Fortinet, Inc. (FTNT) Stock Rating Reaffirmed by BMO Capital Markets

BMO Capital Markets reissued their buy rating on shares of Fortinet, Inc. (NASDAQ:FTNT) in a research report sent to investors on Thursday. They currently have a $46.00 target price on the software maker’s stock.

Several other research analysts also recently commented on the company. Zacks Investment Research raised Fortinet from a hold rating to a buy rating and set a $43.00 target price on the stock in a report on Friday, July 7th. OTR Global raised Fortinet to a positive rating in a report on Wednesday, July 5th. Piper Jaffray Companies set a $50.00 target price on Fortinet and gave the stock a buy rating in a report on Friday, August 25th. Credit Suisse Group started coverage on Fortinet in a report on Tuesday, September 5th. They issued an underperform rating and a $33.00 target price on the stock. Finally, Oppenheimer Holdings, Inc. reissued an outperform rating and issued a $45.00 target price on shares of Fortinet in a report on Thursday, June 22nd. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus target price of $41.26.

Shares of Fortinet (NASDAQ:FTNT) opened at 39.03 on Thursday. The company has a market cap of $6.86 billion, a P/E ratio of 106.93 and a beta of 1.01. The firm’s 50-day moving average price is $37.59 and its 200 day moving average price is $38.24. Fortinet has a 52 week low of $28.50 and a 52 week high of $41.56.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Wednesday, July 26th. The software maker reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.07. Fortinet had a return on equity of 9.36% and a net margin of 4.71%. The company had revenue of $363.50 million for the quarter, compared to analyst estimates of $361.05 million. During the same period in the prior year, the company posted $0.14 EPS. The company’s revenue was up 16.7% compared to the same quarter last year. On average, equities analysts predict that Fortinet will post $0.95 EPS for the current fiscal year.

TRADEMARK VIOLATION NOTICE: “Fortinet, Inc. (FTNT) Stock Rating Reaffirmed by BMO Capital Markets” was first posted by The Ledger Gazette and is owned by of The Ledger Gazette. If you are reading this piece on another domain, it was copied illegally and reposted in violation of U.S. and international trademark & copyright law. The original version of this piece can be read at https://ledgergazette.com/2017/10/09/fortinet-inc-ftnt-stock-rating-reaffirmed-by-bmo-capital-markets.html.

Fortinet announced that its board has approved a share buyback plan on Wednesday, July 26th that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the software maker to buy up to 4.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

In related news, CAO Keith Jensen sold 950 shares of the company’s stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $36.67, for a total value of $34,836.50. Following the completion of the sale, the chief accounting officer now owns 1,315 shares in the company, valued at approximately $48,221.05. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Christopher B. Paisley sold 4,000 shares of the company’s stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $36.39, for a total transaction of $145,560.00. Following the completion of the sale, the director now owns 66,611 shares of the company’s stock, valued at approximately $2,423,974.29. The disclosure for this sale can be found here. In the last 90 days, insiders sold 9,558 shares of company stock valued at $348,406. 17.00% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Prudential Financial Inc. increased its position in shares of Fortinet by 43.9% in the 2nd quarter. Prudential Financial Inc. now owns 1,065,986 shares of the software maker’s stock valued at $39,911,000 after buying an additional 325,210 shares in the last quarter. Russell Investments Group Ltd. increased its position in shares of Fortinet by 29.2% in the 2nd quarter. Russell Investments Group Ltd. now owns 82,112 shares of the software maker’s stock valued at $3,074,000 after buying an additional 18,569 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Fortinet by 5.0% in the 1st quarter. Vanguard Group Inc. now owns 11,887,371 shares of the software maker’s stock valued at $455,881,000 after buying an additional 563,667 shares in the last quarter. Oak Ridge Investments LLC increased its position in shares of Fortinet by 4.2% in the 2nd quarter. Oak Ridge Investments LLC now owns 859,457 shares of the software maker’s stock valued at $32,178,000 after buying an additional 34,905 shares in the last quarter. Finally, Great Lakes Advisors LLC increased its position in shares of Fortinet by 55.3% in the 2nd quarter. Great Lakes Advisors LLC now owns 43,345 shares of the software maker’s stock va

