Fortinet, Inc. (NASDAQ:FTNT) 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 completion of the transaction, the director now owns 331 shares in the company, valued at approximately $13,120.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Fortinet, Inc. (NASDAQ FTNT) traded up $0.59 during midday trading on Thursday, hitting $40.49. The stock had a trading volume of 337,262 shares, compared to its average volume of 1,570,000. The firm has a market capitalization of $7,040.00, a price-to-earnings ratio of 72.76, a P/E/G ratio of 4.93 and a beta of 0.91. Fortinet, Inc. has a 52 week low of $28.50 and a 52 week high of $41.56.
Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, October 26th. The software maker reported $0.28 EPS for the quarter, topping the Zacks’ consensus estimate of $0.23 by $0.05. The company had revenue of $374.20 million for the quarter, compared to analyst estimates of $370.67 million. Fortinet had a return on equity of 10.92% and a net margin of 5.93%. Fortinet’s revenue was up 18.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.18 earnings per share. sell-side analysts expect that Fortinet, Inc. will post 0.48 EPS for the current fiscal year.
Fortinet announced that its Board of Directors has initiated a share buyback plan on Wednesday, July 26th that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the software maker to buy up to 4.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.
A number of institutional investors have recently made changes to their positions in the stock. Cetera Advisor Networks LLC acquired a new stake in Fortinet in the 3rd quarter valued at approximately $708,000. IFM Investors Pty Ltd acquired a new stake in Fortinet in the 3rd quarter valued at approximately $220,000. Argent Capital Management LLC raised its position in Fortinet by 3.1% in the 3rd quarter. Argent Capital Management LLC now owns 94,674 shares of the software maker’s stock valued at $3,393,000 after buying an additional 2,825 shares during the last quarter. California Public Employees Retirement System raised its position in Fortinet by 3.6% in the 3rd quarter. California Public Employees Retirement System now owns 220,993 shares of the software maker’s stock valued at $7,920,000 after buying an additional 7,593 shares during the last quarter. Finally, Cubist Systematic Strategies LLC raised its position in Fortinet by 66.0% in the 3rd quarter. Cubist Systematic Strategies LLC now owns 56,951 shares of the software maker’s stock valued at $2,041,000 after buying an additional 22,639 shares during the last quarter. 69.41% of the stock is currently owned by institutional investors and hedge funds.
Several research firms recently issued reports on FTNT. Zacks Investment Research upgraded Fortinet from a “hold” rating to a “buy” rating and set a $44.00 price target on the stock in a report on Tuesday, October 31st. UBS AG raised their price target on Fortinet from $46.00 to $47.00 and gave the company a “buy” rating in a report on Friday, October 27th. BMO Capital Markets decreased their price target on Fortinet from $46.00 to $45.00 and set an “outperform” rating on the stock in a report on Friday, October 27th. Piper Jaffray Companies reiterated a “buy” rating and issued a $46.00 price target on shares of Fortinet in a report on Friday, October 27th. Finally, Evercore ISI reiterated a “hold” rating and issued a $38.00 price target on shares of Fortinet in a report on Friday, October 27th. Two research analysts have rated the stock with a sell rating, five have given a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $44.26.
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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