Fortinet, Inc. (NASDAQ:FTNT) Upgraded by ValuEngine to “Hold”

Fortinet, Inc. (NASDAQ:FTNT) was upgraded by research analysts at ValuEngine from a “sell” rating to a “hold” rating in a note issued to investors on Thursday.

A number of other research analysts also recently weighed in on the company. Zacks Investment Research raised Fortinet from a “hold” rating to a “buy” rating and set a $43.00 price objective on the stock in a research note on Friday, July 7th. Dougherty & Co raised their price objective on Fortinet from $38.00 to $46.00 and gave the company a “buy” rating in a research note on Friday, April 21st. Vetr raised Fortinet from a “hold” rating to a “strong-buy” rating and set a $48.00 price target on the stock in a research report on Monday, April 24th. OTR Global raised Fortinet to a “positive” rating in a research report on Wednesday, July 5th. Finally, BMO Capital Markets raised Fortinet from a “market perform” rating to an “outperform” rating and lifted their price target 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. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $41.56.

Fortinet (FTNT) opened at 36.70 on Thursday. The stock’s 50 day moving average price is $38.43 and its 200 day moving average price is $37.89. Fortinet has a 1-year low of $28.51 and a 1-year high of $41.56. The stock has a market capitalization of $6.45 billion, a PE ratio of 100.55 and a beta of 1.02.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Wednesday, July 26th. The software maker reported $0.27 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.07. Fortinet had a return on equity of 9.36% and a net margin of 4.71%. The business had revenue of $363.50 million for the quarter, compared to the consensus estimate of $361.05 million. During the same period last year, the business earned $0.14 EPS. The firm’s revenue was up 16.7% compared to the same quarter last year. Equities research analysts forecast that Fortinet will post $0.95 earnings per share for the current year.

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

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In other Fortinet news, VP John Whittle sold 2,091 shares of Fortinet 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 completion of the transaction, the vice president now owns 7,181 shares in the company, valued at approximately $260,454.87. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Christopher B. Paisley sold 4,000 shares of Fortinet stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $36.39, for a total value of $145,560.00. Following the completion of the transaction, the director now owns 66,611 shares of the company’s stock, valued at approximately $2,423,974.29. The disclosure for this sale can be found here. In the last ninety days, insiders sold 14,258 shares of company stock worth $535,475. 16.40% of the stock is owned by insiders.

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

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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