Fortinet Inc (NASDAQ:FTNT) had its price objective reduced by investment analysts at FBR & Co. from $44.00 to $38.00 in a research note issued on Friday, StockTargetPrices.com reports. The firm currently has an “outperform” rating on the stock. FBR & Co.’s price target would indicate a potential upside of 44.16% from the company’s current price.

Other hedge funds and institutional investors have modified their holdings of the company. Fisher Asset Management acquired a new position in shares of Fortinet during the fourth quarter worth approximately $291,000. Quadrant Capital Group LLC boosted its stake in shares of Fortinet by 2,179.7% in the fourth quarter. Quadrant Capital Group LLC now owns 10,669 shares of the company’s stock valued at $330,000 after buying an additional 10,201 shares during the last quarter. Juncture Wealth Strategies purchased a new stake in shares of Fortinet during the fourth quarter valued at about $384,000. Oakbrook Investments LLC boosted its stake in shares of Fortinet by 14.3% in the fourth quarter. Oakbrook Investments LLC now owns 14,414 shares of the company’s stock valued at $449,000 after buying an additional 1,800 shares during the last quarter. Finally, Capital One National Association boosted its stake in shares of Fortinet by 37.5% in the fourth quarter. Capital One National Association now owns 15,008 shares of the company’s stock valued at $468,000 after buying an additional 4,096 shares during the last quarter.

FTNT has been the topic of a number of other reports. Oppenheimer restated an “outperform” rating and issued a $50.00 price target on shares of Fortinet in a research note on Thursday, January 14th. Needham & Company LLC downgraded Fortinet from a “strong-buy” rating to a “buy” rating in a research note on Friday. Zacks Investment Research upgraded Fortinet from a “sell” rating to a “hold” rating in a research note on Monday, November 16th. Citigroup Inc. decreased their price target on Fortinet from $50.00 to $44.00 in a research note on Friday, October 23rd. Finally, Buckingham Research restated a “buy” rating on shares of Fortinet in a research note on Tuesday, December 15th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and seventeen have given a buy rating to the company. Fortinet currently has an average rating of “Buy” and an average target price of $42.00.

Shares of Fortinet (NASDAQ:FTNT) traded up 6.658% during mid-day trading on Friday, hitting $28.115. The company’s stock had a trading volume of 4,497,984 shares. Fortinet has a 12-month low of $23.64 and a 12-month high of $50.31. The stock has a 50-day moving average of $29.53 and a 200-day moving average of $38.47. The company has a market cap of $4.84 billion and a PE ratio of 281.150.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, January 28th. The company reported $0.18 earnings per share for the quarter, meeting the consensus estimate of $0.18. During the same quarter last year, the business posted $0.14 earnings per share. The company earned $296.50 million during the quarter, compared to analysts’ expectations of $296.28 million. The company’s revenue for the quarter was up 32.4% compared to the same quarter last year. On average, equities research analysts forecast that Fortinet will post $0.51 EPS for the current year.

In related news, VP John Whittle sold 2,538 shares of the stock in a transaction dated Tuesday, November 3rd. The stock was sold at an average price of $34.85, for a total value of $88,449.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Matto Andrew H. Del sold 3,250 shares of the stock in a transaction dated Tuesday, November 3rd. The shares were sold at an average price of $34.64, for a total value of $112,580.00. Following the completion of the transaction, the chief financial officer now directly owns 8,619 shares of the company’s stock, valued at approximately $298,562.16. The disclosure for this sale can be found here.

Fortinet, Inc. provides cyber security solutions to enterprise, service providers and government organizations across the world. The Company’s 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 Company’s’ FortiGate appliances may be deployed as Next Generation Firewalls (NASDAQ:FTNT), 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.

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