Fortinet’s (FTNT) “Buy” Rating Reaffirmed at Monness Crespi & Hardt
Fortinet (NASDAQ:FTNT)‘s stock had its “buy” rating restated by research analysts at Monness Crespi & Hardt in a research report issued to clients and investors on Friday, Marketbeat reports. They currently have a $50.00 target price on the software maker’s stock, up from their previous target price of $45.00. Monness Crespi & Hardt’s price target would suggest a potential upside of 8.67% from the stock’s previous close.
Several other research firms also recently weighed in on FTNT. Barclays downgraded Fortinet from an “overweight” rating to an “equal weight” rating and increased their target price for the stock from $45.00 to $48.00 in a research report on Tuesday, January 9th. Oppenheimer increased their target price on Fortinet from $45.00 to $50.00 and gave the stock an “outperform” rating in a research report on Monday, January 8th. Robert W. Baird increased their target price on Fortinet from $50.00 to $56.00 and gave the stock an “outperform” rating in a research report on Thursday, January 11th. JPMorgan Chase & Co. downgraded Fortinet from an “overweight” rating to a “neutral” rating and set a $50.00 target price on the stock. in a research report on Tuesday, December 12th. Finally, BidaskClub upgraded Fortinet from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, December 13th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have given a buy rating and two have given a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $45.48.
Fortinet (NASDAQ:FTNT) opened at $46.01 on Friday. Fortinet has a 12-month low of $31.86 and a 12-month high of $46.43. The firm has a market capitalization of $8,001.14, a PE ratio of 95.85, a P/E/G ratio of 4.70 and a beta of 0.93.
Fortinet declared that its board has approved a share repurchase program on Thursday, October 26th that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the software maker to repurchase shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.
In other news, VP Michael Xie sold 3,585 shares of the firm’s stock in a transaction dated Thursday, November 2nd. The stock was sold at an average price of $38.60, for a total value of $138,381.00. Following the transaction, the vice president now directly owns 6,714,500 shares in the company, valued at approximately $259,179,700. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP John Whittle sold 13,749 shares of the firm’s stock in a transaction dated Tuesday, December 19th. The stock was sold at an average price of $45.00, for a total value of $618,705.00. Following the completion of the transaction, the vice president now owns 18,430 shares in the company, valued at $829,350. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 73,355 shares of company stock worth $3,072,511. Company insiders own 16.40% of the company’s stock.
Several large investors have recently made changes to their positions in FTNT. Voya Investment Management LLC raised its holdings in shares of Fortinet by 934.3% during the 2nd quarter. Voya Investment Management LLC now owns 1,880,328 shares of the software maker’s stock valued at $70,399,000 after buying an additional 1,698,526 shares during the period. ETF Managers Group LLC purchased a new stake in shares of Fortinet during the 2nd quarter valued at about $40,680,000. BlackRock Inc. raised its holdings in shares of Fortinet by 6.6% during the 2nd 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 during the period. Renaissance Technologies LLC raised its holdings in shares of Fortinet by 19.1% during the 2nd 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 during the period. Finally, Alyeska Investment Group L.P. purchased a new stake in shares of Fortinet during the 3rd quarter valued at about $14,293,000. Institutional investors and hedge funds own 70.68% of the company’s stock.
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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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