Fortinet (NASDAQ:FTNT) had its target price hoisted by Citigroup from $41.00 to $45.00 in a research note released on Tuesday morning. The brokerage currently has a neutral rating on the software maker’s stock.

Several other research analysts have also recently commented on the stock. UBS Group raised their target price on shares of Fortinet from $46.00 to $47.00 and gave the stock a buy rating in a report on Friday, October 27th. Zacks Investment Research cut shares of Fortinet from a strong-buy rating to a hold rating in a report on Tuesday, October 17th. Deutsche Bank raised shares of Fortinet from a hold rating to a buy rating and raised their target price for the stock from $36.00 to $48.00 in a report on Wednesday, October 18th. KeyCorp reaffirmed a buy rating and set a $46.00 target price on shares of Fortinet in a report on Tuesday, October 24th. Finally, BMO Capital Markets lowered their target price on shares of Fortinet from $46.00 to $45.00 and set an outperform rating on the stock in a report on Friday, October 27th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the stock. Fortinet presently has an average rating of Buy and a consensus target price of $47.33.

Fortinet (NASDAQ:FTNT) opened at $46.54 on Tuesday. Fortinet has a fifty-two week low of $35.44 and a fifty-two week high of $47.00. The firm has a market cap of $8,090.00, a PE ratio of 273.76, a price-to-earnings-growth ratio of 4.65 and a beta of 0.86.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Monday, February 5th. The software maker reported $0.32 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.29 by $0.03. Fortinet had a net margin of 2.10% and a return on equity of 11.77%. The company had revenue of $416.70 million for the quarter, compared to analysts’ expectations of $409.04 million. During the same period last year, the firm earned $0.30 earnings per share. The business’s revenue for the quarter was up 14.9% on a year-over-year basis. equities analysts anticipate that Fortinet will post 0.58 EPS for the current year.

Fortinet announced that its board has initiated a stock buyback program on Thursday, October 26th that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the software maker to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

In other Fortinet news, Director Christopher B. Paisley sold 4,000 shares of the firm’s stock in a transaction that occurred on Monday, November 13th. The shares were sold at an average price of $40.02, for a total value of $160,080.00. Following the sale, the director now owns 72,606 shares in the company, valued at $2,905,692.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Michael Xie sold 40,000 shares of the firm’s stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $41.95, for a total transaction of $1,678,000.00. Following the completion of the sale, the vice president now owns 6,692,200 shares in the company, valued at approximately $280,737,790. The disclosure for this sale can be found here. Insiders have sold a total of 90,223 shares of company stock worth $3,916,948 in the last quarter. 16.40% of the stock is currently owned by company insiders.

Institutional investors have recently modified their holdings of the business. JPMorgan Chase & Co. boosted its position in Fortinet by 30.0% in the third quarter. JPMorgan Chase & Co. now owns 443,180 shares of the software maker’s stock valued at $15,914,000 after buying an additional 102,195 shares in the last quarter. Gluskin Sheff & Assoc Inc. boosted its position in Fortinet by 89.8% in the third quarter. Gluskin Sheff & Assoc Inc. now owns 550,739 shares of the software maker’s stock valued at $19,739,000 after buying an additional 260,509 shares in the last quarter. Victory Capital Management Inc. acquired a new stake in Fortinet in the third quarter valued at approximately $1,300,000. New York State Common Retirement Fund boosted its position in Fortinet by 2.2% in the third quarter. New York State Common Retirement Fund now owns 519,640 shares of the software maker’s stock valued at $18,624,000 after buying an additional 11,333 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. boosted its position in Fortinet by 2.2% in the third quarter. Schwab Charles Investment Management Inc. now owns 457,676 shares of the software maker’s stock valued at $16,404,000 after buying an additional 9,730 shares in the last quarter. Hedge funds and other institutional investors own 70.84% of the company’s stock.

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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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