Fortinet, Inc. (FTNT) Stock Rating Upgraded by BidaskClub
BidaskClub upgraded shares of Fortinet, Inc. (NASDAQ:FTNT) from a sell rating to a hold rating in a research report sent to investors on Thursday, July 13th.
Several other research analysts have also weighed in on FTNT. Zacks Investment Research raised Fortinet from a hold rating to a buy rating and set a $43.00 target price on the stock in a research report on Friday, July 7th. Dougherty & Co increased their price objective on Fortinet from $38.00 to $46.00 and gave the company a buy rating in a report on Friday, April 21st. Vetr raised Fortinet from a hold rating to a strong-buy rating and set a $48.00 price objective on the stock in a report on Monday, April 24th. OTR Global raised Fortinet to a positive rating in a report on Wednesday, July 5th. Finally, BMO Capital Markets upgraded Fortinet from a market perform rating to an outperform rating and increased their target price for the company from $44.00 to $46.00 in a research note on Friday, April 21st. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. Fortinet presently has a consensus rating of Buy and a consensus target price of $41.56.
Fortinet (NASDAQ FTNT) opened at 36.52 on Thursday. The firm has a 50-day moving average of $38.52 and a 200-day moving average of $37.75. Fortinet has a 52-week low of $28.51 and a 52-week high of $41.56. The firm has a market cap of $6.42 billion, a PE ratio of 100.05 and a beta of 1.02.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Wednesday, July 26th. The software maker reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.07. The firm had revenue of $363.50 million for the quarter, compared to analyst estimates of $361.05 million. Fortinet had a return on equity of 9.36% and a net margin of 4.71%. Fortinet’s quarterly revenue was up 16.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.14 earnings per share. Equities analysts anticipate that Fortinet will post $0.95 EPS for the current year.
Fortinet announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, July 26th that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the software maker to purchase up to 4.2% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
In other Fortinet news, Director Christopher B. Paisley sold 4,000 shares of the company’s stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $36.39, for a total transaction of $145,560.00. Following the completion of the sale, the director now directly owns 66,611 shares in the company, valued at $2,423,974.29. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP John Whittle sold 2,091 shares of the company’s stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $36.27, for a total value of $75,840.57. Following the sale, the vice president now owns 7,181 shares of the company’s stock, valued at $260,454.87. The disclosure for this sale can be found here. Over the last quarter, insiders sold 11,458 shares of company stock valued at $433,169. 17.00% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. 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 period. Harel Insurance Investments & Financial Services Ltd. increased its stake 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 worth $116,000 after buying an additional 540 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Fortinet during the fourth quarter worth $121,000. Thompson Davis & CO. Inc. increased its stake 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 worth $126,000 after buying an additional 2,750 shares during the last quarter. Finally, First Mercantile Trust Co. acquired a new stake in shares of Fortinet during the second quarter worth $136,000. Institutional investors own 72.98% 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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