Fortinet (NASDAQ:FTNT) had its price objective lifted by JMP Securities from $41.00 to $54.00 in a report released on Friday. The brokerage currently has a “market outperform” rating on the software maker’s stock. JMP Securities’ target price points to a potential upside of 17.75% from the stock’s previous close.

FTNT has been the subject of a number of other research reports. Raymond James Financial restated a “market perform” rating on shares of Fortinet in a research report on Friday. Citigroup downgraded Fortinet from an “outperform” rating to a “market perform” rating in a research report on Friday. Deutsche Bank downgraded Fortinet from a “buy” rating to a “hold” rating and set a $46.00 target price for the company. in a research report on Tuesday. Monness Crespi & Hardt restated a “buy” rating and issued a $50.00 target price (up previously from $45.00) on shares of Fortinet in a research report on Friday, January 19th. Finally, Robert W. Baird boosted their target price on Fortinet from $50.00 to $56.00 and gave the stock an “outperform” rating in a research report on Thursday, January 11th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $46.00.

Shares of Fortinet (NASDAQ:FTNT) traded up $0.45 on Friday, hitting $45.86. The stock had a trading volume of 1,207,103 shares, compared to its average volume of 1,521,766. The company has a market cap of $7,930.00, a P/E ratio of 95.54, a PEG ratio of 4.62 and a beta of 0.93. Fortinet has a 12-month low of $32.05 and a 12-month high of $46.43.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, October 26th. The software maker reported $0.28 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.23 by $0.05. The firm had revenue of $374.20 million during the quarter, compared to the consensus estimate 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 last year, the company posted $0.18 EPS. sell-side analysts forecast that Fortinet will post 0.48 earnings per share for the current fiscal year.

Fortinet declared that its Board of Directors has approved a share buyback program on Thursday, October 26th that authorizes the company to repurchase $400.00 million in outstanding shares. This repurchase authorization authorizes the software maker to purchase shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

In other Fortinet news, VP Michael Xie sold 3,585 shares of Fortinet stock in a transaction that occurred on Thursday, November 2nd. The stock was sold at an average price of $38.60, for a total value of $138,381.00. Following the transaction, the vice president now directly owns 6,714,500 shares of the company’s stock, valued at approximately $259,179,700. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP John Whittle sold 13,749 shares of Fortinet stock in a transaction that occurred on Tuesday, December 19th. The stock was sold at an average price of $45.00, for a total value of $618,705.00. Following the completion of the transaction, the vice president now directly owns 18,430 shares in the company, valued at $829,350. The disclosure for this sale can be found here. Insiders sold a total of 73,355 shares of company stock worth $3,072,511 over the last ninety days. Insiders own 16.40% of the company’s stock.

Institutional investors have recently made changes to their positions in the business. Cerebellum GP LLC purchased a new position in Fortinet in the 4th quarter worth approximately $125,000. GLG Partners LP purchased a new position in Fortinet in the 2nd quarter worth approximately $145,000. Ropes Wealth Advisors LLC increased its stake in Fortinet by 28.7% in the 3rd quarter. Ropes Wealth Advisors LLC now owns 5,935 shares of the software maker’s stock worth $213,000 after purchasing an additional 1,325 shares during the period. IFM Investors Pty Ltd purchased a new position in Fortinet in the 3rd quarter worth approximately $220,000. Finally, Toronto Dominion Bank increased its stake in shares of Fortinet by 249.2% during the third quarter. Toronto Dominion Bank now owns 6,310 shares of the software maker’s stock valued at $226,000 after buying an additional 4,503 shares during the period. 70.69% of the stock is currently owned by institutional investors and hedge funds.

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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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