Fortinet, Inc. (FTNT) Stock Rating Reaffirmed by KeyCorp
Fortinet, Inc. (NASDAQ:FTNT)‘s stock had its “buy” rating restated by KeyCorp in a research report issued on Tuesday. They currently have a $46.00 target price on the software maker’s stock. KeyCorp’s price target suggests a potential upside of 15.00% from the company’s previous close.
Several other brokerages also recently weighed in on FTNT. ValuEngine downgraded Fortinet from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. BMO Capital Markets restated a “buy” rating and set a $46.00 target price on shares of Fortinet in a research note on Thursday, October 5th. Cowen and Company restated a “buy” rating and set a $43.00 target price on shares of Fortinet in a research note on Friday, September 8th. Zacks Investment Research upgraded Fortinet from a “hold” rating to a “buy” rating and set a $42.00 target price for the company in a research note on Tuesday, September 26th. Finally, Northland Securities initiated coverage on Fortinet in a research note on Thursday, June 29th. They set an “outperform” rating and a $45.00 target price for the company. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company. Fortinet presently has a consensus rating of “Buy” and an average price target of $43.67.
Shares of Fortinet (NASDAQ:FTNT) traded down 0.42% on Tuesday, hitting $40.00. The company had a trading volume of 1,156,402 shares. Fortinet has a 12-month low of $28.50 and a 12-month high of $41.56. The company has a market cap of $7.03 billion, a price-to-earnings ratio of 109.59 and a beta of 1.01. The company has a 50 day moving average of $38.20 and a 200-day moving average of $38.42.
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, beating the consensus estimate of $0.20 by $0.07. The firm had revenue of $363.50 million during the quarter, compared to the consensus estimate of $361.05 million. Fortinet had a return on equity of 9.36% and a net margin of 4.71%. The firm’s quarterly revenue was up 16.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.14 EPS. On average, analysts forecast that Fortinet will post $0.95 earnings per share for the current year.
Fortinet declared that its Board of Directors has initiated a share buyback program on Wednesday, July 26th that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the software maker to buy up to 4.2% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.
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In other news, insider Keith Jensen sold 1,850 shares of Fortinet stock in a transaction that occurred on Wednesday, August 9th. The stock was 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 of the company’s stock, valued at $47,958.05. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP John Whittle sold 2,091 shares of Fortinet stock in a transaction that occurred on 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 disclosure for this sale can be found here. Insiders sold 9,558 shares of company stock worth $348,406 in the last three months. 17.00% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. APG Asset Management N.V. raised its holdings in shares of Fortinet by 11.6% during the third quarter. APG Asset Management N.V. now owns 121,305 shares of the software maker’s stock valued at $4,348,000 after buying an additional 12,600 shares during the last quarter. Oakbrook Investments LLC raised its holdings in shares of Fortinet by 30.4% during the third quarter. Oakbrook Investments LLC now owns 14,140 shares of the software maker’s stock valued at $507,000 after buying an additional 3,300 shares during the last quarter. Robeco Institutional Asset Management B.V. bought a new stake in shares of Fortinet during the third quarter valued at approximately $266,000. Wasatch Advisors Inc. raised its holdings in shares of Fortinet by 5.4% during the second quarter. Wasatch Advisors Inc. now owns 2,259,333 shares of the software maker’s stock valued at $84,589,000 after buying an additional 115,671 shares during the last quarter. Finally, Public Employees Retirement System of Ohio raised its holdings in shares of Fortinet by 81.1% during the second quarter. Public Employees Retirement System of Ohio now owns 179,443 shares of the software maker’s stock valued at $6,718,000 after buying an additional 80,352 shares during the last quarter. 69.18% of the stock is currently owned by institutional investors.
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.
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