Fortinet, Inc. (NASDAQ:FTNT)‘s stock had its “hold” rating reaffirmed by analysts at Stifel Nicolaus in a research report issued on Tuesday. They presently have a $42.00 target price on the software maker’s stock. Stifel Nicolaus’ price target points to a potential upside of 9.83% from the company’s previous close.
FTNT has been the subject of a number of other reports. Cowen and Company reaffirmed a “buy” rating and issued a $43.00 price objective on shares of Fortinet in a research report on Friday, July 28th. Zacks Investment Research cut Fortinet from a “buy” rating to a “hold” rating in a research report on Tuesday, July 4th. Robert W. Baird set a $50.00 price objective on Fortinet and gave the company a “buy” rating in a research report on Thursday, July 27th. Evercore ISI set a $38.00 price objective on Fortinet and gave the company a “hold” rating in a research report on Thursday, July 27th. Finally, ValuEngine raised Fortinet from a “sell” rating to a “hold” rating in a research report on Thursday, August 10th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company’s stock. Fortinet currently has an average rating of “Buy” and a consensus price target of $41.30.
Shares of Fortinet (NASDAQ FTNT) traded down 0.71% on Tuesday, reaching $37.97. The company’s stock had a trading volume of 146,825 shares. The company’s 50 day moving average is $37.41 and its 200-day moving average is $38.14. The firm has a market cap of $6.68 billion, a price-to-earnings ratio of 104.03 and a beta of 0.99. Fortinet has a 1-year low of $28.50 and a 1-year high of $41.56.
Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Wednesday, July 26th. The software maker reported $0.27 earnings per share (EPS) 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 company had revenue of $363.50 million during the quarter, compared to analysts’ expectations of $361.05 million. During the same period last year, the firm posted $0.14 earnings per share. The business’s revenue was up 16.7% on a year-over-year basis. Equities research analysts expect that Fortinet will post $0.95 EPS for the current year.
Fortinet declared that its Board of Directors has initiated a stock buyback 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 buy 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.
In other 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 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 in the company, valued at approximately $2,423,974.29. The disclosure for this sale can be found here. In the last quarter, insiders sold 9,558 shares of company stock worth $348,406. Corporate insiders own 17.00% of the company’s stock.
A number of hedge funds have recently modified their holdings of the stock. Wasatch Advisors Inc. grew its position in Fortinet by 5.4% during the 2nd quarter. Wasatch Advisors Inc. now owns 2,259,333 shares of the software maker’s stock worth $84,589,000 after acquiring an additional 115,671 shares during the last quarter. Public Employees Retirement System of Ohio grew its position in Fortinet by 81.1% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 179,443 shares of the software maker’s stock worth $6,718,000 after acquiring an additional 80,352 shares during the last quarter. Verition Fund Management LLC grew its position in Fortinet by 296.0% during the 2nd quarter. Verition Fund Management LLC now owns 27,288 shares of the software maker’s stock worth $1,022,000 after acquiring an additional 20,397 shares during the last quarter. Piedmont Investment Advisors LLC grew its position in Fortinet by 81.7% during the 2nd quarter. Piedmont Investment Advisors LLC now owns 56,122 shares of the software maker’s stock worth $2,101,000 after acquiring an additional 25,241 shares during the last quarter. Finally, Ameritas Investment Partners Inc. grew its position in Fortinet by 61.0% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 70,707 shares of the software maker’s stock worth $2,647,000 after acquiring an additional 26,777 shares during the last quarter. 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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