Fortinet (NASDAQ:FTNT) had its price objective hoisted by Robert W. Baird from $50.00 to $56.00 in a report published on Thursday morning. The firm 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.”,” the firm’s analyst wrote.
A number of other research firms have also recently weighed in on FTNT. KeyCorp restated a buy rating and issued a $46.00 price target on shares of Fortinet in a report on Tuesday, October 24th. BMO Capital Markets restated a buy rating and issued a $46.00 price target on shares of Fortinet in a report on Thursday, October 5th. Barclays cut Fortinet from an overweight rating to an equal weight rating and upped their price target for the stock from $45.00 to $48.00 in a report on Tuesday, January 9th. Zacks Investment Research upgraded Fortinet from a hold rating to a buy rating and set a $42.00 price target on the stock in a report on Tuesday, September 26th. Finally, Deutsche Bank upgraded Fortinet from a hold rating to a buy rating and upped their price target for the stock from $36.00 to $48.00 in a report on Wednesday, October 18th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus target price of $45.24.
Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, October 26th. The software maker reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.05. The business had revenue of $374.20 million for the quarter, compared to analysts’ expectations of $370.67 million. Fortinet had a return on equity of 10.92% and a net margin of 5.93%. The company’s revenue was up 18.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.18 EPS. equities research analysts forecast that Fortinet will post 0.48 earnings per share for the current year.
Fortinet announced that its Board of Directors has approved a share repurchase plan on Thursday, October 26th that authorizes the company to buyback $400.00 million in outstanding shares. This buyback authorization authorizes the software maker to reacquire shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.
In other Fortinet news, VP Michael Xie sold 3,585 shares of the stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $38.60, for a total transaction of $138,381.00. Following the sale, the vice president now owns 6,714,500 shares in the company, valued at approximately $259,179,700. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP John Whittle sold 13,749 shares of the stock in a transaction on Tuesday, December 19th. The shares were sold at an average price of $45.00, for a total value of $618,705.00. Following the sale, the vice president now owns 18,430 shares in the company, valued at approximately $829,350. The disclosure for this sale can be found here. In the last quarter, insiders have sold 73,355 shares of company stock worth $3,072,511. 17.00% of the stock is owned by insiders.
Several institutional investors have recently modified their holdings of FTNT. GLG Partners LP purchased a new position in shares of Fortinet during the 2nd quarter worth $145,000. Ropes Wealth Advisors LLC lifted its stake in shares of Fortinet by 67.3% during the 2nd quarter. Ropes Wealth Advisors LLC now owns 4,610 shares of the software maker’s stock worth $173,000 after purchasing an additional 1,855 shares during the period. IFM Investors Pty Ltd purchased a new position in shares of Fortinet during the 3rd quarter worth $220,000. Toronto Dominion Bank lifted its stake in shares of Fortinet by 249.2% during the 3rd quarter. Toronto Dominion Bank now owns 6,310 shares of the software maker’s stock worth $226,000 after purchasing an additional 4,503 shares during the period. Finally, Parametrica Management Ltd purchased a new position in shares of Fortinet during the 3rd quarter worth $254,000. 70.68% of the stock is currently owned by institutional investors.
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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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