Fortinet, Inc. (FTNT) Price Target Cut to $45.00
Fortinet, Inc. (NASDAQ:FTNT) had its price objective dropped by analysts at BMO Capital Markets from $46.00 to $45.00 in a research note issued to investors on Friday. The brokerage currently has an “outperform” rating on the software maker’s stock. BMO Capital Markets’ price target would indicate a potential upside of 16.16% from the stock’s current price.
FTNT has been the subject of a number of other research reports. Zacks Investment Research cut Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday, July 13th. BidaskClub upgraded Fortinet from a “sell” rating to a “hold” rating in a research note on Thursday, July 13th. Credit Suisse Group started coverage on Fortinet in a research note on Tuesday, September 5th. They set an “underperform” rating and a $33.00 price objective for the company. Oppenheimer Holdings, Inc. reiterated a “buy” rating and set a $45.00 price objective on shares of Fortinet in a research note on Thursday, October 5th. Finally, Royal Bank Of Canada reiterated a “hold” rating and set a $42.00 price objective on shares of Fortinet in a research note on Friday, July 28th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Fortinet presently has a consensus rating of “Buy” and a consensus price target of $43.52.
Shares of Fortinet (NASDAQ FTNT) traded down 3.39% during midday trading on Friday, reaching $38.74. The company had a trading volume of 5,134,474 shares. The company has a market capitalization of $6.81 billion, a P/E ratio of 106.14 and a beta of 1.01. Fortinet has a one year low of $28.51 and a one year high of $41.56. The company has a 50-day moving average price of $38.43 and a 200 day moving average price of $38.47.
Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, October 26th. The software maker reported $0.28 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.23 by $0.05. The business had revenue of $374.20 million during the quarter, compared to analysts’ expectations of $370.67 million. Fortinet had a return on equity of 10.97% and a net margin of 5.93%. The firm’s quarterly revenue was up 18.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.18 earnings per share. Equities analysts anticipate that Fortinet will post $0.95 earnings per share for the current fiscal year.
Fortinet announced that its Board of Directors has approved a stock buyback program on Wednesday, July 26th that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the software maker to reacquire up to 4.2% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.
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In other Fortinet news, 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 of the company’s stock, valued at $2,423,974.29. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Keith Jensen sold 950 shares of the business’s 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 sale, the chief accounting officer now directly owns 1,315 shares of the company’s stock, valued at approximately $48,221.05. The disclosure for this sale can be found here. Insiders sold 9,558 shares of company stock valued at $348,406 in the last ninety days. 16.40% of the stock is currently owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the business. First Mercantile Trust Co. bought a new stake in Fortinet during the second quarter valued at about $136,000. GLG Partners LP bought a new stake in Fortinet during the second quarter valued at about $145,000. NEXT Financial Group Inc grew its holdings in Fortinet by 17,296.0% during the second quarter. NEXT Financial Group Inc now owns 4,349 shares of the software maker’s stock valued at $163,000 after purchasing an additional 4,324 shares during the period. Ropes Wealth Advisors LLC grew its holdings in Fortinet by 67.3% during the second quarter. Ropes Wealth Advisors LLC now owns 4,610 shares of the software maker’s stock valued at $173,000 after purchasing an additional 1,855 shares during the period. Finally, Greenwood Capital Associates LLC bought a new stake in Fortinet during the second quarter valued at about $209,000. 69.18% of the stock is owned by institutional investors and hedge funds.
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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