Fortinet, Inc. (FTNT) Receives Average Recommendation of “Buy” from Analysts
Fortinet, Inc. (NASDAQ:FTNT) has been given a consensus rating of “Buy” by the twenty-five brokerages that are presently covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, seven have assigned a hold recommendation, fourteen have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among brokerages that have covered the stock in the last year is $42.79.
A number of equities analysts have recently weighed in on FTNT shares. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and set a $45.00 target price on shares of Fortinet in a research report on Thursday, June 22nd. Northland Securities started coverage on Fortinet in a research report on Thursday, June 29th. They set an “outperform” rating and a $45.00 target price on the stock. Zacks Investment Research lowered Fortinet from a “buy” rating to a “hold” rating in a research report on Tuesday, July 4th. OTR Global raised Fortinet to a “positive” rating in a research report on Wednesday, July 5th. Finally, BidaskClub raised Fortinet from a “sell” rating to a “hold” rating in a research report on Thursday, July 13th.
In other news, Director Christopher B. Paisley sold 4,000 shares of the stock in a transaction on 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 transaction, the director now owns 66,611 shares in the company, valued at approximately $2,423,974.29. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP John Whittle sold 2,091 shares of the stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $36.27, for a total value of $75,840.57. Following the transaction, 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. Over the last ninety days, insiders have sold 9,558 shares of company stock valued at $348,406. Insiders own 17.00% of the company’s stock.
Several hedge funds have recently bought and sold shares of FTNT. UBS Asset Management Americas Inc. grew its stake in shares of Fortinet by 9.3% during the 1st quarter. UBS Asset Management Americas Inc. now owns 372,420 shares of the software maker’s stock worth $14,282,000 after acquiring an additional 31,790 shares during the period. Parametric Portfolio Associates LLC grew its stake in shares of Fortinet by 16.5% during the 1st quarter. Parametric Portfolio Associates LLC now owns 121,551 shares of the software maker’s stock worth $4,661,000 after acquiring an additional 17,202 shares during the period. Principal Financial Group Inc. grew its stake in shares of Fortinet by 3.6% during the 1st quarter. Principal Financial Group Inc. now owns 611,124 shares of the software maker’s stock worth $23,437,000 after acquiring an additional 21,018 shares during the period. Wellington Management Group LLP grew its stake in shares of Fortinet by 90.4% during the 1st quarter. Wellington Management Group LLP now owns 14,333 shares of the software maker’s stock worth $550,000 after acquiring an additional 6,805 shares during the period. Finally, Legal & General Group Plc grew its stake in shares of Fortinet by 59.6% during the 1st quarter. Legal & General Group Plc now owns 174,775 shares of the software maker’s stock worth $6,703,000 after acquiring an additional 65,290 shares during the period. Institutional investors own 69.01% of the company’s stock.
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Fortinet (FTNT) traded up 0.82% during mid-day trading on Thursday, hitting $39.26. 1,121,719 shares of the stock were exchanged. Fortinet has a 1-year low of $28.50 and a 1-year high of $41.56. The stock has a 50 day moving average price of $37.84 and a 200 day moving average price of $38.33. The company has a market capitalization of $6.90 billion, a PE ratio of 107.56 and a beta of 1.01.
Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, July 26th. The software maker reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.07. Fortinet had a return on equity of 9.36% and a net margin of 4.71%. The company had revenue of $363.50 million for the quarter, compared to analyst estimates of $361.05 million. During the same period in the prior year, the firm earned $0.14 earnings per share. Fortinet’s revenue for the quarter was up 16.7% on a year-over-year basis. On average, 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 initiated a stock repurchase plan on Wednesday, July 26th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the software maker to purchase up to 4.2% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is undervalued.
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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