Fortinet (NASDAQ:FTNT)‘s stock had its “buy” rating restated by investment analysts at Monness Crespi & Hardt in a research report issued on Friday. They presently have a $50.00 price target on the software maker’s stock, up from their prior price target of $45.00. Monness Crespi & Hardt’s price objective suggests a potential upside of 9.39% from the stock’s current price.

Several other equities analysts have also recently commented on FTNT. Barclays cut Fortinet from an “overweight” rating to an “equal weight” rating and upped their price target for the company from $45.00 to $48.00 in a report on Tuesday, January 9th. Zacks Investment Research raised Fortinet from a “hold” rating to a “buy” rating and set a $42.00 price target for the company in a report on Tuesday, September 26th. Robert W. Baird increased their target price on Fortinet from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Thursday, January 11th. Oppenheimer increased their target price on Fortinet from $45.00 to $50.00 and gave the stock an “outperform” rating in a report on Monday, January 8th. Finally, BMO Capital Markets reissued a “buy” rating and issued a $46.00 target price on shares of Fortinet in a report on Thursday, October 5th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $45.48.

Fortinet (NASDAQ FTNT) opened at $45.71 on Friday. The company has a market capitalization of $7,841.16, a P/E ratio of 95.23, a price-to-earnings-growth ratio of 4.61 and a beta of 0.93. Fortinet has a twelve month low of $31.86 and a twelve month high of $45.90.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, October 26th. The software maker reported $0.28 EPS for the quarter, beating the consensus estimate of $0.23 by $0.05. The firm had revenue of $374.20 million during 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 for the quarter was up 18.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.18 EPS. equities research analysts predict that Fortinet will post 0.48 earnings per share for the current year.

Fortinet announced that its board has approved a share buyback program on Thursday, October 26th that allows the company to buyback $400.00 million in outstanding shares. This buyback authorization allows the software maker to repurchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

In related news, VP John Whittle sold 13,749 shares of the stock in a transaction that occurred on Tuesday, December 19th. The stock was sold at an average price of $45.00, for a total transaction of $618,705.00. Following the sale, the vice president now directly owns 18,430 shares in the company, valued at approximately $829,350. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Ming Hsieh sold 5,332 shares of the stock in a transaction that occurred on Thursday, November 9th. The stock was sold at an average price of $39.64, for a total value of $211,360.48. Following the sale, the director now owns 331 shares in the company, valued at $13,120.84. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 73,355 shares of company stock worth $3,072,511. 16.40% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FTNT. Voya Investment Management LLC grew its position in Fortinet by 934.3% during the 2nd quarter. Voya Investment Management LLC now owns 1,880,328 shares of the software maker’s stock worth $70,399,000 after acquiring an additional 1,698,526 shares during the last quarter. ETF Managers Group LLC bought a new position in Fortinet in the 2nd quarter valued at $40,680,000. BlackRock Inc. boosted its position in Fortinet by 6.6% in the 2nd quarter. BlackRock Inc. now owns 14,047,819 shares of the software maker’s stock valued at $525,953,000 after buying an additional 870,061 shares during the last quarter. Renaissance Technologies LLC boosted its position in Fortinet by 19.1% in the 2nd quarter. Renaissance Technologies LLC now owns 4,521,700 shares of the software maker’s stock valued at $169,292,000 after buying an additional 726,300 shares during the last quarter. Finally, Alyeska Investment Group L.P. bought a new position in Fortinet in the 3rd quarter valued at $14,293,000. 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.

Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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