Fortinet Inc (FTNT) Receives Average Recommendation of “Buy” from Brokerages
Fortinet Inc (NASDAQ:FTNT) has received a consensus recommendation of “Buy” from the twenty-eight brokerages that are currently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, fourteen have assigned a buy rating and two have issued a strong buy rating on the company. The average 1-year target price among brokers that have covered the stock in the last year is $47.65.
A number of research analysts recently issued reports on the stock. Zacks Investment Research upgraded shares of Fortinet from a “hold” rating to a “buy” rating and set a $52.00 target price on the stock in a research report on Tuesday. Bank of America boosted their target price on shares of Fortinet from $48.00 to $49.00 and gave the company a “buy” rating in a research report on Tuesday, February 6th. Morgan Stanley boosted their target price on shares of Fortinet from $51.00 to $53.00 and gave the company an “overweight” rating in a research report on Tuesday, February 6th. Credit Suisse Group boosted their target price on shares of Fortinet from $33.00 to $37.00 and gave the company an “underperform” rating in a research report on Tuesday, February 6th. Finally, Royal Bank of Canada boosted their target price on shares of Fortinet to $46.00 and gave the company a “sector perform” rating in a research report on Tuesday, February 6th.
In other Fortinet news, Director Christopher B. Paisley sold 4,000 shares of the business’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $46.71, for a total transaction of $186,840.00. Following the completion of the sale, the director now owns 72,937 shares in the company, valued at approximately $3,406,887.27. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP John Whittle sold 29,946 shares of the business’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $47.00, for a total transaction 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 disclosure for this sale can be found here. Insiders have sold a total of 208,967 shares of company stock valued at $9,357,590 in the last 90 days. 17.00% of the stock is currently owned by company insiders.
Fortinet (NASDAQ:FTNT) opened at $48.12 on Wednesday. Fortinet has a 1 year low of $35.44 and a 1 year high of $48.16. The stock has a market cap of $8,082.88, a price-to-earnings ratio of 83.00, a P/E/G ratio of 3.76 and a beta of 0.86.
Fortinet (NASDAQ:FTNT) last released its earnings results on Monday, February 5th. The software maker reported $0.32 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.29 by $0.03. Fortinet had a net margin of 2.10% and a return on equity of 11.77%. The company had revenue of $416.70 million for the quarter, compared to the consensus estimate of $409.04 million. During the same quarter in the previous year, the company earned $0.30 EPS. Fortinet’s quarterly revenue was up 14.9% compared to the same quarter last year. equities research analysts expect that Fortinet will post 0.74 earnings per share for the current year.
Fortinet announced that its Board of Directors has approved a share buyback plan on Thursday, October 26th that allows the company to buyback $400.00 million in shares. This buyback authorization allows the software maker to reacquire shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.
ILLEGAL ACTIVITY NOTICE: “Fortinet Inc (FTNT) Receives Average Recommendation of “Buy” from Brokerages” was originally posted by TheOlympiaReport and is the property of of TheOlympiaReport. If you are reading this story on another website, it was illegally stolen and republished in violation of US and international copyright laws. The legal version of this story can be accessed at https://theolympiareport.com/2018/02/14/fortinet-inc-ftnt-receives-average-recommendation-of-buy-from-brokerages.html.
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.
Receive News & Ratings for Fortinet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortinet and related companies with MarketBeat.com's FREE daily email newsletter.