Fortinet (NASDAQ:FTNT) had its price target upped by analysts at Barclays from $48.00 to $50.00 in a research note issued to investors on Tuesday. The firm presently has an “equal weight” rating on the software maker’s stock. Barclays’ price objective indicates a potential upside of 14.08% from the company’s previous close.
Several other research analysts have also weighed in on FTNT. Piper Jaffray Companies reiterated a “buy” rating and set a $50.00 target price on shares of Fortinet in a report on Thursday, October 12th. Zacks Investment Research lowered Fortinet from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 17th. Deutsche Bank upgraded Fortinet from a “hold” rating to a “buy” rating and lifted their target price for the stock from $36.00 to $48.00 in a report on Wednesday, October 18th. KeyCorp reiterated a “buy” rating and set a $46.00 target price on shares of Fortinet in a report on Tuesday, October 24th. Finally, Evercore ISI reiterated a “hold” rating and set a $38.00 target price on shares of Fortinet in a report on Friday, October 27th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the stock. Fortinet has an average rating of “Buy” and an average price target of $46.64.
Fortinet (NASDAQ FTNT) opened at $43.83 on Tuesday. The firm has a market capitalization of $7,815.07, a PE ratio of 91.31, a price-to-earnings-growth ratio of 4.59 and a beta of 0.86. Fortinet has a twelve month low of $35.44 and a twelve month high of $46.43.
Fortinet (NASDAQ:FTNT) last posted its earnings results on Monday, February 5th. The software maker reported $0.32 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.29 by $0.03. The firm had revenue of $416.70 million for the quarter, compared to analyst estimates of $409.04 million. Fortinet had a return on equity of 10.92% and a net margin of 5.93%. The company’s revenue for the quarter was up 14.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.30 earnings per share. equities analysts expect that Fortinet will post 0.48 EPS for the current fiscal year.
Fortinet announced that its board has initiated a share repurchase plan on Thursday, October 26th that authorizes the company to repurchase $400.00 million in outstanding shares. This repurchase authorization authorizes the software maker to buy shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.
In related news, Director Ming Hsieh sold 5,332 shares of Fortinet stock in a transaction dated Thursday, November 9th. The stock was sold at an average price of $39.64, for a total value of $211,360.48. Following the sale, the director now owns 331 shares of the company’s stock, valued at $13,120.84. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Michael Xie sold 19,790 shares of Fortinet stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $45.30, for a total value of $896,487.00. Following the completion of the sale, the vice president now directly owns 7,181 shares in the company, valued at approximately $325,299.30. The disclosure for this sale can be found here. In the last ninety days, insiders sold 101,288 shares of company stock worth $4,356,149. 17.00% of the stock is owned by company insiders.
Several large investors have recently added to or reduced their stakes in FTNT. Alyeska Investment Group L.P. acquired a new stake in shares of Fortinet in the third quarter valued at about $14,293,000. Pictet Asset Management Ltd. increased its position in shares of Fortinet by 20.8% in the third quarter. Pictet Asset Management Ltd. now owns 1,795,700 shares of the software maker’s stock valued at $64,358,000 after acquiring an additional 309,000 shares during the last quarter. Bank of New York Mellon Corp increased its position in Fortinet by 8.6% during the third quarter. Bank of New York Mellon Corp now owns 3,752,012 shares of the software maker’s stock worth $134,472,000 after buying an additional 296,648 shares during the last quarter. Cornerstone Capital Management Holdings LLC. increased its position in Fortinet by 179.4% during the third quarter. Cornerstone Capital Management Holdings LLC. now owns 450,252 shares of the software maker’s stock worth $16,135,000 after buying an additional 289,086 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its position in Fortinet by 7.0% during the third quarter. Ameriprise Financial Inc. now owns 4,400,011 shares of the software maker’s stock worth $157,693,000 after buying an additional 288,097 shares during the last quarter. 70.84% of the stock is currently owned by institutional investors and hedge funds.
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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