Fortinet, Inc. (NASDAQ:FTNT)‘s stock had its “buy” rating restated by research analysts at Piper Jaffray Companies in a research note issued on Friday, October 27th. They presently have a $46.00 price objective on the software maker’s stock. Piper Jaffray Companies’ price target would indicate a potential upside of 15.17% from the company’s current price.
Other analysts have also recently issued reports about the company. Cowen and Company reiterated a “buy” rating and issued a $43.00 price objective on shares of Fortinet in a research note on Friday, July 28th. Zacks Investment Research cut Fortinet from a “buy” rating to a “hold” rating in a research note on Tuesday, July 4th. Robert W. Baird set a $50.00 target price on Fortinet and gave the company a “buy” rating in a report on Thursday, July 27th. Evercore ISI set a $38.00 target price on Fortinet and gave the company a “hold” rating in a report on Thursday, July 27th. Finally, ValuEngine raised Fortinet from a “sell” rating to a “hold” rating in a report on Thursday, August 10th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. Fortinet currently has an average rating of “Buy” and a consensus price target of $44.00.
Fortinet (NASDAQ FTNT) traded up $0.45 during trading hours on Friday, reaching $39.94. The company’s stock had a trading volume of 1,602,400 shares, compared to its average volume of 1,721,397. The stock has a market cap of $6,867.32, a price-to-earnings ratio of 71.80, a P/E/G ratio of 4.87 and a beta of 0.91. Fortinet has a 52 week low of $28.50 and a 52 week high of $41.56.
Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, October 26th. The software maker reported $0.28 EPS for the quarter, beating 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 firm had revenue of $374.20 million for the quarter, compared to analysts’ expectations of $370.67 million. During the same period in the prior year, the firm posted $0.18 earnings per share. The firm’s quarterly revenue was up 18.2% on a year-over-year basis. equities research analysts anticipate that Fortinet will post 0.48 EPS for the current year.
Fortinet declared that its board has authorized a stock buyback plan on Wednesday, July 26th that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the software maker to reacquire up to 4.2% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.
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In other Fortinet news, insider Keith Jensen sold 1,850 shares of the business’s stock in a transaction on Wednesday, November 8th. The shares were sold at an average price of $39.20, for a total value of $72,520.00. Following the transaction, the insider now owns 1,374 shares in the company, valued at approximately $53,860.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP John Whittle sold 3,883 shares of the business’s stock in a transaction on Wednesday, November 8th. The stock was sold at an average price of $40.00, for a total transaction of $155,320.00. Following the completion of the transaction, the vice president now owns 4,681 shares in the company, valued at approximately $187,240. The disclosure for this sale can be found here. Insiders have sold a total of 9,985 shares of company stock worth $390,920 in the last 90 days. Company insiders own 16.40% of the company’s stock.
Several institutional investors have recently modified their holdings of FTNT. Ropes Wealth Advisors LLC grew its position in shares of Fortinet by 28.7% during the 3rd quarter. Ropes Wealth Advisors LLC now owns 5,935 shares of the software maker’s stock valued at $213,000 after buying an additional 1,325 shares during the last quarter. Cadence Capital Management LLC bought a new stake in shares of Fortinet during the 3rd quarter valued at about $1,245,000. JPMorgan Chase & Co. grew its position in shares of Fortinet by 30.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 443,180 shares of the software maker’s stock valued at $15,914,000 after buying an additional 102,195 shares during the last quarter. Legal & General Group Plc grew its position in shares of Fortinet by 10.7% during the 3rd quarter. Legal & General Group Plc now owns 222,594 shares of the software maker’s stock valued at $7,978,000 after buying an additional 21,425 shares during the last quarter. Finally, American International Group Inc. grew its position in shares of Fortinet by 1.1% during the 3rd quarter. American International Group Inc. now owns 309,229 shares of the software maker’s stock valued at $11,083,000 after buying an additional 3,408 shares during the last quarter. Institutional investors and hedge funds own 69.38% of the company’s stock.
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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