Fortinet (FTNT) Rating Lowered to Equal Weight at Barclays

Fortinet (NASDAQ:FTNT) was downgraded by equities research analysts at Barclays from an “overweight” rating to an “equal weight” rating in a research note issued to investors on Tuesday, The Fly reports.

A number of other equities research analysts also recently issued reports on the company. Oppenheimer increased their price objective on Fortinet from $45.00 to $50.00 and gave the stock an “outperform” rating in a research report on Monday. BidaskClub upgraded Fortinet from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, December 13th. JPMorgan Chase & Co. downgraded Fortinet from an “overweight” rating to a “neutral” rating and set a $50.00 price objective on the stock. in a research report on Tuesday, December 12th. Zacks Investment Research raised Fortinet from a “hold” rating to a “buy” rating and set a $44.00 target price on the stock in a research note on Tuesday, October 31st. Finally, UBS Group increased their target price on Fortinet from $46.00 to $47.00 and gave the company a “buy” rating in a research note on Friday, October 27th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have assigned a buy rating and two have assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $44.80.

Shares of Fortinet (FTNT) opened at $45.00 on Tuesday. Fortinet has a 12-month low of $30.81 and a 12-month high of $45.64. The stock has a market capitalization of $7,830.00, a price-to-earnings ratio of 93.75, a P/E/G ratio of 4.50 and a beta of 0.93.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, October 26th. The software maker reported $0.28 earnings per share (EPS) for the quarter, topping the Zacks’ 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 company had revenue of $374.20 million for the quarter, compared to the consensus estimate of $370.67 million. During the same quarter last year, the business posted $0.18 earnings per share. The firm’s revenue was up 18.2% compared to the same quarter last year. analysts expect that Fortinet will post 0.48 earnings per share for the current fiscal year.

Fortinet declared that its board has approved a share buyback plan on Thursday, October 26th that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the software maker to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

In other news, Director Christopher B. Paisley sold 4,000 shares of the firm’s stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $40.02, for a total transaction of $160,080.00. Following the transaction, the director now directly owns 72,606 shares of the company’s stock, valued at $2,905,692.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ming Hsieh sold 5,332 shares of the firm’s stock in a transaction dated Thursday, November 9th. The shares were sold at an average price of $39.64, for a total value of $211,360.48. Following the transaction, the director now directly owns 331 shares in the company, valued at $13,120.84. The disclosure for this sale can be found here. Insiders have sold 73,355 shares of company stock worth $3,072,511 over the last ninety days. Insiders own 17.00% of the company’s stock.

Several large investors have recently made changes to their positions in FTNT. GLG Partners LP bought a new position in shares of Fortinet during the second quarter valued at about $145,000. Ropes Wealth Advisors LLC grew its stake in shares of Fortinet by 67.3% in the second quarter. Ropes Wealth Advisors LLC now owns 4,610 shares of the software maker’s stock worth $173,000 after purchasing an additional 1,855 shares during the last quarter. IFM Investors Pty Ltd bought a new stake in shares of Fortinet in the third quarter worth about $220,000. Toronto Dominion Bank grew its stake in shares of Fortinet by 249.2% in the third quarter. Toronto Dominion Bank now owns 6,310 shares of the software maker’s stock worth $226,000 after purchasing an additional 4,503 shares during the last quarter. Finally, Parametrica Management Ltd bought a new stake in shares of Fortinet in the third quarter worth about $254,000. 70.68% of the stock is currently 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.

The Fly

Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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