Fortinet, Inc. (FTNT) Price Target Raised to $48.00
Fortinet, Inc. (NASDAQ:FTNT) had its target price upped by Dougherty & Co from $46.00 to $48.00 in a research report sent to investors on Thursday, MarketBeat Ratings reports. They currently have a buy rating on the software maker’s stock.
Several other analysts also recently issued reports on FTNT. Robert W. Baird upgraded Fortinet from a neutral rating to an outperform rating and increased their price target for the company from $38.00 to $50.00 in a report on Wednesday, March 29th. Stifel Nicolaus increased their price target on Fortinet from $36.00 to $42.00 and gave the company a hold rating in a report on Monday, April 17th. Oppenheimer Holdings, Inc. reiterated an outperform rating and issued a $45.00 price target on shares of Fortinet in a report on Monday, April 17th. BMO Capital Markets upgraded Fortinet from a market perform rating to an outperform rating and increased their price target for the company from $44.00 to $46.00 in a report on Friday, April 21st. They noted that the move was a valuation call. Finally, Vetr upgraded Fortinet from a hold rating to a strong-buy rating and set a $48.00 target price for the company in a research note on Monday, April 24th. One analyst has rated the stock with a sell rating, ten have assigned 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 (FTNT) traded down 1.374% on Thursday, reaching $36.955. The company had a trading volume of 1,495,322 shares. Fortinet has a 12 month low of $28.51 and a 12 month high of $41.56. The firm has a 50-day moving average of $38.66 and a 200-day moving average of $37.62. The stock has a market capitalization of $6.49 billion, a P/E ratio of 101.247 and a beta of 1.03.
Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Wednesday, July 26th. The software maker reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.07. Fortinet had a return on equity of 9.36% and a net margin of 4.71%. The firm had revenue of $363.50 million during the quarter, compared to the consensus estimate of $361.05 million. During the same period in the prior year, the firm earned $0.14 EPS. The firm’s quarterly revenue was up 16.7% compared to the same quarter last year. On average, equities research analysts expect that Fortinet will post $0.95 earnings per share for the current fiscal year.
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Fortinet declared that its Board of Directors has initiated a share buyback program on Wednesday, July 26th that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the software maker to buy up to 4.2% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.
In other news, insider Keith Jensen sold 624 shares of Fortinet 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 owns 978 shares of the company’s stock, valued at $39,833.94. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Ming Hsieh sold 4,743 shares of Fortinet stock in a transaction that occurred on Thursday, June 8th. The shares were 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 sold 23,857 shares of company stock worth $944,214 in the last three months. 17.00% of the stock is currently owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the stock. IFP Advisors Inc boosted its stake in Fortinet by 2.8% in the second quarter. IFP Advisors Inc now owns 21,685 shares of the software maker’s stock worth $812,000 after buying an additional 581 shares during the period. ARP Americas LLC acquired a new stake in Fortinet during the second quarter worth $288,000. Sei Investments Co. boosted its stake in Fortinet by 18.9% in the second quarter. Sei Investments Co. now owns 82,506 shares of the software maker’s stock worth $3,089,000 after buying an additional 13,125 shares during the period. Texas Permanent School Fund boosted its stake in Fortinet by 1.1% in the second quarter. Texas Permanent School Fund now owns 109,075 shares of the software maker’s stock worth $4,084,000 after buying an additional 1,182 shares during the period. Finally, World Asset Management Inc boosted its stake in Fortinet by 3.2% in the second quarter. World Asset Management Inc now owns 10,787 shares of the software maker’s stock worth $404,000 after buying an additional 336 shares during the period. 72.85% of the stock is currently 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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