Piper Jaffray Companies Reiterates $50.00 Price Target for Fortinet, Inc. (FTNT)
Fortinet, Inc. (NASDAQ:FTNT) has been assigned a $50.00 price target by Piper Jaffray Companies in a research report issued to clients and investors on Friday. The firm currently has a “buy” rating on the software maker’s stock. Piper Jaffray Companies’ price target would indicate a potential upside of 34.48% from the stock’s current price.
Several other analysts have also recently commented on FTNT. UBS AG boosted their price target on Fortinet from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, April 28th. ValuEngine upgraded Fortinet from a “sell” rating to a “hold” rating in a research report on Thursday, August 10th. Monness Crespi & Hardt assumed coverage on Fortinet in a research report on Wednesday, June 14th. They set a “buy” rating and a $45.00 price target for the company. Susquehanna Bancshares Inc assumed coverage on Fortinet in a research report on Wednesday, June 7th. They set a “neutral” rating and a $45.00 price target for the company. Finally, BidaskClub cut Fortinet from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company’s stock. Fortinet has a consensus rating of “Buy” and an average price target of $41.81.
Shares of Fortinet (FTNT) traded down 0.13% during midday trading on Friday, reaching $37.18. 891,028 shares of the company’s stock traded hands. The firm has a market capitalization of $6.54 billion, a PE ratio of 101.86 and a beta of 1.02. Fortinet has a one year low of $28.50 and a one year high of $41.56. The stock’s 50-day moving average price is $38.12 and its 200 day moving average price is $38.13.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Wednesday, July 26th. The software maker reported $0.27 EPS for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.07. The business had revenue of $363.50 million during the quarter, compared to analysts’ expectations of $361.05 million. Fortinet had a return on equity of 9.36% and a net margin of 4.71%. The business’s 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. On average, equities research analysts expect that Fortinet will post $0.95 earnings per share for the current fiscal year.
Fortinet declared that its board has initiated a stock buyback program on Wednesday, July 26th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the software maker to reacquire up to 4.2% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.
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In related news, Director Ming Hsieh sold 4,743 shares of the stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $39.29, for a total transaction of $186,352.47. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP John Whittle sold 2,091 shares of the stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $36.27, for a total value of $75,840.57. Following the transaction, the vice president now directly owns 7,181 shares in the company, valued at approximately $260,454.87. The disclosure for this sale can be found here. In the last three months, insiders have sold 14,301 shares of company stock worth $534,758. 16.40% of the stock is owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of the company. Ropes Wealth Advisors LLC raised its position in Fortinet by 11.1% in the first quarter. Ropes Wealth Advisors LLC now owns 2,755 shares of the software maker’s stock valued at $106,000 after buying an additional 275 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. raised its position in 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 valued at $116,000 after buying an additional 540 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. purchased a new position in Fortinet during the fourth quarter valued at about $121,000. Nordea Investment Management AB raised its position in Fortinet by 10.4% in the second quarter. Nordea Investment Management AB now owns 3,865 shares of the software maker’s stock valued at $122,000 after buying an additional 365 shares during the last quarter. Finally, Flinton Capital Management LLC purchased a new position in Fortinet during the fourth quarter valued at about $124,000. 71.41% of the stock is currently owned by hedge funds and other 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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