Fortinet’s (FTNT) “Buy” Rating Reaffirmed at Cowen and Company
Fortinet, Inc. (NASDAQ:FTNT)‘s stock had its “buy” rating reissued by stock analysts at Cowen and Company in a research report issued to clients and investors on Friday. They presently have a $43.00 price objective on the software maker’s stock. Cowen and Company’s price target points to a potential upside of 14.48% from the stock’s current price.
Several other equities analysts also recently commented on the stock. Credit Suisse Group began coverage on shares of Fortinet in a report on Tuesday. They set an “underperform” rating and a $33.00 price target on the stock. BMO Capital Markets reissued a “buy” rating and issued a $46.00 price objective on shares of Fortinet in a research report on Friday, September 1st. Piper Jaffray Companies set a $50.00 price objective on shares of Fortinet and gave the company a “buy” rating in a research report on Friday, August 25th. BidaskClub raised shares of Fortinet from a “strong sell” rating to a “sell” rating in a research report on Wednesday, August 23rd. Finally, ValuEngine raised shares of Fortinet from a “sell” rating to a “hold” rating in a research report on Thursday, August 10th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $41.30.
Shares of Fortinet (FTNT) traded up 0.56% during mid-day trading on Friday, reaching $37.56. 1,171,669 shares of the company’s stock traded hands. Fortinet has a 12-month low of $28.51 and a 12-month high of $41.56. The firm has a market capitalization of $6.60 billion, a price-to-earnings ratio of 102.90 and a beta of 0.99. The stock has a 50-day moving average price of $37.49 and a 200 day moving average price of $38.12.
Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, July 26th. The software maker reported $0.27 EPS for the quarter, beating the consensus estimate of $0.20 by $0.07. The company had revenue of $363.50 million for the quarter, compared to the consensus estimate of $361.05 million. Fortinet had a net margin of 4.71% and a return on equity of 9.36%. The firm’s revenue was up 16.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.14 EPS. Analysts anticipate that Fortinet will post $0.95 EPS for the current fiscal year.
Fortinet declared that its Board of Directors has initiated a share buyback plan on Wednesday, July 26th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the software maker to buy up to 4.2% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.
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In other news, VP John Whittle sold 2,091 shares of the stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $36.27, for a total value of $75,840.57. Following the sale, the vice president now owns 7,181 shares in the company, valued at $260,454.87. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Keith Jensen sold 1,850 shares of the stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $36.47, for a total transaction of $67,469.50. Following the completion of the sale, the insider now owns 1,315 shares in the company, valued at approximately $47,958.05. The disclosure for this sale can be found here. Insiders have sold a total of 9,558 shares of company stock worth $348,406 in the last 90 days. 16.40% of the stock is currently owned by company insiders.
Several large investors have recently added to or reduced their stakes in FTNT. First Mercantile Trust Co. acquired a new stake in shares of Fortinet in the second quarter worth $136,000. GLG Partners LP acquired a new stake in shares of Fortinet in the second quarter worth $145,000. NEXT Financial Group Inc increased 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 acquiring an additional 4,324 shares during the period. Flinton Capital Management LLC increased its stake in shares of Fortinet by 9.3% in the first quarter. Flinton Capital Management LLC now owns 4,512 shares of the software maker’s stock worth $173,000 after acquiring an additional 384 shares during the period. Finally, Ropes Wealth Advisors LLC increased its stake in shares of Fortinet by 67.3% in the second quarter. Ropes Wealth Advisors LLC now owns 4,610 shares of the software maker’s stock worth $173,000 after acquiring an additional 1,855 shares during the period. Hedge funds and other institutional investors own 69.02% of the company’s stock.
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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