Piper Jaffray Companies Reaffirms Buy Rating for Fortinet, Inc. (FTNT)
Fortinet, Inc. (NASDAQ:FTNT)‘s stock had its “buy” rating restated by equities researchers at Piper Jaffray Companies in a note issued to investors on Thursday. They currently have a $50.00 price target on the software maker’s stock. Piper Jaffray Companies’ target price points to a potential upside of 29.27% from the stock’s current price.
Several other research analysts have also recently weighed in on FTNT. Monness Crespi & Hardt initiated coverage on shares of Fortinet in a research report on Wednesday, June 14th. They issued a “buy” rating and a $45.00 price objective for the company. Cowen and Company restated a “buy” rating and issued a $43.00 price objective on shares of Fortinet in a research report on Friday, July 28th. Zacks Investment Research upgraded shares of Fortinet from a “hold” rating to a “buy” rating and set a $43.00 price objective for the company in a research report on Friday, July 7th. Dougherty & Co boosted their price objective 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. Finally, Robert W. Baird set a $50.00 price objective on shares of Fortinet and gave the stock a “buy” rating in a research report on Thursday, July 27th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty have given a buy rating and one has assigned 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) last posted its earnings results on Wednesday, July 26th. The software maker reported $0.27 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $361.05 million. During the same quarter in the previous year, the company posted $0.14 earnings per share. Fortinet’s quarterly revenue was up 16.7% compared to the same quarter last year.
Fortinet announced that its board has initiated 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 reacquire up to 4.2% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.
In related news, insider Keith Jensen sold 1,850 shares of the stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $36.47, for a total transaction of $67,469.50. Following the sale, the insider now owns 1,315 shares in the company, valued at approximately $47,958.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Christopher B. Paisley sold 4,000 shares of the stock in a transaction that occurred on Wednesday, August 2nd. The stock was 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 in the company, valued at approximately $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 in the last quarter. 16.40% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of FTNT. BlackRock Inc. boosted its position 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 worth $505,365,000 after acquiring an additional 12,996,236 shares in the last quarter. Clearbridge Investments LLC boosted its position 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 worth $323,742,000 after acquiring an additional 1,831,096 shares in the last quarter. Voya Investment Management LLC boosted its position 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 worth $70,399,000 after acquiring an additional 1,698,526 shares in the last quarter. ETF Managers Group LLC acquired a new stake in shares of Fortinet during the 2nd quarter worth approximately $40,680,000. Finally, Renaissance Technologies LLC boosted its position in shares of Fortinet by 19.1% during the 2nd quarter. Renaissance Technologies LLC now owns 4,521,700 shares of the software maker’s stock worth $169,292,000 after acquiring an additional 726,300 shares in the last quarter. Institutional investors and hedge funds own 68.99% of the company’s stock.
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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