Fortinet (FTNT) Upgraded to Strong-Buy at BidaskClub

BidaskClub upgraded shares of Fortinet (NASDAQ:FTNT) from a buy rating to a strong-buy rating in a research report report published on Wednesday morning.

Other research analysts have also recently issued reports about the stock. BMO Capital Markets reiterated a buy rating and issued a $46.00 target price on shares of Fortinet in a report on Friday, September 1st. Piper Jaffray Companies set a $50.00 target price on shares of Fortinet and gave the stock a buy rating in a report on Friday, August 25th. Cowen reiterated a buy rating and issued a $43.00 target price on shares of Fortinet in a report on Friday, September 8th. Oppenheimer reiterated a buy rating and issued a $45.00 target price on shares of Fortinet in a report on Thursday, October 5th. Finally, Zacks Investment Research upgraded shares of Fortinet from a hold rating to a buy rating and set a $42.00 target price for the company in a report on Tuesday, September 26th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the company. Fortinet currently has a consensus rating of Buy and a consensus price target of $44.55.

Shares of Fortinet (NASDAQ FTNT) traded up $0.47 on Wednesday, hitting $42.65. 1,236,600 shares of the company’s stock traded hands, compared to its average volume of 1,695,310. Fortinet has a one year low of $28.50 and a one year high of $43.08. The firm has a market capitalization of $7,335.11, a PE ratio of 76.69, a price-to-earnings-growth ratio of 5.20 and a beta of 0.92.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, October 26th. The software maker reported $0.28 EPS for the quarter, topping the consensus estimate of $0.23 by $0.05. Fortinet had a net margin of 5.93% and a return on equity of 10.92%. The company had revenue of $374.20 million during the quarter, compared to analysts’ expectations of $370.67 million. During the same period last year, the company posted $0.18 earnings per share. The business’s revenue for the quarter was up 18.2% on a year-over-year basis. equities research analysts forecast that Fortinet will post 0.48 earnings per share for the current fiscal year.

Fortinet announced that its board has initiated a share repurchase program on Thursday, October 26th that authorizes the company to repurchase $400.00 million in shares. This repurchase authorization authorizes the software maker to repurchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

In related news, Director Ming Hsieh sold 5,332 shares of the firm’s stock in a transaction that occurred on Thursday, November 9th. The shares were sold at an average price of $39.64, for a total transaction of $211,360.48. Following the transaction, the director now owns 331 shares of the company’s stock, valued at $13,120.84. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Michael Xie sold 3,585 shares of the firm’s stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $38.60, for a total transaction of $138,381.00. Following the transaction, the vice president now directly owns 6,714,500 shares in the company, valued at approximately $259,179,700. The disclosure for this sale can be found here. Insiders sold 59,606 shares of company stock valued at $2,453,806 over the last three months. 16.40% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently modified their holdings of FTNT. Voya Investment Management LLC raised its position in Fortinet by 934.3% during the second quarter. Voya Investment Management LLC now owns 1,880,328 shares of the software maker’s stock valued at $70,399,000 after acquiring an additional 1,698,526 shares in the last quarter. ETF Managers Group LLC acquired a new position in Fortinet during the second quarter valued at approximately $40,680,000. BlackRock Inc. grew its holdings in Fortinet by 6.6% during the second quarter. BlackRock Inc. now owns 14,047,819 shares of the software maker’s stock valued at $525,953,000 after purchasing an additional 870,061 shares during the last quarter. Renaissance Technologies LLC grew its holdings in Fortinet by 19.1% during the second quarter. Renaissance Technologies LLC now owns 4,521,700 shares of the software maker’s stock valued at $169,292,000 after purchasing an additional 726,300 shares during the last quarter. Finally, Capital Fund Management S.A. grew its holdings in Fortinet by 476.6% during the second quarter. Capital Fund Management S.A. now owns 515,538 shares of the software maker’s stock valued at $19,302,000 after purchasing an additional 426,127 shares during the last quarter. 70.76% of the stock is currently owned by hedge funds and other institutional investors.

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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.

Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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