Fortinet (NASDAQ:FTNT) had its target price upped by Morgan Stanley from $51.00 to $53.00 in a research report sent to investors on Tuesday, February 6th. The firm currently has an overweight rating on the software maker’s stock.
Several other equities analysts have also recently commented on FTNT. Credit Suisse Group upped their target price on shares of Fortinet from $33.00 to $37.00 and gave the company an underperform rating in a research note on Tuesday, February 6th. BMO Capital Markets upped their target price on shares of Fortinet from $45.00 to $50.00 and gave the company an outperform rating in a research note on Tuesday, February 6th. Evercore ISI set a $42.00 price target on shares of Fortinet and gave the company a hold rating in a report on Monday, February 5th. Robert W. Baird reissued a buy rating and issued a $56.00 price target on shares of Fortinet in a report on Tuesday, February 6th. Finally, Barclays boosted their price target on shares of Fortinet from $48.00 to $50.00 and gave the company an equal weight rating in a report on Tuesday, February 6th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company’s stock. Fortinet has a consensus rating of Buy and an average target price of $47.67.
Fortinet (FTNT) traded up $1.64 during trading hours on Tuesday, reaching $48.12. 2,518,300 shares of the company traded hands, compared to its average volume of 1,959,552. The firm has a market cap of $8,300.00, a PE ratio of 282.24, a P/E/G ratio of 3.76 and a beta of 0.86. Fortinet has a 1 year low of $35.44 and a 1 year high of $48.23.
Fortinet (NASDAQ:FTNT) last released its earnings results on Monday, February 5th. The software maker reported $0.32 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.29 by $0.03. The firm had revenue of $416.70 million during the quarter, compared to analysts’ expectations of $409.04 million. Fortinet had a net margin of 2.10% and a return on equity of 11.77%. The business’s quarterly revenue was up 14.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.30 EPS. equities research analysts anticipate that Fortinet will post 0.74 earnings per share for the current fiscal year.
Fortinet announced that its board has authorized a stock buyback program on Thursday, October 26th that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the software maker to buy shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.
In related news, CEO Ken Xie sold 89,423 shares of the company’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $45.08, for a total transaction of $4,031,188.84. Following the transaction, the chief executive officer now owns 12,608,811 shares in the company, valued at approximately $568,405,199.88. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Christopher B. Paisley sold 4,000 shares of the company’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $46.71, for a total transaction of $186,840.00. Following the transaction, the director now owns 72,937 shares in the company, valued at approximately $3,406,887.27. The disclosure for this sale can be found here. In the last ninety days, insiders sold 208,967 shares of company stock worth $9,357,590. 17.00% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of FTNT. Alyeska Investment Group L.P. acquired a new position in Fortinet during the 3rd quarter worth about $14,293,000. Pictet Asset Management Ltd. lifted its position in Fortinet by 20.8% during the 3rd quarter. Pictet Asset Management Ltd. now owns 1,795,700 shares of the software maker’s stock worth $64,358,000 after buying an additional 309,000 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Fortinet by 8.6% during the 3rd 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 in the last quarter. Cornerstone Capital Management Holdings LLC. lifted its position in Fortinet by 179.4% during the 3rd 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 in the last quarter. Finally, Ameriprise Financial Inc. lifted its position in Fortinet by 7.0% during the 3rd 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 in the last quarter. Institutional investors and hedge funds own 70.68% of the company’s stock.
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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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