Barclays lowered shares of Fortinet (NASDAQ:FTNT) from an overweight rating to an equal weight rating in a research report released on Tuesday morning, Marketbeat.com reports. The brokerage currently has $48.00 price objective on the software maker’s stock, up from their previous price objective of $45.00.
FTNT has been the subject of several other research reports. UBS Group upped their target price on shares of Fortinet from $46.00 to $47.00 and gave the stock a buy rating in a research report on Friday, October 27th. JPMorgan Chase & Co. cut shares of Fortinet from an overweight rating to a neutral rating and set a $50.00 target price for the company. in a research report on Tuesday, December 12th. Piper Jaffray Companies restated a buy rating and issued a $50.00 target price on shares of Fortinet in a research report on Thursday, October 12th. Stifel Nicolaus restated a hold rating and issued a $42.00 target price on shares of Fortinet in a research report on Tuesday, September 12th. Finally, Oppenheimer restated a buy rating and issued a $45.00 target price on shares of Fortinet in a research report on Thursday, October 5th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, fourteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock has an average rating of Buy and an average target price of $45.24.
Shares of Fortinet (NASDAQ FTNT) traded up $0.68 during trading hours on Tuesday, hitting $44.94. 1,462,074 shares of the company were exchanged, compared to its average volume of 1,440,000. Fortinet has a twelve month low of $31.36 and a twelve month high of $45.64. The company has a market cap of $7,820.00, a P/E ratio of 93.63, a PEG ratio of 4.52 and a beta of 0.93.
Fortinet declared that its board has initiated a stock repurchase plan on Thursday, October 26th that authorizes the company to repurchase $400.00 million in shares. This repurchase authorization authorizes the software maker to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
In related news, Director Christopher B. Paisley sold 4,000 shares of the stock in a transaction that occurred on Monday, November 13th. The shares were sold at an average price of $40.02, for a total transaction of $160,080.00. Following the completion of the sale, the director now directly owns 72,606 shares of the company’s stock, valued at $2,905,692.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Michael Xie sold 3,585 shares of the stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $38.60, for a total transaction of $138,381.00. Following the sale, the vice president now directly owns 6,714,500 shares of the company’s stock, valued at $259,179,700. The disclosure for this sale can be found here. Insiders sold 73,355 shares of company stock valued at $3,072,511 over the last quarter. Insiders own 16.40% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. GLG Partners LP acquired a new stake in Fortinet during the second quarter valued at approximately $145,000. Ropes Wealth Advisors LLC lifted its stake in Fortinet by 67.3% during the second quarter. Ropes Wealth Advisors LLC now owns 4,610 shares of the software maker’s stock valued at $173,000 after purchasing an additional 1,855 shares during the last quarter. IFM Investors Pty Ltd acquired a new stake in Fortinet during the third quarter valued at approximately $220,000. Toronto Dominion Bank lifted its stake in 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 purchasing an additional 4,503 shares during the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. lifted its stake in Fortinet by 25.9% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 6,871 shares of the software maker’s stock valued at $259,000 after purchasing an additional 1,412 shares during the last quarter. 70.68% of the stock is owned by institutional investors and hedge funds.
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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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