Fortinet (FTNT) Lowered to Neutral at J P Morgan Chase & Co

J P Morgan Chase & Co cut shares of Fortinet (NASDAQ:FTNT) from an overweight rating to a neutral rating in a report issued on Tuesday morning. J P Morgan Chase & Co currently has $50.00 price objective on the software maker’s stock.

Several other equities research analysts have also recently issued reports on FTNT. BidaskClub cut Fortinet from a strong-buy rating to a buy rating in a report on Thursday, December 7th. Zacks Investment Research raised Fortinet from a hold rating to a buy rating and set a $42.00 target price on the stock in a report on Tuesday, September 26th. Oppenheimer reaffirmed a buy rating and issued a $45.00 target price on shares of Fortinet in a report on Monday, September 18th. Piper Jaffray Companies reaffirmed a buy rating and issued a $50.00 target price on shares of Fortinet in a report on Thursday, October 12th. Finally, BMO Capital Markets reaffirmed a buy rating and issued a $46.00 target price on shares of Fortinet in a report on Thursday, October 5th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fourteen have assigned a buy rating and two have given a strong buy rating to the company. The stock has an average rating of Buy and a consensus price target of $44.55.

Fortinet (NASDAQ FTNT) traded down $0.04 during trading hours on Tuesday, reaching $42.18. The company’s stock had a trading volume of 1,332,800 shares, compared to its average volume of 1,697,230. The company has a market capitalization of $7,342.07, a PE ratio of 76.76, a PEG ratio of 5.20 and a beta of 0.92. Fortinet has a twelve month low of $28.50 and a twelve month high of $42.59.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, October 26th. The software maker reported $0.28 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.23 by $0.05. Fortinet had a return on equity of 10.92% and a net margin of 5.93%. The firm had revenue of $374.20 million for the quarter, compared to analysts’ expectations of $370.67 million. During the same period in the previous year, the firm posted $0.18 earnings per share. The business’s revenue was up 18.2% compared to the same quarter last year. research analysts anticipate that Fortinet will post 0.48 earnings per share for the current fiscal year.

Fortinet declared that its Board of Directors has initiated a stock 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 usually a sign that the company’s board of directors believes its shares are undervalued.

In other Fortinet news, Director Christopher B. Paisley sold 4,000 shares of the business’s stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $40.02, for a total transaction of $160,080.00. Following the completion of the transaction, the director now owns 72,606 shares in the company, valued at $2,905,692.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Michael Xie sold 3,585 shares of Fortinet 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 approximately $259,179,700. The disclosure for this sale can be found here. Insiders have sold 59,606 shares of company stock valued at $2,453,806 in the last 90 days. Company insiders own 17.00% of the company’s stock.

Institutional investors have recently bought and sold shares of the company. First Mercantile Trust Co. bought a new stake in shares of Fortinet during the second quarter valued at approximately $136,000. GLG Partners LP bought a new stake in shares of Fortinet during the second quarter valued at approximately $145,000. Ropes Wealth Advisors LLC raised its stake in shares of 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 acquiring an additional 1,855 shares in the last quarter. Greenwood Capital Associates LLC bought a new stake in shares of Fortinet during the second quarter valued at approximately $209,000. Finally, Cigna Investments Inc. New bought a new stake in shares of Fortinet during the second quarter valued at approximately $211,000. 70.76% of the stock is owned by hedge funds and other institutional investors.

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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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