Forescout Technologies (NASDAQ:FSCT) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research cut shares of Forescout Technologies (NASDAQ:FSCT) from a strong-buy rating to a hold rating in a research note issued to investors on Tuesday, Zacks.com reports.

According to Zacks, “ForeScout Technologies, Inc. provides network security hardware and software products primarily in the United States, Europe, the Middle East, Africa, the Asia Pacific and Japan. Its products include CounterACT Platform, CounterACT Models, Extended Integration Modules, Open Integration Module and Other Products. The Company’s solutions include Network Access Control; Endpoint Compliance; Bring Your Own Device & Mobile Security for Enterprise; Vulnerability Management, Policy and Solutions and Advanced Network Threat Prevention and Cyber Defense Solutions. ForeScout Technologies, Inc. is headquartered in San Jose, California. “

A number of other equities research analysts have also recently weighed in on FSCT. JPMorgan Chase & Co. cut Forescout Technologies from an overweight rating to a neutral rating and dropped their price objective for the company from $54.00 to $35.00 in a research note on Thursday, October 10th. FBN Securities set a $35.00 price objective on Forescout Technologies and gave the company a buy rating in a research note on Friday, October 11th. Needham & Company LLC cut Forescout Technologies from a buy rating to a hold rating in a research note on Thursday, October 10th. Macquarie set a $33.00 price objective on Forescout Technologies and gave the company a hold rating in a research note on Friday, October 11th. Finally, Monness Crespi & Hardt dropped their price objective on Forescout Technologies from $49.00 to $39.00 and set a buy rating for the company in a research note on Friday, October 11th. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Forescout Technologies has a consensus rating of Buy and a consensus target price of $39.70.

FSCT stock traded down $0.74 during midday trading on Tuesday, hitting $25.45. 641,714 shares of the company’s stock were exchanged, compared to its average volume of 932,396. The business has a 50-day simple moving average of $34.87 and a two-hundred day simple moving average of $36.17. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.16 and a quick ratio of 1.15. Forescout Technologies has a 1-year low of $22.01 and a 1-year high of $46.43.

Forescout Technologies (NASDAQ:FSCT) last posted its earnings results on Wednesday, August 7th. The company reported ($0.33) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.80) by $0.47. Forescout Technologies had a negative return on equity of 73.42% and a negative net margin of 28.14%. The company had revenue of $78.28 million during the quarter, compared to analysts’ expectations of $77.22 million. During the same quarter last year, the firm earned ($0.18) earnings per share. The firm’s quarterly revenue was up 15.8% compared to the same quarter last year. As a group, research analysts anticipate that Forescout Technologies will post -2.01 earnings per share for the current year.

In related news, Director James A. Beer sold 4,957 shares of the business’s stock in a transaction on Monday, October 7th. The stock was sold at an average price of $25.06, for a total transaction of $124,222.42. Also, insider Pedro Abreu sold 1,014 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $115.00, for a total value of $116,610.00. Following the transaction, the insider now directly owns 32,628 shares of the company’s stock, valued at $3,752,220. The disclosure for this sale can be found here. Insiders have sold a total of 175,873 shares of company stock valued at $6,017,369 over the last three months. 13.80% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. acquired a new position in Forescout Technologies during the 3rd quarter worth $675,000. Maplelane Capital LLC acquired a new position in Forescout Technologies during the 2nd quarter worth $1,364,000. Bamco Inc. NY lifted its holdings in Forescout Technologies by 51.9% during the 2nd quarter. Bamco Inc. NY now owns 319,000 shares of the company’s stock worth $10,801,000 after buying an additional 109,000 shares during the last quarter. Nuveen Asset Management LLC purchased a new stake in Forescout Technologies during the 2nd quarter worth about $13,343,000. Finally, Morgan Stanley lifted its holdings in Forescout Technologies by 62.5% during the 2nd quarter. Morgan Stanley now owns 329,541 shares of the company’s stock worth $11,158,000 after buying an additional 126,766 shares during the last quarter. 69.51% of the stock is owned by hedge funds and other institutional investors.

Forescout Technologies Company Profile

Forescout Technologies, Inc provides network security products in the Americas, Europe, the Middle East, Africa, the Asia Pacific, and Japan. It offers CounterACT that provides for visibility and control capabilities across campus information technology and Internet of Things (IoT) devices, operational technology devices, data center physical and virtual devices, and cloud virtual devices; and SilentDefense, which offers visibility and control capabilities within the operational technology portion of the network.

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