Fortinet (NASDAQ:FTNT) had its target price lifted by Stifel Nicolaus from $42.00 to $46.00 in a research note released on Tuesday morning, MarketBeat.com reports. They currently have a hold rating on the software maker’s stock.

FTNT has been the topic of a number of other research reports. Piper Jaffray Companies restated a buy rating and issued a $46.00 price target on shares of Fortinet in a research report on Friday, October 27th. Zacks Investment Research upgraded shares of Fortinet from a hold rating to a buy rating and set a $44.00 price target on the stock in a research report on Tuesday, October 31st. Oppenheimer lifted their price objective on shares of Fortinet from $45.00 to $50.00 and gave the company an outperform rating in a research note on Monday, January 8th. Robert W. Baird lifted their price objective on shares of Fortinet from $50.00 to $56.00 and gave the company an outperform rating in a research note on Thursday, January 11th. Finally, Evercore ISI reiterated a hold rating and issued a $38.00 price objective on shares of Fortinet in a research note on Friday, October 27th. One analyst has rated the stock with a sell rating, eleven have given a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the stock. The stock has a consensus rating of Buy and a consensus target price of $47.33.

Fortinet (NASDAQ:FTNT) opened at $44.50 on Tuesday. The stock has a market cap of $7,914.20, a P/E ratio of 81.27, a PEG ratio of 4.65 and a beta of 0.86. Fortinet has a 1 year low of $35.44 and a 1 year high of $47.00.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Monday, February 5th. The software maker reported $0.32 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.29 by $0.03. The firm had revenue of $416.70 million for the quarter, compared to the consensus estimate of $409.04 million. Fortinet had a net margin of 2.10% and a return on equity of 11.77%. The company’s revenue for the quarter was up 14.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.30 EPS. equities research analysts forecast that Fortinet will post 0.58 earnings per share for the current year.

Fortinet announced that its Board of Directors has approved a share buyback plan on Thursday, October 26th that allows the company to buyback $400.00 million in shares. This buyback authorization allows the software maker to reacquire shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

In other news, VP Michael Xie sold 19,790 shares of the company’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $45.30, for a total value of $896,487.00. Following the completion of the sale, the vice president now owns 7,181 shares in the company, valued at approximately $325,299.30. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Christopher B. Paisley sold 4,000 shares of the company’s stock in a transaction on Monday, November 13th. The stock was sold at an average price of $40.02, for a total transaction of $160,080.00. Following the completion of the sale, the director now owns 72,606 shares of the company’s stock, valued at approximately $2,905,692.12. The disclosure for this sale can be found here. Insiders have sold a total of 90,223 shares of company stock valued at $3,916,948 in the last 90 days. 16.40% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of FTNT. SeaCrest Wealth Management LLC bought a new stake in shares of Fortinet in the 4th quarter worth $109,000. Cerebellum GP LLC bought a new stake in shares of Fortinet in the 4th quarter worth $125,000. First Mercantile Trust Co. bought a new stake in shares of Fortinet in the 4th quarter worth $135,000. Ropes Wealth Advisors LLC grew its stake in shares of Fortinet by 28.7% in the 3rd quarter. Ropes Wealth Advisors LLC now owns 5,935 shares of the software maker’s stock worth $213,000 after acquiring an additional 1,325 shares in the last quarter. Finally, Capital One National Association bought a new stake in shares of Fortinet in the 4th quarter worth $213,000. Hedge funds and other institutional investors own 70.84% of the company’s stock.

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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.

Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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