Fortinet’s (FTNT) “Buy” Rating Reiterated at BMO Capital Markets
BMO Capital Markets reaffirmed their buy rating on shares of Fortinet, Inc. (NASDAQ:FTNT) in a research report report published on Friday morning. They currently have a $46.00 price objective on the software maker’s stock.
Other equities analysts have also recently issued research reports about the stock. Zacks Investment Research cut shares of Fortinet from a buy rating to a hold rating in a research report on Thursday, July 13th. BidaskClub upgraded shares of Fortinet from a sell rating to a hold rating in a research report on Thursday, July 13th. ValuEngine upgraded shares of Fortinet from a sell rating to a hold rating in a research report on Friday, June 2nd. Monness Crespi & Hardt began coverage on shares of Fortinet in a research report on Wednesday, June 14th. They set a buy rating and a $45.00 target price for the company. Finally, Royal Bank Of Canada restated a hold rating and set a $42.00 target price on shares of Fortinet in a research report on Friday, July 28th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of Buy and a consensus price target of $41.62.
Shares of Fortinet (FTNT) opened at 38.30 on Friday. The stock’s 50 day moving average is $37.94 and its 200-day moving average is $38.13. Fortinet has a 1-year low of $28.50 and a 1-year high of $41.56. The stock has a market cap of $6.73 billion, a PE ratio of 104.93 and a beta of 0.99.
Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Wednesday, July 26th. The software maker reported $0.27 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.07. Fortinet had a net margin of 4.71% and a return on equity of 9.36%. The firm had revenue of $363.50 million during the quarter, compared to analysts’ expectations of $361.05 million. During the same quarter last year, the business earned $0.14 earnings per share. The business’s revenue for the quarter was up 16.7% compared to the same quarter last year. On average, analysts predict that Fortinet will post $0.95 EPS for the current fiscal year.
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Fortinet announced that its board has initiated a share repurchase plan on Wednesday, July 26th that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the software maker to repurchase up to 4.2% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
In related news, Director Christopher B. Paisley sold 4,000 shares of the business’s stock in a transaction that occurred 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 sale, the director now directly owns 66,611 shares in the company, valued at $2,423,974.29. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Keith Jensen sold 950 shares of the business’s stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $36.67, for a total transaction of $34,836.50. Following the completion of the sale, the chief accounting officer now owns 1,315 shares of the company’s stock, valued at $48,221.05. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 14,301 shares of company stock valued at $534,758. 17.00% of the stock is owned by insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Harel Insurance Investments & Financial Services Ltd. grew its holdings in Fortinet by 21.4% in the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 3,060 shares of the software maker’s stock valued at $116,000 after purchasing an additional 540 shares during the period. Thompson Davis & CO. Inc. grew its holdings in Fortinet by 523.8% in the first quarter. Thompson Davis & CO. Inc. now owns 3,275 shares of the software maker’s stock valued at $126,000 after purchasing an additional 2,750 shares during the period. First Mercantile Trust Co. purchased a new stake in Fortinet in the second quarter valued at approximately $136,000. GLG Partners LP purchased a new stake in Fortinet in the second quarter valued at approximately $145,000. Finally, NEXT Financial Group Inc grew its holdings in Fortinet by 17,296.0% in the second quarter. NEXT Financial Group Inc now owns 4,349 shares of the software maker’s stock valued at $163,000 after purchasing an additional 4,324 shares during the period. Hedge funds and other institutional investors own 69.02% of the company’s stock.
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.
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