Fortinet (FTNT) Lowered to Equal Weight at Barclays

Fortinet (NASDAQ:FTNT) was downgraded by research analysts at Barclays from an “overweight” rating to an “equal weight” rating in a research report issued on Tuesday, MarketBeat reports. They currently have a $48.00 price objective on the software maker’s stock, up from their prior price objective of $45.00. Barclays’ price objective would suggest a potential upside of 6.81% from the stock’s current price.

Other equities analysts have also issued reports about the stock. UBS Group boosted their price target on shares of Fortinet from $46.00 to $47.00 and gave the company a “buy” rating in a research report on Friday, October 27th. Deutsche Bank upgraded shares of Fortinet from a “hold” rating to a “buy” rating and boosted their price target for the company from $36.00 to $48.00 in a research report on Wednesday, October 18th. Stifel Nicolaus restated a “hold” rating and issued a $42.00 price target on shares of Fortinet in a research report on Tuesday, September 12th. BidaskClub upgraded shares of Fortinet from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, December 13th. Finally, Oppenheimer restated a “buy” rating and issued a $45.00 price target on shares of Fortinet in a research report on Monday, September 18th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the stock. Fortinet currently has an average rating of “Buy” and a consensus target price of $45.24.

Shares of Fortinet (NASDAQ FTNT) traded up $0.68 during trading on Tuesday, hitting $44.94. 1,462,074 shares of the stock traded hands, compared to its average volume of 1,440,000. Fortinet has a 1-year low of $31.36 and a 1-year high of $45.64. The firm has a market cap of $7,820.00, a price-to-earnings ratio of 93.63, a P/E/G ratio of 4.52 and a beta of 0.93.

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

Fortinet declared that its Board of Directors has authorized a share buyback program on Thursday, October 26th that authorizes the company to repurchase $400.00 million in shares. This repurchase authorization authorizes the software maker to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

In other Fortinet news, VP John Whittle sold 13,749 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at $829,350. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Michael Xie sold 3,585 shares of the business’s stock in a transaction dated Thursday, November 2nd. The stock was sold at an average price of $38.60, for a total transaction of $138,381.00. Following the completion of the transaction, the vice president now directly owns 6,714,500 shares of the company’s stock, valued at $259,179,700. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 73,355 shares of company stock valued at $3,072,511. Insiders own 16.40% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Nisa Investment Advisors LLC raised its stake in shares of Fortinet by 59.6% during the fourth quarter. Nisa Investment Advisors LLC now owns 45,154 shares of the software maker’s stock worth $1,973,000 after buying an additional 16,855 shares during the last quarter. Jaffetilchin Investment Partners LLC bought a new stake in shares of Fortinet during the fourth quarter worth approximately $342,000. Steward Partners Investment Advisory LLC bought a new stake in shares of Fortinet during the third quarter worth approximately $725,000. Public Employees Retirement System of Ohio raised its stake in shares of Fortinet by 30.8% during the third quarter. Public Employees Retirement System of Ohio now owns 234,785 shares of the software maker’s stock worth $8,415,000 after buying an additional 55,342 shares during the last quarter. Finally, Cetera Advisor Networks LLC bought a new stake in shares of Fortinet during the third quarter worth approximately $708,000. 70.68% of the stock is owned by institutional investors and hedge funds.

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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.

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