Barclays lowered shares of Fortinet (NASDAQ:FTNT) from an overweight rating to an equal weight rating in a research note published on Tuesday morning, Marketbeat reports. The brokerage currently has $48.00 price objective on the software maker’s stock, up from their prior price objective of $45.00.
Other equities research analysts also recently issued reports about the company. UBS Group upped their target price on Fortinet from $46.00 to $47.00 and gave the stock a buy rating in a research report on Friday, October 27th. Deutsche Bank upgraded Fortinet from a hold rating to a buy rating and upped their target price for the stock from $36.00 to $48.00 in a research report on Wednesday, October 18th. Stifel Nicolaus restated a hold rating and issued a $42.00 target price on shares of Fortinet in a research report on Tuesday, September 12th. BidaskClub upgraded Fortinet from a buy rating to a strong-buy rating in a research report on Wednesday, December 13th. Finally, Oppenheimer restated a buy rating and issued a $45.00 target price on shares of Fortinet in a research report on Monday, September 18th. One analyst has rated the stock with a sell rating, seven have given a hold rating, fourteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus price target of $45.24.
Shares of Fortinet (NASDAQ:FTNT) traded up $0.68 during mid-day trading on Tuesday, reaching $44.94. The company had a trading volume of 1,462,074 shares, compared to its average volume of 1,440,000. Fortinet has a 1-year low of $31.36 and a 1-year high of $45.64. The company has a market cap of $7,820.00, a price-to-earnings ratio of 93.63, a price-to-earnings-growth ratio of 4.52 and a beta of 0.93.
Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, October 26th. The software maker reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.05. Fortinet had a return on equity of 10.92% and a net margin of 5.93%. The business had revenue of $374.20 million during the quarter, compared to analyst estimates of $370.67 million. During the same period in the prior year, the company posted $0.18 EPS. The business’s revenue for the quarter was up 18.2% compared to the same quarter last year. equities research analysts forecast that Fortinet will post 0.48 earnings per share for the current fiscal year.
Fortinet announced that its Board of Directors has approved a share repurchase plan on Thursday, October 26th that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the software maker to reacquire shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.
In other news, insider Keith Jensen sold 1,850 shares of the stock in a transaction on Wednesday, November 8th. The stock was sold at an average price of $39.20, for a total transaction of $72,520.00. Following the completion of the sale, the insider now owns 1,374 shares in the company, valued at approximately $53,860.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP John Whittle sold 13,749 shares of the stock in a transaction on Tuesday, December 19th. The shares were sold at an average price of $45.00, for a total value of $618,705.00. Following the sale, the vice president now owns 18,430 shares of the company’s stock, valued at approximately $829,350. The disclosure for this sale can be found here. Insiders have sold a total of 73,355 shares of company stock valued at $3,072,511 in the last quarter. Insiders own 16.40% of the company’s stock.
Several large investors have recently made changes to their positions in the company. GLG Partners LP acquired a new stake in Fortinet during the 2nd quarter valued at $145,000. Ropes Wealth Advisors LLC raised its stake in Fortinet by 67.3% during the 2nd quarter. Ropes Wealth Advisors LLC now owns 4,610 shares of the software maker’s stock valued at $173,000 after purchasing an additional 1,855 shares during the period. IFM Investors Pty Ltd acquired a new stake in Fortinet during the 3rd quarter valued at $220,000. Toronto Dominion Bank raised its stake in Fortinet by 249.2% during the 3rd quarter. Toronto Dominion Bank now owns 6,310 shares of the software maker’s stock valued at $226,000 after purchasing an additional 4,503 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. raised its stake in Fortinet by 25.9% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 6,871 shares of the software maker’s stock valued at $259,000 after purchasing an additional 1,412 shares during the period. Institutional investors own 70.68% of the company’s stock.
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Fortinet Company Profile
Fortinet, Inc is a network security company. The Company provides cyber security solutions to a range of enterprises, service providers and government organizations across the world. Its network security solution consists of FortiGate physical, virtual machine and cloud platforms, which provide integrated security and networking functions to protect data, applications and users from network-and content-level security threats.
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