Fortinet’s (FTNT) Buy Rating Reaffirmed at BMO Capital Markets
Fortinet, Inc. (NASDAQ:FTNT)‘s stock had its “buy” rating restated by BMO Capital Markets in a research note issued to investors on Thursday. They currently have a $46.00 price objective on the software maker’s stock. BMO Capital Markets’ price target points to a potential upside of 24.76% from the stock’s previous close.
A number of other analysts have also recently weighed in on FTNT. Susquehanna Bancshares Inc started coverage on shares of Fortinet in a report on Wednesday, June 7th. They set a “neutral” rating and a $45.00 price objective on the stock. Monness Crespi & Hardt started coverage on shares of Fortinet in a report on Wednesday, June 14th. They set a “buy” rating and a $45.00 price objective on the stock. Oppenheimer Holdings, Inc. reissued an “outperform” rating and set a $45.00 price objective on shares of Fortinet in a report on Thursday, June 22nd. Northland Securities started coverage on shares of Fortinet in a report on Thursday, June 29th. They set an “outperform” rating and a $45.00 price objective on the stock. Finally, Zacks Investment Research cut shares of Fortinet from a “buy” rating to a “hold” rating in a report on Tuesday, July 4th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. Fortinet has a consensus rating of “Buy” and an average target price of $41.26.
Fortinet (NASDAQ FTNT) traded up 3.6547% during mid-day trading on Thursday, reaching $38.2175. 1,005,337 shares of the company’s stock traded hands. The stock’s 50 day moving average is $37.49 and its 200-day moving average is $38.22. Fortinet has a 52 week low of $28.51 and a 52 week high of $41.56. The stock has a market capitalization of $6.72 billion, a PE ratio of 104.7055 and a beta of 1.01.
Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Wednesday, July 26th. The software maker reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.07. Fortinet had a net margin of 4.71% and a return on equity of 9.36%. The company had revenue of $363.50 million for the quarter, compared to analysts’ expectations of $361.05 million. During the same quarter last year, the company earned $0.14 earnings per share. The firm’s revenue for the quarter was up 16.7% on a year-over-year basis. On average, equities analysts anticipate that Fortinet will post $0.95 EPS for the current year.
Fortinet announced that its Board of Directors has approved a stock repurchase program on Wednesday, July 26th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the software maker to purchase up to 4.2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.
In related news, VP John Whittle sold 2,091 shares of the business’s stock in a transaction dated 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 directly owns 7,181 shares in the company, valued at approximately $260,454.87. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Christopher B. Paisley sold 4,000 shares of the business’s stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $36.39, for a total transaction of $145,560.00. Following the completion of the sale, the director now owns 66,611 shares in the company, valued at $2,423,974.29. The disclosure for this sale can be found here. Insiders have sold a total of 9,558 shares of company stock worth $348,406 over the last 90 days. Insiders own 16.40% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in FTNT. First Mercantile Trust Co. purchased a new stake in shares of Fortinet in the 2nd quarter worth about $136,000. GLG Partners LP purchased a new stake in shares of Fortinet in the 2nd quarter worth about $145,000. NEXT Financial Group Inc boosted its position in shares of Fortinet by 17,296.0% in the 2nd quarter. NEXT Financial Group Inc now owns 4,349 shares of the software maker’s stock worth $163,000 after buying an additional 4,324 shares in the last quarter. Ropes Wealth Advisors LLC boosted its position in shares of Fortinet by 67.3% in the 2nd quarter. Ropes Wealth Advisors LLC now owns 4,610 shares of the software maker’s stock worth $173,000 after buying an additional 1,855 shares in the last quarter. Finally, Greenwood Capital Associates LLC purchased a new stake in shares of Fortinet in the 2nd quarter worth about $209,000. Institutional investors and hedge funds own 68.99% of the company’s stock.
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.
Receive News & Ratings for Fortinet Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortinet Inc. and related companies with MarketBeat.com's FREE daily email newsletter.