Fortinet (FTNT) PT Raised to $56.00 at Robert W. Baird
Fortinet (NASDAQ:FTNT) had its price objective lifted by Robert W. Baird from $50.00 to $56.00 in a research report report published on Thursday morning. Robert W. Baird currently has an outperform rating on the software maker’s stock.
“We continue to see the company as a market share taker with attractive valuation. We are adding FTNT to Baird’s Fresh Pick list with this note. Network Processor [NP] Catalyst. Fortinet refreshes each of its three ASICs every three to four years. A new high-end NP typically offers 2-3x performance over the previous generation, and has historically driven a refresh within the customer base. The current NP6 was released in late C13 and management is currently targeting the next release for C18.”,” Robert W. Baird’s analyst commented.
Other research analysts have also issued reports about the company. Deutsche Bank raised Fortinet from a hold rating to a buy rating and increased their target price for the stock from $36.00 to $48.00 in a research report on Wednesday, October 18th. UBS Group increased their target price on Fortinet from $46.00 to $47.00 and gave the stock a buy rating in a research report on Friday, October 27th. BidaskClub raised Fortinet from a buy rating to a strong-buy rating in a research report on Wednesday, December 13th. KeyCorp reaffirmed a buy rating and issued a $46.00 target price on shares of Fortinet in a research report on Tuesday, October 24th. Finally, Oppenheimer reissued a buy rating and issued a $45.00 price objective on shares of Fortinet in a research report on Monday, September 18th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, fourteen have given a buy rating and two have given a strong buy rating to the company. Fortinet has an average rating of Buy and an average price target of $45.24.
Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, October 26th. The software maker reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.05. The business had revenue of $374.20 million for the quarter, compared to analyst estimates of $370.67 million. Fortinet had a return on equity of 10.92% and a net margin of 5.93%. The business’s quarterly revenue was up 18.2% on a year-over-year basis. During the same period last year, the company posted $0.18 EPS. equities research analysts expect that Fortinet will post 0.48 earnings per share for the current fiscal year.
Fortinet declared that its board has approved a stock repurchase plan on Thursday, October 26th that authorizes the company to repurchase $400.00 million in outstanding shares. This repurchase authorization authorizes the software maker to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
In other news, VP Michael Xie sold 3,585 shares of the firm’s stock in a transaction dated Thursday, November 2nd. The stock was sold at an average price of $38.60, for a total transaction of $138,381.00. Following the completion of the sale, the vice president now directly owns 6,714,500 shares in the company, valued at $259,179,700. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Keith Jensen sold 1,850 shares of the firm’s stock in a transaction dated Wednesday, November 8th. The shares were sold at an average price of $39.20, for a total value of $72,520.00. Following the sale, the insider now owns 1,374 shares of the company’s stock, valued at $53,860.80. The disclosure for this sale can be found here. Insiders sold 73,355 shares of company stock worth $3,072,511 over the last three months. 17.00% of the stock is currently owned by corporate insiders.
Several institutional investors have recently made changes to their positions in the company. Nisa Investment Advisors LLC grew its stake in shares of Fortinet by 59.6% during the fourth quarter. Nisa Investment Advisors LLC now owns 45,154 shares of the software maker’s stock valued at $1,973,000 after acquiring an additional 16,855 shares in the last quarter. Jaffetilchin Investment Partners LLC acquired a new stake in shares of Fortinet during the fourth quarter valued at about $342,000. Steward Partners Investment Advisory LLC acquired a new stake in shares of Fortinet during the third quarter valued at about $725,000. Public Employees Retirement System of Ohio grew its stake in shares of Fortinet by 30.8% during the third quarter. Public Employees Retirement System of Ohio now owns 234,785 shares of the software maker’s stock valued at $8,415,000 after acquiring an additional 55,342 shares in the last quarter. Finally, Cetera Advisor Networks LLC acquired a new stake in shares of Fortinet during the third quarter valued at about $708,000. Institutional investors own 70.68% of the company’s stock.
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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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