Fortinet (NASDAQ:FTNT)‘s stock had its “buy” rating reiterated by research analysts at Monness Crespi & Hardt in a research report issued on Friday. They currently have a $50.00 price target on the software maker’s stock, up from their prior price target of $45.00. Monness Crespi & Hardt’s target price points to a potential upside of 8.67% from the company’s current price.
A number of other research analysts have also weighed in on the company. Robert W. Baird upped their price objective on Fortinet from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Thursday, January 11th. Barclays lowered Fortinet from an “overweight” rating to an “equal weight” rating and upped their price objective for the stock from $45.00 to $48.00 in a report on Tuesday, January 9th. Oppenheimer upped their price objective on Fortinet from $45.00 to $50.00 and gave the stock an “outperform” rating in a report on Monday, January 8th. BidaskClub raised Fortinet from a “buy” rating to a “strong-buy” rating in a report on Wednesday, December 13th. Finally, JPMorgan Chase & Co. lowered Fortinet from an “overweight” rating to a “neutral” rating and set a $50.00 price objective on the stock. in a report on Tuesday, December 12th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $45.48.
Fortinet (NASDAQ FTNT) opened at $46.01 on Friday. Fortinet has a twelve month low of $31.86 and a twelve month high of $46.43. The firm has a market capitalization of $8,001.14, a price-to-earnings ratio of 95.85, a P/E/G ratio of 4.70 and a beta of 0.93.
Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, October 26th. The software maker reported $0.28 earnings per share for the quarter, topping the Zacks’ consensus estimate 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 analyst estimates of $370.67 million. During the same quarter in the prior year, the company posted $0.18 earnings per share. Fortinet’s quarterly revenue was up 18.2% on a year-over-year basis. research analysts predict that Fortinet will post 0.48 earnings per share for the current fiscal year.
Fortinet announced that its board has authorized a stock buyback plan on Thursday, October 26th that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the software maker to reacquire shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.
In other Fortinet news, VP John Whittle sold 13,749 shares of the company’s stock in a transaction on Tuesday, December 19th. The stock was 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 $829,350. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Christopher B. Paisley sold 4,000 shares of the company’s stock in a transaction on Monday, November 13th. The shares were sold at an average price of $40.02, for a total value of $160,080.00. Following the completion of the sale, the director now directly owns 72,606 shares in the company, valued at approximately $2,905,692.12. The disclosure for this sale can be found here. Insiders sold 73,355 shares of company stock worth $3,072,511 in the last three months. 16.40% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently bought and sold shares of FTNT. GLG Partners LP acquired a new stake in shares of Fortinet during the second quarter valued at $145,000. Ropes Wealth Advisors LLC boosted its stake in shares of Fortinet by 67.3% during the second quarter. Ropes Wealth Advisors LLC now owns 4,610 shares of the software maker’s stock valued at $173,000 after acquiring an additional 1,855 shares during the last quarter. IFM Investors Pty Ltd acquired a new stake in shares of Fortinet during the third quarter valued at $220,000. Toronto Dominion Bank boosted its stake in shares of Fortinet by 249.2% during the third quarter. Toronto Dominion Bank now owns 6,310 shares of the software maker’s stock valued at $226,000 after acquiring an additional 4,503 shares during the last quarter. Finally, Parametrica Management Ltd acquired a new stake in shares of Fortinet during the third quarter valued at $254,000. 70.68% of the stock is currently owned by institutional investors and hedge funds.
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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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