Stifel Nicolaus reissued their hold rating on shares of Fortinet, Inc. (NASDAQ:FTNT) in a report published on Tuesday. Stifel Nicolaus currently has a $42.00 price objective on the software maker’s stock.

Several other equities research analysts have also recently weighed in on the stock. Cowen and Company reiterated a buy rating and set a $43.00 price objective on shares of Fortinet in a research report on Friday, July 28th. Oppenheimer Holdings, Inc. reiterated an outperform rating and set a $45.00 price objective on shares of Fortinet in a research report on Thursday, June 22nd. Dougherty & Co increased 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. ValuEngine cut shares of Fortinet from a hold rating to a sell rating in a research report on Friday, July 28th. 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 analysts have rated the stock with a sell rating, ten have issued a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of Buy and a consensus price target of $41.30.

Shares of Fortinet (NASDAQ:FTNT) opened at 38.48 on Tuesday. The company has a 50 day moving average of $37.43 and a 200-day moving average of $38.14. The firm has a market cap of $6.77 billion, a price-to-earnings ratio of 105.42 and a beta of 0.99. Fortinet has a one year low of $28.50 and a one year high of $41.56.

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 Thomson Reuters’ consensus estimate of $0.20 by $0.07. Fortinet had a net margin of 4.71% and a return on equity of 9.36%. The firm had revenue of $363.50 million during the quarter, compared to analysts’ expectations of $361.05 million. During the same period in the prior year, the company posted $0.14 EPS. The company’s revenue was up 16.7% on a year-over-year basis. On average, analysts expect that Fortinet will post $0.95 EPS for the current year.

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Fortinet announced that its Board of Directors has approved a stock buyback plan on Wednesday, July 26th that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the software maker to buy up to 4.2% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

In other news, Director Christopher B. Paisley sold 4,000 shares of the stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $36.39, for a total value of $145,560.00. Following the completion of the sale, the director now owns 66,611 shares in the company, valued at $2,423,974.29. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP John Whittle sold 2,091 shares of the stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $36.27, for a total transaction of $75,840.57. Following the completion of the sale, the vice president now owns 7,181 shares of the company’s stock, valued at approximately $260,454.87. The disclosure for this sale can be found here. In the last quarter, insiders sold 9,558 shares of company stock valued at $348,406. 17.00% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of FTNT. BlackRock Inc. increased its holdings in Fortinet by 7,159.6% during the first quarter. BlackRock Inc. now owns 13,177,758 shares of the software maker’s stock worth $505,365,000 after buying an additional 12,996,236 shares during the last quarter. MARSHALL WACE ASIA Ltd purchased a new stake in Fortinet during the first quarter worth about $77,398,000. Marshall Wace North America L.P. purchased a new stake in Fortinet during the first quarter worth about $77,398,000. Clearbridge Investments LLC increased its holdings in Fortinet by 27.7% during the first quarter. Clearbridge Investments LLC now owns 8,441,783 shares of the software maker’s stock worth $323,742,000 after buying an additional 1,831,096 shares during the last quarter. Finally, Voya Investment Management LLC increased its holdings in Fortinet by 934.3% during the second quarter. Voya Investment Management LLC now owns 1,880,328 shares of the software maker’s stock worth $70,399,000 after buying an additional 1,698,526 shares during the last quarter. Institutional investors and hedge funds own 69.02% of the company’s stock.

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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