Fortinet (NASDAQ:FTNT) was downgraded by research analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a research note issued on Thursday, December 7th.
Other analysts have also recently issued reports about the company. Deutsche Bank upgraded Fortinet from a “hold” rating to a “buy” rating and boosted their price objective for the company from $36.00 to $48.00 in a research report on Wednesday, October 18th. Stifel Nicolaus reiterated a “hold” rating and set a $42.00 price target on shares of Fortinet in a research report on Tuesday, September 12th. Cowen reiterated a “buy” rating and set a $43.00 price target on shares of Fortinet in a research report on Friday, September 8th. UBS Group boosted their price target on Fortinet from $46.00 to $47.00 and gave the stock a “buy” rating in a research report on Friday, October 27th. Finally, Oppenheimer reissued a “buy” rating and set a $45.00 price objective on shares of Fortinet in a research note on Monday, September 18th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $44.55.
Fortinet (NASDAQ:FTNT) traded up $0.66 during trading on Thursday, hitting $44.35. The company had a trading volume of 1,288,736 shares, compared to its average volume of 1,480,000. Fortinet has a 12-month low of $29.90 and a 12-month high of $45.64. The firm has a market capitalization of $7,710.00, a P/E ratio of 92.40, a price-to-earnings-growth ratio of 5.38 and a beta of 0.92.
Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, October 26th. The software maker reported $0.28 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.23 by $0.05. The company had revenue of $374.20 million during the quarter, compared to the consensus estimate of $370.67 million. Fortinet had a return on equity of 10.92% and a net margin of 5.93%. Fortinet’s revenue for the quarter was up 18.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.18 earnings per share. equities analysts expect that Fortinet will post 0.48 earnings per share for the current fiscal year.
Fortinet announced that its Board of Directors has authorized a stock buyback program on Thursday, October 26th that authorizes the company to buyback $400.00 million in outstanding shares. This buyback authorization authorizes the software maker to buy shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
In other news, Director Christopher B. Paisley sold 4,000 shares of the stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $40.02, for a total value of $160,080.00. Following the transaction, the director now owns 72,606 shares in the company, valued at approximately $2,905,692.12. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Ming Hsieh sold 5,332 shares of the stock in a transaction dated Thursday, November 9th. The shares were sold at an average price of $39.64, for a total value of $211,360.48. Following the completion of the transaction, the director now owns 331 shares in the company, valued at approximately $13,120.84. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 73,355 shares of company stock worth $3,072,511. 17.00% of the stock is owned by company insiders.
A number of large investors have recently added to or reduced their stakes in the stock. First Mercantile Trust Co. acquired a new stake in Fortinet during the 2nd quarter worth approximately $136,000. GLG Partners LP acquired a new stake in Fortinet during the 2nd quarter worth approximately $145,000. Ropes Wealth Advisors LLC lifted its position in Fortinet by 67.3% during the 2nd quarter. Ropes Wealth Advisors LLC now owns 4,610 shares of the software maker’s stock worth $173,000 after acquiring an additional 1,855 shares during the period. Greenwood Capital Associates LLC acquired a new stake in Fortinet during the 2nd quarter worth approximately $209,000. Finally, Cigna Investments Inc. New acquired a new stake in Fortinet during the 2nd quarter worth approximately $211,000. Hedge funds and other institutional investors own 70.68% of the company’s stock.
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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