Fortinet, Inc. (FTNT) Stock Rating Reaffirmed by BMO Capital Markets
BMO Capital Markets reaffirmed their buy rating on shares of Fortinet, Inc. (NASDAQ:FTNT) in a research report report published on Friday. The firm currently has a $46.00 price objective on the software maker’s stock.
A number of other 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 target for the company in a research note on Friday, July 7th. OTR Global upgraded shares of Fortinet to a positive rating in a research note on Wednesday, July 5th. Oppenheimer Holdings, Inc. restated an outperform rating and set a $45.00 price target on shares of Fortinet in a research note on Thursday, June 22nd. Evercore ISI set a $38.00 price target on shares of Fortinet and gave the company a hold rating in a research note on Thursday, July 27th. Finally, Northland Securities started coverage on shares of Fortinet in a research note on Thursday, June 29th. They set an outperform rating and a $45.00 price target for the company. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus target price of $41.62.
Fortinet (FTNT) opened at 38.30 on Friday. The firm has a market cap of $6.73 billion, a PE ratio of 104.93 and a beta of 0.99. Fortinet has a one year low of $28.50 and a one year high of $41.56. The company’s 50-day moving average is $37.94 and its 200 day moving average is $38.13.
Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Wednesday, July 26th. The software maker reported $0.27 EPS for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.07. The business had revenue of $363.50 million during 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%. Fortinet’s quarterly revenue was up 16.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.14 EPS. Equities analysts anticipate that Fortinet will post $0.95 earnings per share for the current year.
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Fortinet announced that its board has approved a stock buyback plan on Wednesday, July 26th that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the software maker to repurchase up to 4.2% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.
In other Fortinet news, Director Ming Hsieh sold 4,743 shares of the company’s stock in a transaction dated Thursday, June 8th. The shares were sold at an average price of $39.29, for a total transaction of $186,352.47. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 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 sale, the vice president now directly owns 7,181 shares in the company, valued at $260,454.87. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 14,301 shares of company stock worth $534,758. Insiders own 17.00% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in Fortinet by 5.0% during the first quarter. Vanguard Group Inc. now owns 11,887,371 shares of the software maker’s stock valued at $455,881,000 after purchasing an additional 563,667 shares during the last quarter. Prudential Financial Inc. lifted its holdings in Fortinet by 43.9% during the second quarter. Prudential Financial Inc. now owns 1,065,986 shares of the software maker’s stock valued at $39,911,000 after purchasing an additional 325,210 shares during the last quarter. Clinton Group Inc. purchased a new stake in Fortinet during the first quarter valued at about $888,000. KBC Group NV lifted its holdings in Fortinet by 313.5% during the first quarter. KBC Group NV now owns 53,945 shares of the software maker’s stock valued at $2,069,000 after purchasing an additional 40,899 shares during the last quarter. Finally, MARSHALL WACE ASIA Ltd purchased a new stake in Fortinet during the first quarter valued at about $77,398,000. 69.02% of the stock is currently owned by institutional investors and hedge funds.
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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