Fortinet’s (FTNT) “Buy” Rating Reaffirmed at Cowen and Company
A number of other research firms have also recently commented on FTNT. UBS AG raised their price target on shares of Fortinet from $42.00 to $45.00 and gave the stock a buy rating in a report on Friday, April 28th. Robert W. Baird set a $50.00 price target on shares of Fortinet and gave the stock a buy rating in a report on Thursday, July 27th. Evercore ISI set a $38.00 price target on shares of Fortinet and gave the stock a hold rating in a report on Thursday, July 27th. ValuEngine cut shares of Fortinet from a hold rating to a sell rating in a report on Friday. Finally, Monness Crespi & Hardt initiated coverage on shares of Fortinet in a report on Wednesday, June 14th. They issued a buy rating and a $45.00 price target for the company. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the stock. Fortinet has an average rating of Buy and an average target price of $41.56.
Fortinet (FTNT) opened at 36.91 on Friday. The stock has a 50 day moving average of $38.65 and a 200 day moving average of $37.74. The firm has a market cap of $6.49 billion, a price-to-earnings ratio of 101.12 and a beta of 1.03. Fortinet has a one year low of $28.50 and a one year high of $41.56.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Wednesday, July 26th. The software maker reported $0.27 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.07. Fortinet had a net margin of 4.71% and a return on equity of 9.36%. The company had revenue of $363.50 million during the quarter, compared to analysts’ expectations of $361.05 million. During the same period in the prior year, the company posted $0.14 earnings per share. Fortinet’s revenue for the quarter was up 16.7% compared to the same quarter last year. Equities research analysts predict that Fortinet will post $0.95 EPS for the current fiscal year.
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Fortinet declared that its board has approved a share buyback program 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 programs are generally an indication that the company’s board of directors believes its shares are 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 shares were sold at an average price of $40.73, for a total value of $25,415.52. Following the completion of the transaction, the insider now owns 978 shares of the company’s stock, valued at approximately $39,833.94. The transaction was disclosed in a filing with the SEC, which is available through this link. 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 transaction of $186,352.47. The disclosure for this sale can be found here. In the last three months, insiders sold 12,800 shares of company stock valued at $508,015. Corporate insiders own 17.00% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the company. Ropes Wealth Advisors LLC raised its stake in shares of Fortinet by 11.1% in the first quarter. Ropes Wealth Advisors LLC now owns 2,755 shares of the software maker’s stock worth $106,000 after buying an additional 275 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. raised its stake in shares of Fortinet by 21.4% in the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 3,060 shares of the software maker’s stock worth $116,000 after buying an additional 540 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Fortinet during the fourth quarter worth $121,000. Thompson Davis & CO. Inc. raised its stake in shares of Fortinet by 523.8% in the first quarter. Thompson Davis & CO. Inc. now owns 3,275 shares of the software maker’s stock worth $126,000 after buying an additional 2,750 shares during the last quarter. Finally, NEXT Financial Group Inc raised 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 worth $163,000 after buying an additional 4,324 shares during the last quarter. 72.85% of the stock is owned by institutional investors and hedge funds.
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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