Fortinet (NASDAQ:FTNT) had its target price lifted by BMO Capital Markets from $45.00 to $50.00 in a report issued on Tuesday, Marketbeat.com reports. They currently have an outperform rating on the software maker’s stock.
Several other analysts have also recently commented on FTNT. Piper Jaffray Companies reiterated a buy rating and set a $50.00 price target on shares of Fortinet in a research report on Thursday, October 12th. Zacks Investment Research cut Fortinet from a strong-buy rating to a hold rating in a research report on Tuesday, October 17th. Deutsche Bank upgraded Fortinet from a hold rating to a buy rating and boosted their price target for the stock from $36.00 to $48.00 in a research report on Wednesday, October 18th. KeyCorp reiterated a buy rating and set a $46.00 price target on shares of Fortinet in a research report on Tuesday, October 24th. Finally, Evercore ISI reiterated a hold rating and set a $38.00 price target on shares of Fortinet in a research report on Friday, October 27th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. Fortinet has a consensus rating of Buy and an average target price of $47.33.
Shares of Fortinet (NASDAQ FTNT) opened at $46.54 on Tuesday. Fortinet has a 12-month low of $35.44 and a 12-month high of $47.00. The company has a market capitalization of $7,622.05, a P/E ratio of 78.27, a P/E/G ratio of 4.48 and a beta of 0.86.
Fortinet declared that its board has authorized a share buyback program on Thursday, October 26th that authorizes the company to buyback $400.00 million in outstanding shares. This buyback authorization authorizes the software maker to reacquire shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
In other news, VP Michael Xie sold 40,000 shares of the company’s stock in a transaction on Friday, December 1st. The stock was sold at an average price of $41.95, for a total value of $1,678,000.00. Following the transaction, the vice president now owns 6,692,200 shares of the company’s stock, valued at approximately $280,737,790. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP John Whittle sold 13,749 shares of the company’s stock in a transaction on Tuesday, December 19th. The shares were sold at an average price of $45.00, for a total value of $618,705.00. Following the completion of the transaction, the vice president now directly owns 18,430 shares in the company, valued at approximately $829,350. The disclosure for this sale can be found here. Insiders have sold 95,555 shares of company stock worth $4,128,309 in the last three months. 17.00% of the stock is currently owned by corporate insiders.
Several institutional investors have recently made changes to their positions in FTNT. Alyeska Investment Group L.P. acquired a new position in shares of Fortinet in the 3rd quarter valued at $14,293,000. Pictet Asset Management Ltd. lifted its stake in shares of Fortinet by 20.8% in the 3rd quarter. Pictet Asset Management Ltd. now owns 1,795,700 shares of the software maker’s stock valued at $64,358,000 after purchasing an additional 309,000 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Fortinet by 8.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 3,752,012 shares of the software maker’s stock valued at $134,472,000 after purchasing an additional 296,648 shares during the last quarter. Cornerstone Capital Management Holdings LLC. lifted its stake in shares of Fortinet by 179.4% in the 3rd quarter. Cornerstone Capital Management Holdings LLC. now owns 450,252 shares of the software maker’s stock valued at $16,135,000 after purchasing an additional 289,086 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its stake in shares of Fortinet by 7.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 4,400,011 shares of the software maker’s stock valued at $157,693,000 after purchasing an additional 288,097 shares during the last quarter. 70.84% of the stock is currently owned by institutional investors and hedge funds.
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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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