Royal Bank Of Canada reissued their hold rating on shares of Fortinet, Inc. (NASDAQ:FTNT) in a report released on Friday morning. Royal Bank Of Canada currently has a $42.00 price objective on the software maker’s stock.
FTNT has been the topic of a number of other reports. Zacks Investment Research cut Fortinet from a buy rating to a hold rating in a report on Thursday, July 13th. Oppenheimer Holdings, Inc. reiterated an outperform rating and set a $45.00 price target on shares of Fortinet in a report on Monday, April 17th. BidaskClub upgraded Fortinet from a sell rating to a hold rating in a report on Thursday, July 13th. ValuEngine upgraded Fortinet from a sell rating to a hold rating in a report on Friday, June 2nd. Finally, Dougherty & Co lifted their price target on Fortinet from $38.00 to $46.00 and gave the company a buy rating in a report on Friday, April 21st. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, twenty have given a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of Buy and an average price target of $41.56.
Fortinet (NASDAQ FTNT) traded down 2.47% during trading on Friday, reaching $37.47. The company had a trading volume of 2,306,183 shares. The stock has a 50 day moving average price of $38.66 and a 200 day moving average price of $37.62. Fortinet has a 12 month low of $28.51 and a 12 month high of $41.56. The firm has a market capitalization of $6.58 billion, a price-to-earnings ratio of 102.66 and a beta of 1.02.
Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, July 26th. The software maker reported $0.27 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.07. The business had revenue of $363.50 million for the quarter, compared to analysts’ expectations of $361.05 million. Fortinet had a return on equity of 9.36% and a net margin of 4.71%. The company’s quarterly revenue was up 16.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.14 EPS. On average, equities research analysts predict that Fortinet will post $0.95 earnings per share for the current year.
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Fortinet announced that its Board of Directors has authorized a share repurchase program on Wednesday, July 26th that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the software maker to buy up to 4.2% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.
In related news, Director Christopher B. Paisley sold 6,000 shares of the business’s stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $39.04, for a total transaction of $234,240.00. Following the completion of the transaction, the director now owns 67,949 shares of the company’s stock, valued at approximately $2,652,728.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP John Whittle sold 11,057 shares of the business’s stock in a transaction dated Tuesday, May 2nd. The stock was sold at an average price of $39.45, for a total value of $436,198.65. Following the transaction, the vice president now directly owns 11,868 shares of the company’s stock, valued at approximately $468,192.60. The disclosure for this sale can be found here. Insiders sold 29,857 shares of company stock valued at $1,178,454 in the last ninety days. Insiders own 16.40% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. BlackRock Inc. boosted its position in shares of Fortinet by 7,159.6% in the first quarter. BlackRock Inc. now owns 13,177,758 shares of the software maker’s stock valued at $505,365,000 after buying an additional 12,996,236 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Fortinet by 5.0% in the first quarter. Vanguard Group Inc. now owns 11,887,371 shares of the software maker’s stock valued at $455,881,000 after buying an additional 563,667 shares during the last quarter. Clearbridge Investments LLC boosted its position in shares of Fortinet by 27.7% in the first quarter. Clearbridge Investments LLC now owns 8,441,783 shares of the software maker’s stock valued at $323,742,000 after buying an additional 1,831,096 shares during the last quarter. State Street Corp boosted its position in shares of Fortinet by 2.7% in the first quarter. State Street Corp now owns 4,449,413 shares of the software maker’s stock valued at $170,638,000 after buying an additional 118,681 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its position in shares of Fortinet by 6.2% in the first quarter. Ameriprise Financial Inc. now owns 4,309,932 shares of the software maker’s stock valued at $165,282,000 after buying an additional 252,158 shares during the last quarter. 72.84% of the stock is owned by institutional investors and hedge funds.
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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