Fortinet, Inc. (FTNT) Given a $50.00 Price Target at Robert W. Baird
“We believe expectations were somewhat elevated coming into the print. Management called out delays in Telco Service Provider offset but positive trends in Enterprise.”,” the firm’s analyst wrote.
FTNT has been the topic of several other reports. Zacks Investment Research upgraded Fortinet from a hold rating to a buy rating and set a $44.00 target price on the stock in a research report on Wednesday, May 3rd. Royal Bank Of Canada lifted their target price on Fortinet from $35.00 to $41.00 and gave the company an outperform rating in a research report on Friday, April 28th. Evercore ISI set a $38.00 target price on Fortinet and gave the company a hold rating in a research report on Thursday. Oppenheimer Holdings, Inc. reiterated an outperform rating and set a $45.00 target price on shares of Fortinet in a research report on Monday, April 17th. Finally, Stifel Nicolaus lifted their target price on Fortinet from $36.00 to $42.00 and gave the company a hold rating in a research report on Monday, April 17th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of Buy and an average price target of $41.56.
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 the Thomson Reuters’ consensus estimate of $0.20 by $0.07. The company had revenue of $363.50 million for 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%. Fortinet’s quarterly revenue was up 16.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.14 earnings per share.
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Fortinet announced that its Board of Directors has authorized a stock buyback program on Wednesday, July 26th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the software maker to purchase up to 4.2% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
In other Fortinet news, insider Keith Jensen sold 624 shares of the business’s stock in a transaction that occurred on Wednesday, May 17th. The stock was sold at an average price of $40.73, for a total transaction of $25,415.52. Following the sale, the insider now directly owns 978 shares of the company’s stock, valued at $39,833.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ming Hsieh sold 4,743 shares of the business’s stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $39.29, for a total value of $186,352.47. The disclosure for this sale can be found here. Insiders have sold 23,857 shares of company stock worth $944,214 over the last three months. 17.00% of the stock is currently owned by insiders.
A number of large investors have recently modified their holdings of the company. BlackRock Inc. boosted its stake in shares of Fortinet by 7,159.6% in the first quarter. BlackRock Inc. now owns 13,177,758 shares of the software maker’s stock valued at $505,365,000 after buying an additional 12,996,236 shares during the last quarter. MARSHALL WACE ASIA Ltd bought a new stake in shares of Fortinet during the first quarter valued at $77,398,000. Marshall Wace North America L.P. bought a new stake in shares of Fortinet during the first quarter valued at $77,398,000. Clearbridge Investments LLC boosted its stake in shares of Fortinet by 27.7% in the first quarter. Clearbridge Investments LLC now owns 8,441,783 shares of the software maker’s stock valued at $323,742,000 after buying an additional 1,831,096 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of Fortinet by 45.0% in the first quarter. Renaissance Technologies LLC now owns 3,795,400 shares of the software maker’s stock valued at $145,554,000 after buying an additional 1,177,300 shares during the last quarter. 72.85% of the stock is currently owned by institutional investors.
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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