ValuEngine upgraded shares of Fortinet, Inc. (NASDAQ:FTNT) from a sell rating to a hold rating in a report issued on Thursday.
A number of other equities analysts have also commented on the stock. Zacks Investment Research upgraded shares of Fortinet from a hold rating to a buy rating and set a $43.00 price objective for the company in a research report on Friday, July 7th. Dougherty & Co raised their price objective on shares of Fortinet from $38.00 to $46.00 and gave the company a buy rating in a research report on Friday, April 21st. Vetr upgraded shares of Fortinet from a hold rating to a strong-buy rating and set a $48.00 price objective for the company in a research report on Monday, April 24th. OTR Global upgraded shares of Fortinet to a positive rating in a research report on Wednesday, July 5th. Finally, BMO Capital Markets upgraded shares of Fortinet from a market perform rating to an outperform rating and raised their price objective for the company from $44.00 to $46.00 in a research report on Friday, April 21st. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of Buy and a consensus price target of $41.56.
Shares of Fortinet (NASDAQ:FTNT) traded up 1.02% during mid-day trading on Thursday, hitting $36.48. 1,197,582 shares of the stock were exchanged. Fortinet has a 52 week low of $28.51 and a 52 week high of $41.56. The stock’s 50-day moving average is $38.35 and its 200-day moving average is $37.91. The stock has a market capitalization of $6.41 billion, a price-to-earnings ratio of 99.95 and a beta of 1.02.
Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Wednesday, July 26th. The software maker reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.07. Fortinet had a net margin of 4.71% and a return on equity of 9.36%. The company had revenue of $363.50 million during the quarter, compared to analyst estimates of $361.05 million. During the same period last year, the business earned $0.14 earnings per share. Fortinet’s revenue was up 16.7% compared to the same quarter last year. Analysts forecast that Fortinet will post $0.95 earnings per share for the current fiscal year.
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Fortinet declared that its Board of Directors has approved a stock repurchase program on Wednesday, July 26th that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the software maker to repurchase up to 4.2% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
In related news, VP John Whittle sold 2,091 shares of Fortinet stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $36.27, for a total value of $75,840.57. Following the transaction, the vice president now directly owns 7,181 shares of the company’s stock, valued at $260,454.87. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Keith Jensen sold 624 shares of Fortinet stock in a transaction on Wednesday, May 17th. The stock was sold at an average price of $40.73, for a total transaction of $25,415.52. Following the completion of the transaction, the insider now directly owns 978 shares in the company, valued at $39,833.94. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 14,258 shares of company stock worth $535,475. 16.40% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of FTNT. Ropes Wealth Advisors LLC increased its position in shares of Fortinet by 11.1% in the first quarter. Ropes Wealth Advisors LLC now owns 2,755 shares of the software maker’s stock valued at $106,000 after buying an additional 275 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. increased its position in shares of 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 valued at $116,000 after buying an additional 540 shares during the last quarter. Thompson Davis & CO. Inc. increased its position in shares of Fortinet by 523.8% in the first quarter. Thompson Davis & CO. Inc. now owns 3,275 shares of the software maker’s stock valued at $126,000 after buying an additional 2,750 shares during the last quarter. First Mercantile Trust Co. purchased a new position in shares of Fortinet during the second quarter valued at approximately $136,000. Finally, NEXT Financial Group Inc increased its position in shares of Fortinet by 17,296.0% in the second quarter. NEXT Financial Group Inc now owns 4,349 shares of the software maker’s stock valued at $163,000 after buying an additional 4,324 shares during the last quarter. 72.98% of the stock is currently 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.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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