Fortinet (FTNT) Given New $56.00 Price Target at Robert W. Baird
Fortinet (NASDAQ:FTNT) had its price target lifted by equities researchers at Robert W. Baird from $50.00 to $56.00 in a research report issued on Thursday. The firm currently has an “outperform” rating on the software maker’s stock. Robert W. Baird’s price objective would suggest a potential upside of 24.61% from the stock’s previous close.
The analysts wrote, “We continue to see the company as a market share taker with attractive valuation. We are adding FTNT to Baird’s Fresh Pick list with this note. Network Processor [NP] Catalyst. Fortinet refreshes each of its three ASICs every three to four years. A new high-end NP typically offers 2-3x performance over the previous generation, and has historically driven a refresh within the customer base. The current NP6 was released in late C13 and management is currently targeting the next release for C18.””
FTNT has been the subject of several other research reports. Piper Jaffray Companies reiterated a “buy” rating and set a $46.00 target price on shares of Fortinet in a research note on Friday, October 27th. Zacks Investment Research raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $42.00 price target for the company in a report on Tuesday, September 26th. BMO Capital Markets reissued a “buy” rating and set a $46.00 price target on shares of Fortinet in a report on Thursday, October 5th. Oppenheimer reissued a “buy” rating and set a $45.00 price target on shares of Fortinet in a report on Thursday, October 5th. Finally, Evercore ISI reissued a “hold” rating and set a $38.00 price target on shares of Fortinet in a report on Friday, October 27th. 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 stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $45.24.
Shares of Fortinet (FTNT) traded up $0.68 on Thursday, hitting $44.94. Fortinet has a 12-month low of $31.36 and a 12-month high of $45.64. The stock has a market capitalization of $7,820.00, a price-to-earnings ratio of 93.63, a price-to-earnings-growth ratio of 4.59 and a beta of 0.93.
Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, October 26th. The software maker reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.05. Fortinet had a net margin of 5.93% and a return on equity of 10.92%. The business had revenue of $374.20 million during the quarter, compared to the consensus estimate of $370.67 million. During the same quarter in the prior year, the firm earned $0.18 earnings per share. The business’s quarterly revenue was up 18.2% compared to the same quarter last year. sell-side analysts anticipate that Fortinet will post 0.48 EPS for the current year.
Fortinet declared that its Board of Directors has initiated a share buyback plan on Thursday, October 26th that authorizes the company to repurchase $400.00 million in shares. This repurchase authorization authorizes the software maker to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
In other Fortinet news, VP Michael Xie sold 3,585 shares of the 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 transaction, 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 SEC, which is available at this link. Also, VP John Whittle sold 13,749 shares of the stock in a transaction dated Tuesday, December 19th. The shares were sold at an average price of $45.00, for a total transaction of $618,705.00. Following the completion of the transaction, the vice president now directly owns 18,430 shares of the company’s stock, valued at $829,350. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 73,355 shares of company stock valued at $3,072,511. 17.00% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently modified their holdings of the business. BlackRock Inc. increased its holdings in Fortinet by 6.6% in the second quarter. BlackRock Inc. now owns 14,047,819 shares of the software maker’s stock valued at $525,953,000 after buying an additional 870,061 shares in the last quarter. Vanguard Group Inc. increased its holdings in Fortinet by 2.5% in the second quarter. Vanguard Group Inc. now owns 12,185,422 shares of the software maker’s stock valued at $456,222,000 after buying an additional 298,051 shares in the last quarter. State Street Corp increased its holdings in Fortinet by 3.0% in the second quarter. State Street Corp now owns 4,581,467 shares of the software maker’s stock valued at $171,534,000 after buying an additional 132,054 shares in the last quarter. Renaissance Technologies LLC increased its holdings in Fortinet by 19.1% in the second quarter. Renaissance Technologies LLC now owns 4,521,700 shares of the software maker’s stock valued at $169,292,000 after buying an additional 726,300 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its holdings in Fortinet by 7.0% in the third quarter. Ameriprise Financial Inc. now owns 4,400,011 shares of the software maker’s stock valued at $157,693,000 after buying an additional 288,097 shares in the last quarter. 70.68% of the stock is owned by institutional investors.
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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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