Fortinet, Inc. (FTNT) Given Buy Rating at Oppenheimer Holdings, Inc.
Fortinet, Inc. (NASDAQ:FTNT)‘s stock had its “buy” rating reiterated by stock analysts at Oppenheimer Holdings, Inc. in a report issued on Monday. They currently have a $45.00 target price on the software maker’s stock. Oppenheimer Holdings, Inc.’s price objective would indicate a potential upside of 16.61% from the company’s previous close.
Other equities analysts have also issued reports about the stock. Cowen and Company reiterated a “buy” rating and issued a $43.00 price target on shares of Fortinet in a research report on Friday, July 28th. ValuEngine lowered shares of Fortinet from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Dougherty & Co upped their price target on shares of Fortinet from $46.00 to $48.00 and gave the stock a “buy” rating in a research report on Thursday, July 27th. Robert W. Baird set a $50.00 price target on shares of Fortinet and gave the stock a “buy” rating in a research report on Thursday, July 27th. Finally, Evercore ISI set a $38.00 price target on shares of Fortinet and gave the stock a “hold” rating in a research report on Thursday, July 27th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company. Fortinet has an average rating of “Buy” and an average target price of $41.30.
Shares of Fortinet (NASDAQ FTNT) traded down 0.18% on Monday, reaching $38.59. 1,279,555 shares of the company’s stock traded hands. The firm’s 50-day moving average is $37.26 and its 200-day moving average is $38.19. The stock has a market cap of $6.79 billion, a price-to-earnings ratio of 105.73 and a beta of 0.99. Fortinet has a 52-week low of $28.50 and a 52-week high of $41.56.
Fortinet (NASDAQ:FTNT) last posted its quarterly 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. The business had revenue of $363.50 million during the quarter, compared to analyst estimates of $361.05 million. Fortinet had a net margin of 4.71% and a return on equity of 9.36%. The company’s revenue was up 16.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.14 earnings per share. Analysts anticipate that Fortinet will post $0.95 EPS for the current fiscal year.
Fortinet announced that its Board of Directors has authorized a stock buyback plan on Wednesday, July 26th that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the software maker to buy up to 4.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
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In other news, Director Christopher B. Paisley sold 4,000 shares of the 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 sale, the director now owns 66,611 shares of the company’s stock, valued at $2,423,974.29. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Keith Jensen sold 950 shares of the stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $36.67, for a total transaction of $34,836.50. Following the completion of the sale, the chief accounting officer now directly owns 1,315 shares in the company, valued at approximately $48,221.05. The disclosure for this sale can be found here. In the last three months, insiders sold 9,558 shares of company stock worth $348,406. Insiders own 17.00% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in FTNT. First Mercantile Trust Co. purchased a new stake in shares of Fortinet in the second quarter valued at $136,000. GLG Partners LP purchased a new stake in shares of Fortinet in the second quarter valued at $145,000. NEXT Financial Group Inc raised 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 valued at $163,000 after acquiring an additional 4,324 shares during the period. Ropes Wealth Advisors LLC raised 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 valued at $173,000 after acquiring an additional 1,855 shares during the period. Finally, Daiwa Securities Group Inc. raised its stake in shares of Fortinet by 31.9% in the first quarter. Daiwa Securities Group Inc. now owns 4,550 shares of the software maker’s stock valued at $174,000 after acquiring an additional 1,100 shares during the period. 68.99% of the stock is currently owned by institutional investors and hedge funds.
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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