Fortinet, Inc. (FTNT) Given “Buy” Rating at Piper Jaffray Companies

Fortinet, Inc. (NASDAQ:FTNT)‘s stock had its “buy” rating restated by equities researchers at Piper Jaffray Companies in a research note issued on Thursday. They presently have a $50.00 price target on the software maker’s stock. Piper Jaffray Companies’ price objective would suggest a potential upside of 29.27% from the stock’s previous close.

FTNT has been the topic of a number of other research reports. Cowen and Company restated a “buy” rating and set a $43.00 target price on shares of Fortinet in a research note on Friday, July 28th. Zacks Investment Research cut shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Tuesday, July 4th. Robert W. Baird set a $50.00 target price on shares of Fortinet and gave the stock a “buy” rating in a research note on Thursday, July 27th. Evercore ISI set a $38.00 target price on shares of Fortinet and gave the stock a “hold” rating in a research note on Thursday, July 27th. Finally, ValuEngine upgraded shares of Fortinet from a “sell” rating to a “hold” rating in a research note on Thursday, August 10th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $41.26.

Fortinet (NASDAQ:FTNT) last released its earnings results on Wednesday, July 26th. The software maker reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.07. Fortinet had a net margin of 4.71% and a return on equity of 9.36%. The company had revenue of $363.50 million for the quarter, compared to analysts’ expectations of $361.05 million. During the same quarter last year, the business earned $0.14 EPS. The firm’s revenue was up 16.7% compared to the same quarter last year.

Fortinet declared that its board has approved a stock repurchase program on Wednesday, July 26th that permits the company to buyback $300.00 million in shares. This buyback authorization permits the software maker to repurchase up to 4.2% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

TRADEMARK VIOLATION WARNING: This story was posted by Community Financial News and is the sole property of of Community Financial News. If you are viewing this story on another site, it was illegally copied and reposted in violation of international copyright laws. The original version of this story can be viewed at https://www.com-unik.info/2017/10/12/fortinet-inc-ftnt-given-buy-rating-at-piper-jaffray-companies.html.

In other Fortinet news, VP John Whittle sold 2,091 shares of Fortinet stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $36.27, for a total transaction of $75,840.57. Following the completion of the transaction, the vice president now directly owns 7,181 shares of the company’s stock, valued at $260,454.87. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Christopher B. Paisley sold 4,000 shares of Fortinet stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $36.39, for a total transaction of $145,560.00. Following the transaction, the director now directly owns 66,611 shares of the company’s stock, valued at $2,423,974.29. The disclosure for this sale can be found here. Insiders have sold 9,558 shares of company stock valued at $348,406 over the last ninety days. 16.40% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of FTNT. UBS Asset Management Americas Inc. boosted its stake in Fortinet by 9.3% during the first quarter. UBS Asset Management Americas Inc. now owns 372,420 shares of the software maker’s stock worth $14,282,000 after buying an additional 31,790 shares during the period. Parametric Portfolio Associates LLC boosted its stake in Fortinet by 16.5% during the first quarter. Parametric Portfolio Associates LLC now owns 121,551 shares of the software maker’s stock worth $4,661,000 after buying an additional 17,202 shares during the period. Principal Financial Group Inc. boosted its stake in Fortinet by 3.6% during the first quarter. Principal Financial Group Inc. now owns 611,124 shares of the software maker’s stock worth $23,437,000 after buying an additional 21,018 shares during the period. Wellington Management Group LLP boosted its stake in Fortinet by 90.4% during the first quarter. Wellington Management Group LLP now owns 14,333 shares of the software maker’s stock worth $550,000 after buying an additional 6,805 shares during the period. Finally, Legal & General Group Plc boosted its stake in Fortinet by 59.6% during the first quarter. Legal & General Group Plc now owns 174,775 shares of the software maker’s stock worth $6,703,000 after buying an additional 65,290 shares during the period. 68.99% of the stock is owned by institutional investors.

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)

What are top analysts saying about Fortinet Inc.? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Fortinet Inc. and related companies.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit