Fortinet (NASDAQ:FTNT) had its target price increased by Barclays from $48.00 to $50.00 in a report issued on Tuesday morning. Barclays currently has an equal weight rating on the software maker’s stock.
Several other equities analysts have also weighed in on FTNT. Robert W. Baird reissued a buy rating and issued a $56.00 price objective on shares of Fortinet in a research report on Tuesday. Monness Crespi & Hardt reissued a buy rating and issued a $50.00 price objective (up from $45.00) on shares of Fortinet in a research report on Friday, January 19th. JMP Securities increased their price objective on shares of Fortinet from $41.00 to $54.00 and gave the company a market outperform rating in a research report on Friday, January 26th. Stifel Nicolaus increased their price objective on shares of Fortinet from $42.00 to $46.00 and gave the company a hold rating in a research report on Tuesday. Finally, UBS Group increased their price objective on shares of Fortinet from $46.00 to $47.00 and gave the company a buy rating in a research report on Friday, October 27th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the stock. The stock has a consensus rating of Buy and an average price target of $47.33.
Shares of Fortinet (FTNT) opened at $46.54 on Tuesday. The company has a market cap of $8,090.00, a price-to-earnings ratio of 273.76, a price-to-earnings-growth ratio of 4.65 and a beta of 0.86. Fortinet has a 12 month low of $35.44 and a 12 month high of $47.00.
Fortinet announced that its Board of Directors has initiated a share repurchase program on Thursday, October 26th that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the software maker to purchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.
In other Fortinet news, Director Christopher B. Paisley sold 4,000 shares of the stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $40.02, for a total transaction of $160,080.00. Following the sale, the director now directly owns 72,606 shares in the company, valued at $2,905,692.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP John Whittle sold 11,728 shares of the stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $44.81, for a total transaction of $525,531.68. Following the sale, the vice president now owns 7,181 shares in the company, valued at $321,780.61. The disclosure for this sale can be found here. Insiders have sold 90,223 shares of company stock worth $3,916,948 over the last quarter. Corporate insiders own 16.40% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the business. State Street Corp boosted its stake in shares of Fortinet by 3.0% in the 2nd quarter. State Street Corp now owns 4,581,467 shares of the software maker’s stock valued at $171,534,000 after purchasing an additional 132,054 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in shares of Fortinet by 7.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 4,400,011 shares of the software maker’s stock valued at $157,693,000 after purchasing an additional 288,097 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Fortinet by 8.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 3,752,012 shares of the software maker’s stock valued at $134,472,000 after purchasing an additional 296,648 shares in the last quarter. Wasatch Advisors Inc. boosted its stake in shares of Fortinet by 5.4% in the 2nd quarter. Wasatch Advisors Inc. now owns 2,259,333 shares of the software maker’s stock valued at $84,589,000 after purchasing an additional 115,671 shares in the last quarter. Finally, Pictet Asset Management Ltd. boosted its stake in shares of Fortinet by 20.8% in the 3rd quarter. Pictet Asset Management Ltd. now owns 1,795,700 shares of the software maker’s stock valued at $64,358,000 after purchasing an additional 309,000 shares in the last quarter. Hedge funds and other institutional investors own 70.84% of the company’s stock.
WARNING: This piece of content was originally published by Sports Perspectives and is the sole property of of Sports Perspectives. If you are accessing this piece of content on another domain, it was stolen and reposted in violation of United States and international copyright laws. The original version of this piece of content can be read at https://sportsperspectives.com/2018/02/10/fortinet-ftnt-pt-raised-to-50-00.html.
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.
Receive News & Ratings for Fortinet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortinet and related companies with MarketBeat.com's FREE daily email newsletter.