Fortinet, Inc. (FTNT) Given Average Rating of “Buy” by Analysts
Fortinet, Inc. (NASDAQ:FTNT) has been given an average rating of “Buy” by the thirty-three research firms that are presently covering the stock, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation, ten have assigned a hold recommendation, nineteen have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $41.23.
A number of brokerages have recently issued reports on FTNT. Stifel Nicolaus reaffirmed a “hold” rating and issued a $42.00 price objective on shares of Fortinet in a research note on Tuesday, September 12th. Cowen and Company reissued a “buy” rating and issued a $43.00 price objective on shares of Fortinet in a research report on Friday, September 8th. Credit Suisse Group assumed coverage on Fortinet in a research report on Tuesday, September 5th. They issued an “underperform” rating and a $33.00 price objective 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. Finally, Piper Jaffray Companies set a $50.00 price objective on Fortinet and gave the company a “buy” rating in a research report on Friday, August 25th.
In other Fortinet news, insider Keith Jensen sold 1,850 shares of the company’s stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $36.47, for a total value of $67,469.50. Following the transaction, the insider now owns 1,315 shares of the company’s stock, valued at $47,958.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Christopher B. Paisley sold 4,000 shares of the company’s stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $36.39, for a total value of $145,560.00. Following the completion of the transaction, the director now directly owns 66,611 shares in the company, valued at approximately $2,423,974.29. The disclosure for this sale can be found here. Insiders sold 9,558 shares of company stock worth $348,406 in the last ninety days. 16.40% of the stock is owned by corporate insiders.
A number of large investors have recently made changes to their positions in FTNT. BlackRock Inc. grew its holdings in shares of Fortinet by 7,159.6% during the 1st quarter. BlackRock Inc. now owns 13,177,758 shares of the software maker’s stock valued at $505,365,000 after acquiring an additional 12,996,236 shares in the last quarter. MARSHALL WACE ASIA Ltd purchased a new position in shares of Fortinet during the 1st quarter valued at $77,398,000. Marshall Wace North America L.P. purchased a new position in shares of Fortinet during the 1st quarter valued at $77,398,000. Clearbridge Investments LLC grew its holdings in shares of Fortinet by 27.7% during the 1st quarter. Clearbridge Investments LLC now owns 8,441,783 shares of the software maker’s stock valued at $323,742,000 after acquiring an additional 1,831,096 shares in the last quarter. Finally, Voya Investment Management LLC grew its holdings in shares of Fortinet by 934.3% during the 2nd quarter. Voya Investment Management LLC now owns 1,880,328 shares of the software maker’s stock valued at $70,399,000 after acquiring an additional 1,698,526 shares in the last quarter. 69.02% of the stock is currently owned by institutional investors.
Shares of Fortinet (FTNT) opened at 38.66 on Friday. The firm has a 50-day moving average of $37.23 and a 200 day moving average of $38.16. The firm has a market capitalization of $6.80 billion, a price-to-earnings ratio of 105.92 and a beta of 0.99. Fortinet has a 12-month low of $28.51 and a 12-month high of $41.56.
Fortinet (NASDAQ:FTNT) last posted its earnings results 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 company had revenue of $363.50 million for the quarter, compared to the consensus estimate of $361.05 million. Fortinet had a return on equity of 9.36% and a net margin of 4.71%. The company’s revenue for the quarter was up 16.7% on a year-over-year basis. During the same quarter 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 year.
Fortinet announced that its Board of Directors has approved 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 buy up to 4.2% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its shares are undervalued.
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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.
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