BidaskClub downgraded shares of Fortinet (NASDAQ:FTNT) from a strong-buy rating to a buy rating in a research note issued to investors on Thursday morning.

Several other equities analysts also recently issued reports on FTNT. ValuEngine upgraded shares of Fortinet from a sell rating to a hold rating in a research note on Thursday, August 10th. Piper Jaffray Companies set a $50.00 price objective on shares of Fortinet and gave the company a buy rating in a research note on Friday, August 25th. BMO Capital Markets restated a buy rating and issued a $46.00 price objective on shares of Fortinet in a research note on Friday, September 1st. Credit Suisse Group started coverage on shares of Fortinet in a research note on Tuesday, September 5th. They issued an underperform rating and a $33.00 price objective for the company. Finally, Cowen restated a buy rating and issued a $43.00 price objective on shares of Fortinet in a research note on Friday, September 8th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company. The company has an average rating of Buy and an average target price of $44.26.

Fortinet (FTNT) opened at $41.95 on Thursday. The company has a market cap of $7,295.11, a price-to-earnings ratio of 76.27, a P/E/G ratio of 5.17 and a beta of 0.92. Fortinet has a 12 month low of $28.50 and a 12 month high of $42.49.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, October 26th. The software maker reported $0.28 EPS for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $370.67 million. During the same quarter in the previous year, the firm posted $0.18 earnings per share. The company’s revenue was up 18.2% compared to the same quarter last year. research analysts expect that Fortinet will post 0.48 earnings per share for the current fiscal year.

Fortinet announced that its Board of Directors has approved a share repurchase plan on Thursday, October 26th that allows the company to repurchase $400.00 million in shares. This repurchase authorization allows the software maker to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

In other news, Director Ming Hsieh sold 5,332 shares of the company’s stock in a transaction dated Thursday, November 9th. The shares were sold at an average price of $39.64, for a total value of $211,360.48. Following the completion of the sale, the director now directly owns 331 shares of the company’s stock, valued at $13,120.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Michael Xie sold 3,585 shares of the company’s stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $38.60, for a total transaction of $138,381.00. Following the completion of the sale, the vice president now directly owns 6,714,500 shares of the company’s stock, valued at $259,179,700. The disclosure for this sale can be found here. Insiders sold 59,606 shares of company stock valued at $2,453,806 over the last ninety days. Corporate insiders own 17.00% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. D.A. Davidson & CO. raised its holdings in Fortinet by 1.1% during the second quarter. D.A. Davidson & CO. now owns 10,364 shares of the software maker’s stock worth $388,000 after purchasing an additional 114 shares in the last quarter. Flagship Harbor Advisors LLC raised its holdings in Fortinet by 2.7% during the second quarter. Flagship Harbor Advisors LLC now owns 7,492 shares of the software maker’s stock worth $288,000 after purchasing an additional 200 shares in the last quarter. TRUE Private Wealth Advisors raised its holdings in Fortinet by 3.4% during the second quarter. TRUE Private Wealth Advisors now owns 6,457 shares of the software maker’s stock worth $241,000 after purchasing an additional 211 shares in the last quarter. World Asset Management Inc raised its holdings in Fortinet by 3.2% during the second quarter. World Asset Management Inc now owns 10,787 shares of the software maker’s stock worth $404,000 after purchasing an additional 336 shares in the last quarter. Finally, KCM Investment Advisors LLC raised its holdings in Fortinet by 4.2% during the second quarter. KCM Investment Advisors LLC now owns 9,990 shares of the software maker’s stock worth $374,000 after purchasing an additional 400 shares in the last quarter. 70.76% 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.

Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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