Fortinet (NASDAQ:FTNT)‘s stock had its “buy” rating reissued by analysts at Monness Crespi & Hardt in a research note issued on Friday, Marketbeat reports. They presently have a $50.00 price objective on the software maker’s stock, up from their previous price objective of $45.00. Monness Crespi & Hardt’s target price suggests a potential upside of 8.67% from the stock’s previous close.
A number of other research analysts have also recently commented on FTNT. Barclays cut shares of Fortinet from an “overweight” rating to an “equal weight” rating and raised their price target for the stock from $45.00 to $48.00 in a research note on Tuesday, January 9th. Zacks Investment Research upgraded shares of Fortinet from a “hold” rating to a “buy” rating and set a $42.00 price target for the company in a research note on Tuesday, September 26th. Robert W. Baird raised their price target on shares of Fortinet from $50.00 to $56.00 and gave the stock an “outperform” rating in a research note on Thursday, January 11th. Oppenheimer raised their price target on shares of Fortinet from $45.00 to $50.00 and gave the stock an “outperform” rating in a research note on Monday, January 8th. Finally, BMO Capital Markets reiterated a “buy” rating and issued a $46.00 target price on shares of Fortinet in a research note on Thursday, October 5th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $45.48.
Shares of Fortinet (NASDAQ:FTNT) traded up $0.30 on Friday, reaching $46.01. 2,301,434 shares of the company’s stock were exchanged, compared to its average volume of 1,470,000. The company has a market capitalization of $8,050.00, a PE ratio of 95.85, a price-to-earnings-growth ratio of 4.67 and a beta of 0.93. Fortinet has a 1 year low of $31.86 and a 1 year high of $46.43.
Fortinet declared that its board has authorized a stock repurchase program on Thursday, October 26th that authorizes the company to repurchase $400.00 million in shares. This repurchase authorization authorizes the software maker to buy shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
In other Fortinet news, Director Christopher B. Paisley sold 4,000 shares of Fortinet stock in a transaction on Monday, November 13th. The shares were sold at an average price of $40.02, for a total transaction of $160,080.00. Following the completion of the sale, the director now owns 72,606 shares of the company’s stock, valued at approximately $2,905,692.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Michael Xie sold 3,585 shares of Fortinet stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $38.60, for a total transaction of $138,381.00. Following the sale, the vice president now directly owns 6,714,500 shares of the company’s stock, valued at approximately $259,179,700. The disclosure for this sale can be found here. Insiders sold a total of 73,355 shares of company stock valued at $3,072,511 in the last 90 days. 16.40% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in FTNT. Schwab Charles Investment Management Inc. grew its holdings in Fortinet by 4.9% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 447,946 shares of the software maker’s stock worth $16,772,000 after acquiring an additional 20,960 shares during the period. JPMorgan Chase & Co. grew its holdings in Fortinet by 23.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 340,985 shares of the software maker’s stock worth $12,766,000 after acquiring an additional 64,900 shares during the period. Franklin Resources Inc. grew its holdings in Fortinet by 20.9% during the 2nd quarter. Franklin Resources Inc. now owns 443,891 shares of the software maker’s stock worth $16,619,000 after acquiring an additional 76,871 shares during the period. Riverhead Capital Management LLC grew its holdings in Fortinet by 67.1% during the 2nd quarter. Riverhead Capital Management LLC now owns 8,354 shares of the software maker’s stock worth $313,000 after acquiring an additional 3,354 shares during the period. Finally, Teachers Advisors LLC grew its holdings in Fortinet by 9.7% during the 2nd quarter. Teachers Advisors LLC now owns 186,514 shares of the software maker’s stock worth $6,983,000 after acquiring an additional 16,512 shares during the period. 70.68% of the stock is owned by hedge funds and other institutional investors.
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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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