Shares of Fortinet, Inc. (NASDAQ:FTNT) have received an average rating of “Buy” from the thirty-three analysts that are covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation, nine have issued a hold recommendation, twenty have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $41.26.

Several brokerages have weighed in on FTNT. Cowen and Company reaffirmed a “buy” rating and set a $43.00 target price on shares of Fortinet in a research note on Friday, July 28th. Zacks Investment Research lowered shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Tuesday, July 4th. Robert W. Baird set a $50.00 price objective on shares of Fortinet and gave the company a “buy” rating in a research note on Thursday, July 27th. Evercore ISI set a $38.00 price objective on shares of Fortinet and gave the company a “hold” rating in a research note on Thursday, July 27th. Finally, ValuEngine raised shares of Fortinet from a “sell” rating to a “hold” rating in a research note on Thursday, August 10th.

TRADEMARK VIOLATION WARNING: This piece was originally reported by American Banking News and is owned by of American Banking News. If you are accessing this piece on another site, it was illegally stolen and republished in violation of US and international trademark and copyright laws. The original version of this piece can be read at https://www.americanbankingnews.com/2017/10/12/fortinet-inc-ftnt-given-average-rating-of-buy-by-brokerages.html.

Shares of Fortinet (NASDAQ FTNT) opened at 38.68 on Thursday. Fortinet has a 52-week low of $28.50 and a 52-week high of $41.56. The stock has a market capitalization of $6.80 billion, a PE ratio of 105.97 and a beta of 1.01. The firm has a 50-day moving average of $37.73 and a 200 day moving average of $38.30.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Wednesday, July 26th. The software maker reported $0.27 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.07. The company 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%. Fortinet’s revenue was up 16.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.14 earnings per share. Equities research analysts forecast that Fortinet will post $0.95 EPS for the current fiscal year.

Fortinet announced that its board has authorized a share 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 buy up to 4.2% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

In other Fortinet news, Director Christopher B. Paisley sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $36.39, for a total transaction 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP John Whittle sold 2,091 shares of the firm’s stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $36.27, for a total transaction 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 disclosure for this sale can be found here. In the last three months, insiders have sold 9,558 shares of company stock worth $348,406. 16.40% of the stock is owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in the business. First Mercantile Trust Co. acquired a new position in shares of Fortinet in the 2nd quarter valued at $136,000. GLG Partners LP acquired a new position in shares of Fortinet in the 2nd quarter valued at $145,000. NEXT Financial Group Inc increased its holdings 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 valued at $163,000 after acquiring an additional 4,324 shares during the period. Ropes Wealth Advisors LLC increased its holdings 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 valued at $173,000 after acquiring an additional 1,855 shares during the period. Finally, Greenwood Capital Associates LLC acquired a new position in shares of Fortinet in the 2nd quarter valued at $209,000. 68.99% of the stock is currently owned by institutional investors.

About Fortinet

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.

Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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.