Fortinet, Inc. (FTNT) Given Buy Rating at Oppenheimer Holdings, Inc.
Fortinet, Inc. (NASDAQ:FTNT)‘s stock had its “buy” rating reiterated by equities research analysts at Oppenheimer Holdings, Inc. in a research note issued on Thursday. They currently have a $45.00 price objective on the software maker’s stock. Oppenheimer Holdings, Inc.’s target price would indicate a potential upside of 22.05% from the company’s previous close.
Other analysts have also issued research reports about the company. BMO Capital Markets restated a “buy” rating and issued a $46.00 price objective on shares of Fortinet in a report on Thursday. ValuEngine upgraded Fortinet from a “sell” rating to a “hold” rating in a report on Thursday, August 10th. Zacks Investment Research upgraded Fortinet from a “hold” rating to a “buy” rating and set a $42.00 price objective for the company in a report on Tuesday, September 26th. Monness Crespi & Hardt started coverage on Fortinet in a report on Wednesday, June 14th. They issued a “buy” rating and a $45.00 price objective for the company. Finally, Susquehanna Bancshares Inc started coverage on Fortinet in a report on Wednesday, June 7th. They issued a “neutral” rating and a $45.00 price objective for the company. Two analysts have rated the stock with a sell rating, nine have given a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $41.26.
Shares of Fortinet (NASDAQ:FTNT) traded up 2.87% during midday trading on Thursday, hitting $37.93. The company had a trading volume of 769,703 shares. The stock’s 50-day moving average price is $37.49 and its 200-day moving average price is $38.22. The company has a market cap of $6.67 billion, a price-to-earnings ratio of 103.92 and a beta of 1.01. Fortinet has a 12 month low of $28.50 and a 12 month high of $41.56.
Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Wednesday, July 26th. The software maker reported $0.27 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.07. Fortinet had a return on equity of 9.36% and a net margin of 4.71%. The company had revenue of $363.50 million during the quarter, compared to analyst estimates of $361.05 million. During the same quarter in the previous year, the firm posted $0.14 EPS. The firm’s quarterly revenue was up 16.7% on a year-over-year basis. On average, equities research analysts forecast that Fortinet will post $0.95 EPS for the current year.
Fortinet declared that its Board of Directors has authorized a stock repurchase program on Wednesday, July 26th that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the software maker to repurchase up to 4.2% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors 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 dated Wednesday, August 2nd. The stock was sold at an average price of $36.27, for a total transaction of $75,840.57. Following the transaction, the vice president now owns 7,181 shares of the company’s stock, valued at approximately $260,454.87. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Keith Jensen sold 950 shares of the stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $36.67, for a total value of $34,836.50. Following the transaction, 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. Over the last ninety days, insiders sold 9,558 shares of company stock worth $348,406. Insiders own 16.40% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. First Mercantile Trust Co. acquired a new position in shares of Fortinet during the 2nd quarter valued at about $136,000. GLG Partners LP acquired a new position in shares of Fortinet during the 2nd quarter valued at about $145,000. NEXT Financial Group Inc increased its holdings in shares of Fortinet by 17,296.0% during the 2nd 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 last quarter. Ropes Wealth Advisors LLC increased its holdings in shares of Fortinet by 67.3% during the 2nd 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 last quarter. Finally, Greenwood Capital Associates LLC acquired a new position in shares of Fortinet during the 2nd quarter valued at about $209,000. 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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