Fortinet, Inc. (FTNT) Now Covered by Analysts at Credit Suisse Group
Credit Suisse Group initiated coverage on shares of Fortinet, Inc. (NASDAQ:FTNT) in a research note issued on Tuesday. The firm set an “underperform” rating on the software maker’s stock.
A number of other research firms have also recently weighed in on FTNT. Evercore ISI set a $38.00 price target on Fortinet and gave the stock a “hold” rating in a report on Thursday, July 27th. Dougherty & Co increased their price target on Fortinet from $46.00 to $48.00 and gave the stock a “buy” rating in a report on Thursday, July 27th. Robert W. Baird set a $50.00 price target on Fortinet and gave the stock a “buy” rating in a report on Thursday, July 27th. BidaskClub upgraded Fortinet from a “sell” rating to a “hold” rating in a report on Thursday, July 13th. Finally, Zacks Investment Research cut Fortinet from a “buy” rating to a “hold” rating in a report on Thursday, July 13th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $41.62.
Shares of Fortinet (NASDAQ FTNT) opened at 38.30 on Tuesday. The stock’s 50 day moving average price is $37.94 and its 200 day moving average price is $38.13. The company has a market capitalization of $6.73 billion, a P/E ratio of 104.93 and a beta of 0.99. Fortinet has a 52-week low of $28.50 and a 52-week 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. On average, equities research analysts forecast that Fortinet will post $0.95 earnings per share for the current fiscal year.
Fortinet declared that its board has approved a share repurchase plan on Wednesday, July 26th that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the software maker to reacquire up to 4.2% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.
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In other news, VP John Whittle sold 2,091 shares of the stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $36.27, for a total value of $75,840.57. Following the transaction, the vice president now owns 7,181 shares in the company, valued at approximately $260,454.87. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Keith Jensen sold 950 shares of the stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $36.67, for a total value of $34,836.50. Following the completion of the transaction, the chief accounting officer now owns 1,315 shares in the company, valued at approximately $48,221.05. The disclosure for this sale can be found here. In the last quarter, insiders sold 14,301 shares of company stock worth $534,758. Company insiders own 17.00% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Fortinet by 5.0% in the 1st quarter. Vanguard Group Inc. now owns 11,887,371 shares of the software maker’s stock valued at $455,881,000 after acquiring an additional 563,667 shares during the last quarter. Prudential Financial Inc. grew its stake in Fortinet by 43.9% during the 2nd quarter. Prudential Financial Inc. now owns 1,065,986 shares of the software maker’s stock worth $39,911,000 after buying an additional 325,210 shares during the last quarter. Clinton Group Inc. purchased a new position in Fortinet during the 1st quarter worth approximately $888,000. KBC Group NV grew its stake in Fortinet by 313.5% during the 1st quarter. KBC Group NV now owns 53,945 shares of the software maker’s stock worth $2,069,000 after buying an additional 40,899 shares during the last quarter. Finally, MARSHALL WACE ASIA Ltd purchased a new position in Fortinet during the 1st quarter worth approximately $77,398,000. Institutional investors and hedge funds own 69.02% 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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