Fortinet (NASDAQ:FTNT) was downgraded by analysts at J P Morgan Chase & Co from an “overweight” rating to a “neutral” rating in a research note issued to investors on Tuesday. They presently have a $50.00 target price on the software maker’s stock. J P Morgan Chase & Co’s price objective would suggest a potential upside of 17.23% from the stock’s previous close.

Several other equities research analysts have also recently issued reports on FTNT. BidaskClub raised shares of Fortinet from a “strong sell” rating to a “sell” rating in a research report on Wednesday, August 23rd. Piper Jaffray Companies set a $50.00 price objective on shares of Fortinet and gave the stock a “buy” rating in a research report on Friday, August 25th. BMO Capital Markets reaffirmed a “buy” rating and set a $46.00 price objective on shares of Fortinet in a research report on Friday, September 1st. Credit Suisse Group started coverage on shares of Fortinet in a research report on Tuesday, September 5th. They set an “underperform” rating and a $33.00 price objective for the company. Finally, Cowen reaffirmed a “buy” rating and set a $43.00 price objective on shares of Fortinet in a research report on Friday, September 8th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fourteen have issued a buy rating and two have assigned a strong buy rating to the company. Fortinet presently has a consensus rating of “Buy” and an average price target of $44.55.

Shares of Fortinet (FTNT) opened at $42.65 on Tuesday. The stock has a market cap of $7,335.11, a price-to-earnings ratio of 76.69, a PEG ratio of 5.20 and a beta of 0.92. Fortinet has a 1 year low of $28.50 and a 1 year high of $43.08.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, October 26th. The software maker reported $0.28 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.23 by $0.05. The business had revenue of $374.20 million during the quarter, compared to analysts’ expectations of $370.67 million. Fortinet had a net margin of 5.93% and a return on equity of 10.92%. The company’s revenue for the quarter was up 18.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.18 EPS. analysts predict that Fortinet will post 0.48 EPS for the current 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, 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 value 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, 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 transaction 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 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 16.40% of the company’s stock.

Several large investors have recently made changes to their positions in the company. First Mercantile Trust Co. acquired a new position in shares of Fortinet during the second quarter worth about $136,000. GLG Partners LP acquired a new position in shares of Fortinet during the second quarter worth about $145,000. Ropes Wealth Advisors LLC increased its stake in shares of Fortinet by 67.3% during the second quarter. Ropes Wealth Advisors LLC now owns 4,610 shares of the software maker’s stock worth $173,000 after acquiring an additional 1,855 shares during the period. Greenwood Capital Associates LLC acquired a new position in shares of Fortinet during the second quarter worth about $209,000. Finally, Cigna Investments Inc. New acquired a new position in shares of Fortinet during the second quarter worth about $211,000. 70.76% of the stock is owned by institutional investors and hedge funds.

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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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