Fortinet (NASDAQ:FTNT) was downgraded by equities researchers at BidaskClub from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Thursday.

Several other equities analysts have also recently issued reports on the stock. Zacks Investment Research upgraded shares of Fortinet from a “hold” rating to a “buy” rating and set a $44.00 price target for the company in a research report on Tuesday, October 31st. UBS upped their price target on shares of Fortinet from $46.00 to $47.00 and gave the company a “buy” rating in a research report on Friday, October 27th. BMO Capital Markets decreased their price target on shares of Fortinet from $46.00 to $45.00 and set an “outperform” rating for the company in a research report on Friday, October 27th. Piper Jaffray Companies restated a “buy” rating and issued a $46.00 price target on shares of Fortinet in a research report on Friday, October 27th. Finally, Evercore ISI restated a “hold” rating and issued a $38.00 price target on shares of Fortinet in a research report on Friday, October 27th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the stock. Fortinet currently has an average rating of “Buy” and an average target price of $44.26.

Shares of Fortinet (NASDAQ:FTNT) traded up $0.53 during trading hours on Thursday, reaching $41.95. 949,415 shares of the company traded hands, compared to its average volume of 1,423,779. The company has a market cap of $7,202.95, a P/E ratio of 75.31, a price-to-earnings-growth ratio of 5.10 and a beta of 0.92. Fortinet has a fifty-two week low of $28.50 and a fifty-two week high of $42.49.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, October 26th. The software maker reported $0.28 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $0.05. Fortinet had a net margin of 5.93% and a return on equity of 10.92%. The firm had revenue of $374.20 million during the quarter, compared to analysts’ expectations of $370.67 million. During the same period in the prior year, the company posted $0.18 EPS. The company’s revenue was up 18.2% on a year-over-year basis. equities research analysts anticipate that Fortinet will post 0.48 EPS for the current year.

Fortinet announced that its board has authorized a stock buyback program on Thursday, October 26th that permits the company to buyback $400.00 million in shares. This buyback authorization permits the software maker to repurchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

In other Fortinet news, VP Michael Xie sold 40,000 shares of the firm’s stock in a transaction on Friday, December 1st. The shares were sold at an average price of $41.95, for a total value of $1,678,000.00. Following the transaction, the vice president now directly owns 6,692,200 shares of the company’s stock, valued at $280,737,790. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Keith Jensen sold 1,850 shares of the firm’s stock in a transaction on Wednesday, November 8th. The shares were sold at an average price of $39.20, for a total transaction of $72,520.00. Following the completion of the transaction, the insider now directly owns 1,374 shares in the company, valued at $53,860.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 59,606 shares of company stock valued at $2,453,806. 16.40% of the stock is currently owned by corporate insiders.

Several institutional investors have recently added to or reduced their stakes in the business. Steward Partners Investment Advisory LLC bought a new position in shares of Fortinet in the third quarter valued at $725,000. Public Employees Retirement System of Ohio lifted its stake in shares of Fortinet by 30.8% in the third quarter. Public Employees Retirement System of Ohio now owns 234,785 shares of the software maker’s stock valued at $8,415,000 after buying an additional 55,342 shares in the last quarter. Cetera Advisor Networks LLC bought a new position in shares of Fortinet in the third quarter valued at $708,000. IFM Investors Pty Ltd bought a new position in shares of Fortinet in the third quarter valued at $220,000. Finally, Argent Capital Management LLC lifted its stake in shares of Fortinet by 3.1% in the third quarter. Argent Capital Management LLC now owns 94,674 shares of the software maker’s stock valued at $3,393,000 after buying an additional 2,825 shares in the last quarter. 70.03% of the stock is currently owned by hedge funds and other institutional investors.

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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)

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