Fortinet, Inc. (FTNT) Earns “Buy” Rating from Oppenheimer Holdings, Inc.
Oppenheimer Holdings, Inc. reissued their buy rating on shares of Fortinet, Inc. (NASDAQ:FTNT) in a research note published on Thursday morning. Oppenheimer Holdings, Inc. currently has a $45.00 price target on the software maker’s stock.
A number of other analysts also recently weighed in on FTNT. Susquehanna Bancshares Inc started coverage on Fortinet in a research report on Wednesday, June 7th. They set a neutral rating and a $45.00 target price for the company. Monness Crespi & Hardt started coverage on Fortinet in a research report on Wednesday, June 14th. They set a buy rating and a $45.00 target price for the company. Northland Securities started coverage on Fortinet in a research report on Thursday, June 29th. They set an outperform rating and a $45.00 target price for the company. Zacks Investment Research downgraded Fortinet from a buy rating to a hold rating in a research report on Tuesday, July 4th. Finally, OTR Global upgraded Fortinet to a positive rating in a research report on Wednesday, July 5th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus target price of $41.26.
Shares of Fortinet (NASDAQ FTNT) traded up 1.93% on Thursday, hitting $39.03. The company’s stock had a trading volume of 1,854,324 shares. The firm has a market cap of $6.86 billion, a price-to-earnings ratio of 106.93 and a beta of 1.01. Fortinet has a 52 week low of $28.51 and a 52 week high of $41.56. The stock’s 50-day moving average price is $37.59 and its 200-day moving average price is $38.24.
Fortinet (NASDAQ:FTNT) last released its earnings results on Wednesday, July 26th. The software maker reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.07. The firm had revenue of $363.50 million during the quarter, compared to the consensus estimate of $361.05 million. Fortinet had a return on equity of 9.36% and a net margin of 4.71%. The company’s revenue was up 16.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.14 EPS. Equities analysts expect that Fortinet will post $0.95 earnings per share for the current fiscal year.
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Fortinet announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, July 26th that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the software maker to buy up to 4.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
In other news, CAO Keith Jensen sold 950 shares of the stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $36.67, for a total value of $34,836.50. Following the completion of the sale, the chief accounting officer now owns 1,315 shares of the company’s stock, valued at $48,221.05. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Christopher B. Paisley sold 4,000 shares of the stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $36.39, for a total value of $145,560.00. Following the completion of the sale, the director now directly owns 66,611 shares of the company’s stock, valued at approximately $2,423,974.29. The disclosure for this sale can be found here. In the last three months, insiders sold 9,558 shares of company stock valued at $348,406. Insiders own 16.40% of the company’s stock.
Hedge funds have recently modified their holdings of the company. First Mercantile Trust Co. acquired a new stake in shares of Fortinet in the second quarter valued at about $136,000. GLG Partners LP acquired a new stake in shares of Fortinet in the second quarter valued at about $145,000. NEXT Financial Group Inc increased its stake in shares of Fortinet by 17,296.0% in the second quarter. NEXT Financial Group Inc now owns 4,349 shares of the software maker’s stock valued at $163,000 after buying an additional 4,324 shares during the period. Ropes Wealth Advisors LLC increased its stake in shares of Fortinet by 67.3% in the second quarter. Ropes Wealth Advisors LLC now owns 4,610 shares of the software maker’s stock valued at $173,000 after buying an additional 1,855 shares during the period. Finally, Greenwood Capital Associates LLC acquired a new stake in shares of Fortinet in the second quarter valued at about $209,000. 68.99% of the stock is owned by institutional investors.
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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