Fortinet, Inc. (NASDAQ:FTNT) has earned a consensus rating of “Buy” from the thirty-three analysts that are currently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $41.50.
FTNT has been the subject of a number of research analyst reports. Zacks Investment Research cut Fortinet from a “buy” rating to a “hold” rating in a report on Thursday, July 13th. Oppenheimer Holdings, Inc. restated an “outperform” rating and set a $45.00 target price on shares of Fortinet in a report on Monday, April 17th. Royal Bank Of Canada raised their target price on Fortinet from $35.00 to $41.00 and gave the company an “outperform” rating in a report on Friday, April 28th. BidaskClub upgraded Fortinet from a “sell” rating to a “hold” rating in a report on Thursday, July 13th. Finally, ValuEngine upgraded Fortinet from a “sell” rating to a “hold” rating in a report on Friday, June 2nd.
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Fortinet (FTNT) opened at 36.48 on Friday. The stock has a market capitalization of $6.41 billion, a price-to-earnings ratio of 99.95 and a beta of 1.02. The firm’s 50-day moving average is $38.35 and its 200 day moving average is $37.91. Fortinet has a 1-year low of $28.51 and a 1-year high of $41.56.
Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Wednesday, July 26th. The software maker reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.07. The business had revenue of $363.50 million during the quarter, compared to analysts’ expectations of $361.05 million. Fortinet had a return on equity of 9.36% and a net margin of 4.71%. The company’s revenue was up 16.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.14 EPS. Equities analysts anticipate that Fortinet will post $0.95 EPS for the current fiscal year.
Fortinet announced that its board has approved a share buyback program on Wednesday, July 26th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the software maker to purchase up to 4.2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.
In other Fortinet news, Director Ming Hsieh sold 4,743 shares of the business’s stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $39.29, for a total transaction of $186,352.47. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Keith Jensen sold 950 shares of the business’s stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $36.67, for a total value of $34,836.50. Following the sale, the chief accounting officer now owns 1,315 shares in the company, valued at $48,221.05. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 14,258 shares of company stock worth $535,475. 16.40% of the stock is owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in FTNT. Ropes Wealth Advisors LLC boosted its position in Fortinet by 11.1% in the first quarter. Ropes Wealth Advisors LLC now owns 2,755 shares of the software maker’s stock worth $106,000 after buying an additional 275 shares during the period. Harel Insurance Investments & Financial Services Ltd. boosted its position in Fortinet by 21.4% in the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 3,060 shares of the software maker’s stock worth $116,000 after buying an additional 540 shares during the period. Thompson Davis & CO. Inc. boosted its position in Fortinet by 523.8% in the first quarter. Thompson Davis & CO. Inc. now owns 3,275 shares of the software maker’s stock worth $126,000 after buying an additional 2,750 shares during the period. First Mercantile Trust Co. bought a new position in Fortinet during the second quarter worth $136,000. Finally, Migdal Insurance & Financial Holdings Ltd. acquired a new position in Fortinet during the fourth quarter valued at approximately $121,000. 72.98% of the stock is owned by institutional investors.
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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