Several other research analysts also recently commented on the company. Zacks Investment Research raised Fortinet from a hold rating to a buy rating and set a $43.00 target price on the stock in a report on Friday, July 7th. OTR Global raised Fortinet to a positive rating in a report on Wednesday, July 5th. Piper Jaffray Companies set a $50.00 target price on Fortinet and gave the stock a buy rating in a report on Friday, August 25th. Credit Suisse Group started coverage on Fortinet in a report on Tuesday, September 5th. They issued an underperform rating and a $33.00 target price on the stock. Finally, Oppenheimer Holdings, Inc. reissued an outperform rating and issued a $45.00 target price on shares of Fortinet in a report on Thursday, June 22nd. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus target price of $41.26.

Shares of Fortinet (NASDAQ:FTNT) opened at 39.03 on Thursday. The company has a market cap of $6.86 billion, a P/E ratio of 106.93 and a beta of 1.01. The firm’s 50-day moving average price is $37.59 and its 200 day moving average price is $38.24. Fortinet has a 52 week low of $28.50 and a 52 week high of $41.56.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Wednesday, July 26th. The software maker reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.07. Fortinet had a return on equity of 9.36% and a net margin of 4.71%. The company had revenue of $363.50 million for the quarter, compared to analyst estimates of $361.05 million. During the same period in the prior year, the company posted $0.14 EPS. The company’s revenue was up 16.7% compared to the same quarter last year. On average, equities analysts predict that Fortinet will post $0.95 EPS for the current fiscal year.

TRADEMARK VIOLATION NOTICE: “Fortinet, Inc. (FTNT) Stock Rating Reaffirmed by BMO Capital Markets” was first posted by The Ledger Gazette and is owned by of The Ledger Gazette. If you are reading this piece on another domain, it was copied illegally and reposted in violation of U.S. and international trademark & copyright law. The original version of this piece can be read at https://ledgergazette.com/2017/10/09/fortinet-inc-ftnt-stock-rating-reaffirmed-by-bmo-capital-markets.html.

Fortinet announced that its board has approved a share buyback plan on Wednesday, July 26th that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the software maker to buy up to 4.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

In related news, CAO Keith Jensen sold 950 shares of the company’s stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $36.67, for a total value of $34,836.50. Following the completion of the sale, the chief accounting officer now owns 1,315 shares in the company, valued at approximately $48,221.05. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Christopher B. Paisley sold 4,000 shares of the company’s stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $36.39, for a total transaction of $145,560.00. Following the completion of the sale, the director now owns 66,611 shares of the company’s stock, valued at approximately $2,423,974.29. The disclosure for this sale can be found here. In the last 90 days, insiders sold 9,558 shares of company stock valued at $348,406. 17.00% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Prudential Financial Inc. increased its position in shares of Fortinet by 43.9% in the 2nd quarter. Prudential Financial Inc. now owns 1,065,986 shares of the software maker’s stock valued at $39,911,000 after buying an additional 325,210 shares in the last quarter. Russell Investments Group Ltd. increased its position in shares of Fortinet by 29.2% in the 2nd quarter. Russell Investments Group Ltd. now owns 82,112 shares of the software maker’s stock valued at $3,074,000 after buying an additional 18,569 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Fortinet by 5.0% in the 1st quarter. Vanguard Group Inc. now owns 11,887,371 shares of the software maker’s stock valued at $455,881,000 after buying an additional 563,667 shares in the last quarter. Oak Ridge Investments LLC increased its position in shares of Fortinet by 4.2% in the 2nd quarter. Oak Ridge Investments LLC now owns 859,457 shares of the software maker’s stock valued at $32,178,000 after buying an additional 34,905 shares in the last quarter. Finally, Great Lakes Advisors LLC increased its position in shares of Fortinet by 55.3% in the 2nd quarter. Great Lakes Advisors LLC now owns 43,345 shares of the software maker’s stock valued at $1,623,000 after buying an additional 15,430 shares in the last quarter. Institutional investors and hedge funds own 68.99% of the company’s stock.

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.

Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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