Fortinet, Inc. (NASDAQ:FTNT) Price Target Raised to $48.00 at Dougherty & Co
Fortinet, Inc. (NASDAQ:FTNT) had its price target lifted by equities researchers at Dougherty & Co from $46.00 to $48.00 in a note issued to investors on Thursday. The firm presently has a “buy” rating on the software maker’s stock. Dougherty & Co’s target price would suggest a potential upside of 18.28% from the stock’s previous close.
A number of other research firms also recently weighed in on FTNT. Robert W. Baird set a $50.00 target price on Fortinet and gave the stock a “buy” rating in a report on Thursday. Evercore ISI set a $38.00 target price on Fortinet and gave the stock a “hold” rating in a report on Thursday. Royal Bank Of Canada boosted their price target on Fortinet from $35.00 to $41.00 and gave the company an “outperform” rating in a research note on Friday, April 28th. UBS AG boosted their price target on Fortinet from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, April 28th. Finally, BidaskClub raised Fortinet from a “sell” rating to a “hold” rating in a research note on Thursday, July 13th. Ten investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the stock. Fortinet has a consensus rating of “Buy” and a consensus target price of $41.46.
Shares of Fortinet (NASDAQ:FTNT) traded down 4.41% during trading on Thursday, hitting $38.79. 1,896,702 shares of the stock were exchanged. Fortinet has a 1-year low of $28.50 and a 1-year high of $41.56. The company has a market cap of $6.82 billion, a P/E ratio of 168.65 and a beta of 1.02. The firm’s 50-day moving average is $38.74 and its 200 day moving average is $37.57.
Fortinet (NASDAQ:FTNT) last posted its earnings results on Wednesday, July 26th. The software maker reported $0.27 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.07. Fortinet had a return on equity of 7.34% and a net margin of 3.06%. The company had revenue of $363.50 million during the quarter, compared to the consensus estimate of $361.05 million. During the same quarter last year, the firm earned $0.14 earnings per share. The company’s revenue was up 16.7% on a year-over-year basis. Equities analysts forecast that Fortinet will post $0.91 earnings per share for the current fiscal year.
Fortinet declared that its Board of Directors has initiated a stock buyback plan on Wednesday, July 26th that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the software maker to repurchase up to 4.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
In other news, VP John Whittle sold 11,057 shares of the company’s stock in a transaction that occurred on Tuesday, May 2nd. The stock was sold at an average price of $39.45, for a total transaction of $436,198.65. Following the transaction, the vice president now directly owns 11,868 shares of the company’s stock, valued at $468,192.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Christopher B. Paisley sold 6,000 shares of the company’s stock in a transaction that occurred on Monday, May 1st. The stock was sold at an average price of $39.04, for a total value of $234,240.00. Following the transaction, the director now directly owns 67,949 shares in the company, valued at $2,652,728.96. The disclosure for this sale can be found here. Over the last three months, insiders sold 29,857 shares of company stock worth $1,178,454. Insiders own 16.40% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. Ropes Wealth Advisors LLC raised its position 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 position 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. Thompson Davis & CO. Inc. raised its position 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. Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Fortinet during the fourth quarter worth $121,000. Finally, NEXT Financial Group Inc raised its position 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. 72.84% 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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