Fortinet’s (FTNT) Buy Rating Reiterated at Monness Crespi & Hardt

Fortinet (NASDAQ:FTNT)‘s stock had its “buy” rating restated by analysts at Monness Crespi & Hardt in a research note issued to investors on Friday, January 19th, MarketBeat.com reports. They currently have a $50.00 target price on the software maker’s stock, up from their previous target price of $45.00. Monness Crespi & Hardt’s target price suggests a potential upside of 7.57% from the company’s current price.

Other equities analysts also recently issued research reports about the stock. BidaskClub downgraded shares of Fortinet from a “strong-buy” rating to a “buy” rating in a report on Thursday, December 7th. Zacks Investment Research raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $44.00 price target on the stock in a report on Tuesday, October 31st. UBS Group lifted their price target on shares of Fortinet from $46.00 to $47.00 and gave the company a “buy” rating in a report on Friday, October 27th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $50.00 price target on shares of Fortinet in a report on Thursday, October 12th. Finally, Oppenheimer reaffirmed a “buy” rating and set a $45.00 price target on shares of Fortinet in a report on Thursday, October 5th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, fourteen have assigned a buy rating and two have given a strong buy rating to the stock. Fortinet presently has an average rating of “Buy” and a consensus target price of $47.33.

Fortinet (NASDAQ:FTNT) traded down $0.06 on Friday, hitting $46.48. 2,681,208 shares of the company were exchanged, compared to its average volume of 1,984,817. The stock has a market capitalization of $8,080.00, a P/E ratio of 273.41, a price-to-earnings-growth ratio of 3.77 and a beta of 0.86. Fortinet has a one year low of $35.44 and a one year high of $47.20.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Monday, February 5th. The software maker reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.03. Fortinet had a net margin of 2.10% and a return on equity of 11.77%. The company had revenue of $416.70 million for the quarter, compared to the consensus estimate of $409.04 million. During the same quarter last year, the firm posted $0.30 earnings per share. The firm’s revenue was up 14.9% compared to the same quarter last year. analysts forecast that Fortinet will post 0.74 EPS for the current fiscal year.

Fortinet declared that its board has approved a stock repurchase program 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 programs are typically a sign that the company’s board believes its shares are undervalued.

In related news, VP John Whittle sold 13,749 shares of the business’s 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 in the company, valued at $829,350. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 19,790 shares of the business’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $45.30, for a total transaction of $896,487.00. Following the completion of the sale, the vice president now owns 7,181 shares in the company, valued at approximately $325,299.30. The disclosure for this sale can be found here. Insiders sold 86,223 shares of company stock worth $3,756,868 in the last three months. Insiders own 17.00% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the business. D.A. Davidson & CO. increased its position in Fortinet by 1.1% during the second quarter. D.A. Davidson & CO. now owns 10,364 shares of the software maker’s stock valued at $388,000 after acquiring an additional 114 shares during the last quarter. Broadview Advisors LLC grew its holdings in shares of Fortinet by 0.6% in the second quarter. Broadview Advisors LLC now owns 199,145 shares of the software maker’s stock worth $7,456,000 after purchasing an additional 1,100 shares during the last quarter. LS Investment Advisors LLC grew its holdings in shares of Fortinet by 8.2% in the fourth quarter. LS Investment Advisors LLC now owns 16,168 shares of the software maker’s stock worth $706,000 after purchasing an additional 1,229 shares during the last quarter. American Century Companies Inc. grew its holdings in shares of Fortinet by 5.3% in the fourth quarter. American Century Companies Inc. now owns 24,786 shares of the software maker’s stock worth $1,083,000 after purchasing an additional 1,244 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky grew its holdings in shares of Fortinet by 4.6% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 29,690 shares of the software maker’s stock worth $1,112,000 after purchasing an additional 1,300 shares during the last quarter. Institutional investors and hedge funds 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.

Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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