous price target of $37 . RBC Capital Mkts advised their investors in a research report released on Oct 12, 2016.
Many Wall Street Analysts have commented on Fortinet Inc. Company shares were Resumed by Wunderlich on Sep 13, 2016 to “Buy”, Firm has raised the Price Target to $ 45 from a previous price target of $42 .Fortinet Inc was Upgraded by Pacific Crest to ” Overweight” on Aug 30, 2016.
On the company’s financial health, Fortinet Inc reported $0.14 EPS for the quarter, based on the information available during the earnings call on Jul 28, 2016. Analyst had a consensus estimate of $0.14. The company had revenue of $311.40 million for the quarter, compared to analysts expectations of $304.53 million. The company’s revenue was up 29.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.11 EPS.
Fortinet Inc closed down -0.9 points or -2.57% at $34.09 with 41,97,863 shares getting traded on Tuesday. Post opening the session at $34.9, the shares hit an intraday low of $33.925 and an intraday high of $35.03 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.
In a different news, on Sep 2, 2016, John Whittle (VP CorpDev&Strat Alliance, GC) sold 834 shares at $36.70 per share price. According to the SEC, on Sep 2, 2016, Matto Andrew H Del (Chief Financial Officer) sold 3,250 shares at $36.29 per share price. On Aug 23, 2016, Keith Jensen (Chief Accounting Officer) sold 900 shares at $35.47 per share price, according to the Form-4 filing with the securities and exchange commission.
Fortinet Inc. provides cyber security solutions to enterprise service providers and government organizations across the world. The Companys network security solution consists of FortiGate physical and virtual appliance products that provide an array of integrated security and networking functions to protect data applications and users from network-and content-level security threats. The Companys FortiGate appliances may be deployed as Next Generation Firewalls (NGFW) Data Center Firewalls (DCFW) Unified Threat Management (UTM) systems Internal Network Firewall (INFW) Virtual Machine Firewalls or Cloud Firewalls. The FortiGate appliances range from the FortiGate-20 series for small businesses and branch offices to the FortiGate-5000 series for enterprises and service providers and are based on its technology platform. Its security services are based on intelligence gathered by its FortiGuard Labs team.