Fortinet, Inc. (NASDAQ:FTNT) was upgraded by investment analysts at ValuEngine from a “sell” rating to a “hold” rating in a report released on Thursday.

Several other equities research analysts have also commented on FTNT. Stifel Nicolaus boosted their target price on shares of Fortinet from $36.00 to $42.00 and gave the stock a “hold” rating in a research report on Monday, April 17th. Oppenheimer Holdings, Inc. restated an “outperform” rating and set a $45.00 target price on shares of Fortinet in a research report on Monday, April 17th. BMO Capital Markets upgraded shares of Fortinet from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $44.00 to $46.00 in a research report on Friday, April 21st. They noted that the move was a valuation call. Dougherty & Co boosted their target price on shares of Fortinet from $38.00 to $46.00 and gave the stock a “buy” rating in a research report on Friday, April 21st. Finally, Vetr upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating and set a $48.00 target price on the stock in a research report on Monday, April 24th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $41.56.

Fortinet (FTNT) opened at 36.70 on Thursday. The firm’s 50-day moving average is $38.43 and its 200 day moving average is $37.89. Fortinet has a 12-month low of $28.51 and a 12-month high of $41.56. The stock has a market capitalization of $6.45 billion, a P/E ratio of 100.55 and a beta of 1.02.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, July 26th. The software maker reported $0.27 EPS for the quarter, topping the consensus estimate of $0.20 by $0.07. The company had revenue of $363.50 million for the quarter, compared to analyst estimates of $361.05 million. Fortinet had a net margin of 4.71% and a return on equity of 9.36%. The business’s revenue was up 16.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.14 EPS. Equities analysts expect that Fortinet will post $0.95 EPS for the current year.

Fortinet declared that its board has approved a share buyback plan on Wednesday, July 26th that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the software maker to reacquire up to 4.2% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is undervalued.

COPYRIGHT VIOLATION WARNING: This news story was originally published by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are accessing this news story on another site, it was stolen and republished in violation of United States and international copyright law. The original version of this news story can be read at https://www.thecerbatgem.com/2017/08/10/fortinet-inc-ftnt-upgraded-to-hold-at-valuengine.html.

In other news, CAO Keith Jensen sold 950 shares of the company’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $36.67, for a total transaction of $34,836.50. Following the completion of the transaction, the chief accounting officer now owns 1,315 shares of the company’s stock, valued at approximately $48,221.05. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP John Whittle sold 2,091 shares of the company’s stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $36.27, for a total transaction of $75,840.57. Following the transaction, the vice president now directly owns 7,181 shares of the company’s stock, valued at approximately $260,454.87. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 14,258 shares of company stock valued at $535,475. Corporate insiders own 16.40% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. LS Investment Advisors LLC increased its position in Fortinet by 0.7% in the first quarter. LS Investment Advisors LLC now owns 13,415 shares of the software maker’s stock worth $514,000 after buying an additional 96 shares in the last quarter. Capstone Asset Management Co. increased its position in Fortinet by 1.4% in the second quarter. Capstone Asset Management Co. now owns 13,582 shares of the software maker’s stock worth $509,000 after buying an additional 190 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec increased its position in Fortinet by 1.2% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 17,000 shares of the software maker’s stock worth $653,000 after buying an additional 200 shares in the last quarter. Flagship Harbor Advisors LLC increased its position in Fortinet by 2.7% in the second quarter. Flagship Harbor Advisors LLC now owns 7,492 shares of the software maker’s stock worth $288,000 after buying an additional 200 shares in the last quarter. Finally, TRUE Private Wealth Advisors increased its position in Fortinet by 3.4% in the second quarter. TRUE Private Wealth Advisors now owns 6,457 shares of the software maker’s stock worth $241,000 after buying an additional 211 shares in the last quarter. 72.98% of the stock is owned by institutional investors.

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)

Receive News & Stock Ratings for Fortinet Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortinet Inc. and related stocks with our FREE daily email newsletter.