Fortinet (NASDAQ:FTNT) had its target price raised by equities research analysts at Robert W. Baird from $50.00 to $56.00 in a research note issued on Thursday. The firm presently has an “outperform” rating on the software maker’s stock. Robert W. Baird’s target price would indicate a potential upside of 26.98% from the company’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.””
Several other research firms have also recently weighed in on FTNT. Barclays cut Fortinet from an “overweight” rating to an “equal weight” rating and increased their price objective for the stock from $45.00 to $48.00 in a research report on Tuesday. Deutsche Bank upgraded Fortinet from a “hold” rating to a “buy” rating and increased their price objective for the stock from $36.00 to $48.00 in a research report on Wednesday, October 18th. UBS Group increased their price objective on Fortinet from $46.00 to $47.00 and gave the stock a “buy” rating in a research report on Friday, October 27th. BidaskClub upgraded Fortinet from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, December 13th. Finally, KeyCorp reiterated a “buy” rating and set a $46.00 price objective on shares of Fortinet in a research report on Tuesday, October 24th. One 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 assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $45.24.
Shares of Fortinet (NASDAQ FTNT) traded down $0.22 during trading on Thursday, reaching $44.10. The company’s stock had a trading volume of 1,178,900 shares, compared to its average volume of 1,502,371. Fortinet has a fifty-two week low of $31.36 and a fifty-two week high of $45.64. The firm has a market cap of $7,710.00, a P/E ratio of 91.88, a price-to-earnings-growth ratio of 4.50 and a beta of 0.93.
Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, October 26th. The software maker reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.05. Fortinet had a return on equity of 10.92% and a net margin of 5.93%. The business had revenue of $374.20 million during the quarter, compared to the consensus estimate of $370.67 million. During the same quarter last year, the firm posted $0.18 EPS. The company’s quarterly revenue was up 18.2% on a year-over-year basis. analysts expect that Fortinet will post 0.48 earnings per share for the current fiscal year.
Fortinet declared that its Board of Directors has approved a share buyback program on Thursday, October 26th that authorizes the company to repurchase $400.00 million in outstanding shares. This repurchase authorization authorizes the software maker to buy shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its shares are undervalued.
In related news, VP Michael Xie sold 3,585 shares of the firm’s stock in a transaction on 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 owns 6,714,500 shares in the company, valued at $259,179,700. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP John Whittle sold 13,749 shares of the firm’s stock in a transaction on 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 approximately $829,350. The disclosure for this sale can be found here. Insiders sold 73,355 shares of company stock worth $3,072,511 in the last 90 days. 17.00% of the stock is owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the business. GLG Partners LP bought a new position in Fortinet in the second quarter valued at about $145,000. Ropes Wealth Advisors LLC grew its position in Fortinet by 67.3% in the second quarter. Ropes Wealth Advisors LLC now owns 4,610 shares of the software maker’s stock valued at $173,000 after acquiring an additional 1,855 shares during the last quarter. IFM Investors Pty Ltd bought a new position in Fortinet in the third quarter valued at about $220,000. Toronto Dominion Bank grew its position in Fortinet by 249.2% in the third quarter. Toronto Dominion Bank now owns 6,310 shares of the software maker’s stock valued at $226,000 after acquiring an additional 4,503 shares during the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. grew its position in Fortinet by 25.9% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 6,871 shares of the software maker’s stock valued at $259,000 after acquiring an additional 1,412 shares during the last quarter. Hedge funds and other institutional investors own 70.68% of the company’s stock.
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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