Barclays Raises Fortinet (NASDAQ:FTNT) Price Target to $50.00

Fortinet (NASDAQ:FTNT) had its price target upped by investment analysts at Barclays from $48.00 to $50.00 in a research note issued to investors on Tuesday, February 6th. The firm currently has an “equal weight” rating on the software maker’s stock. Barclays’ price objective indicates a potential upside of 3.35% from the stock’s current price.

Several other equities analysts also recently commented on FTNT. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $50.00 target price on shares of Fortinet in a research report on Thursday, October 12th. Zacks Investment Research downgraded Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 17th. Deutsche Bank raised Fortinet from a “hold” rating to a “buy” rating and increased their price target for the stock from $36.00 to $48.00 in a research report on Wednesday, October 18th. KeyCorp reissued a “buy” rating and set a $46.00 price target on shares of Fortinet in a research report on Tuesday, October 24th. Finally, Evercore ISI reissued a “hold” rating and set a $38.00 price target on shares of Fortinet in a research report on Friday, October 27th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $47.67.

Shares of Fortinet (FTNT) opened at $48.38 on Tuesday. Fortinet has a twelve month low of $35.44 and a twelve month high of $48.51. The stock has a market capitalization of $8,368.08, a PE ratio of 284.59, a P/E/G ratio of 3.89 and a beta of 0.86.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Monday, February 5th. The software maker reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.03. The firm had revenue of $416.70 million for the quarter, compared to analyst estimates of $409.04 million. Fortinet had a return on equity of 11.77% and a net margin of 2.10%. The business’s revenue for the quarter was up 14.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.30 earnings per share. equities analysts expect that Fortinet will post 0.74 earnings per share for the current fiscal year.

Fortinet declared that its board has approved a stock buyback 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 reacquire shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

In related news, VP John Whittle sold 29,946 shares of Fortinet stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $47.00, for a total value of $1,407,462.00. Following the sale, the vice president now owns 9,310 shares of the company’s stock, valued at approximately $437,570. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 40,000 shares of Fortinet stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $41.95, for a total transaction of $1,678,000.00. Following the completion of the sale, the vice president now directly owns 6,692,200 shares in the company, valued at approximately $280,737,790. The disclosure for this sale can be found here. In the last three months, insiders have sold 208,967 shares of company stock worth $9,357,590. Insiders own 16.40% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. grew its stake in Fortinet by 30.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 443,180 shares of the software maker’s stock valued at $15,914,000 after buying an additional 102,195 shares in the last quarter. Gluskin Sheff & Assoc Inc. grew its stake in Fortinet by 89.8% in the 3rd quarter. Gluskin Sheff & Assoc Inc. now owns 550,739 shares of the software maker’s stock valued at $19,739,000 after buying an additional 260,509 shares in the last quarter. Victory Capital Management Inc. purchased a new position in Fortinet in the 3rd quarter valued at approximately $1,300,000. Frontier Capital Management Co. LLC grew its position in shares of Fortinet by 2.5% during the 4th quarter. Frontier Capital Management Co. LLC now owns 1,010,210 shares of the software maker’s stock valued at $44,136,000 after purchasing an additional 24,194 shares in the last quarter. Finally, New York State Common Retirement Fund grew its position in shares of Fortinet by 2.2% during the 3rd quarter. New York State Common Retirement Fund now owns 519,640 shares of the software maker’s stock valued at $18,624,000 after purchasing an additional 11,333 shares in the last quarter. Institutional investors and hedge funds own 70.68% of the company’s stock.

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About Fortinet

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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