Shares of Fortinet Inc (NASDAQ:FTNT) have been given a consensus rating of “Buy” by the twenty-eight research firms that are presently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $47.45.
A number of analysts have recently weighed in on FTNT shares. KeyCorp restated a “buy” rating and issued a $46.00 target price on shares of Fortinet in a report on Tuesday, October 24th. Zacks Investment Research downgraded shares of Fortinet from a “buy” rating to a “hold” rating in a report on Wednesday, February 14th. Robert W. Baird boosted their target price on shares of Fortinet from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Thursday, January 11th. Credit Suisse Group boosted their target price on shares of Fortinet from $33.00 to $37.00 and gave the stock an “underperform” rating in a report on Tuesday, February 6th. Finally, Barclays downgraded shares of Fortinet from an “overweight” rating to an “equal weight” rating and boosted their target price for the stock from $45.00 to $48.00 in a report on Tuesday, January 9th.
In related news, CEO Ken Xie sold 89,423 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now owns 12,608,811 shares in the company, valued at approximately $568,405,199.88. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Michael Xie sold 40,000 shares of the business’s stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $41.95, for a total transaction of $1,678,000.00. Following the transaction, the vice president now owns 6,692,200 shares of the company’s stock, valued at approximately $280,737,790. The disclosure for this sale can be found here. Over the last three months, insiders sold 209,315 shares of company stock valued at $9,377,275. 17.00% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of FTNT. Alyeska Investment Group L.P. bought a new position in shares of Fortinet during the 3rd quarter worth approximately $14,293,000. Pictet Asset Management Ltd. increased its stake 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 valued at $64,358,000 after purchasing an additional 309,000 shares in the last quarter. Bank of New York Mellon Corp increased its stake 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 valued at $134,472,000 after purchasing an additional 296,648 shares in the last quarter. Cornerstone Capital Management Holdings LLC. increased its stake 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 valued at $16,135,000 after purchasing an additional 289,086 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its stake in Fortinet by 7.0% during the 3rd quarter. Ameriprise Financial Inc. now owns 4,400,011 shares of the software maker’s stock valued at $157,693,000 after purchasing an additional 288,097 shares in the last quarter. Hedge funds and other institutional investors own 68.72% of the company’s stock.
Fortinet (FTNT) traded down $0.33 during trading on Wednesday, hitting $48.95. 1,305,500 shares of the stock were exchanged, compared to its average volume of 1,960,745. Fortinet has a 12-month low of $35.44 and a 12-month high of $49.58. The company has a market cap of $8,510.00, a P/E ratio of 287.94, a PEG ratio of 3.96 and a beta of 0.86.
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 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 firm had revenue of $416.70 million for the quarter, compared to the consensus estimate of $409.04 million. During the same period in the previous year, the firm posted $0.30 EPS. The business’s quarterly revenue was up 14.9% on a year-over-year basis. analysts forecast that Fortinet will post 0.74 earnings per share for the current year.
Fortinet announced that its board has initiated a stock repurchase plan on Thursday, October 26th that authorizes the company to repurchase $400.00 million in shares. This repurchase authorization authorizes the software maker to repurchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
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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.
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