Fortinet (FTNT) Earning Somewhat Favorable Media Coverage, Study Finds
Media coverage about Fortinet (NASDAQ:FTNT) has trended somewhat positive recently, according to Accern Sentiment Analysis. Accern identifies negative and positive news coverage by analyzing more than twenty million news and blog sources in real time. Accern ranks coverage of public companies on a scale of -1 to 1, with scores nearest to one being the most favorable. Fortinet earned a news impact score of 0.11 on Accern’s scale. Accern also gave media headlines about the software maker an impact score of 45.2986791249059 out of 100, meaning that recent news coverage is somewhat unlikely to have an effect on the stock’s share price in the next few days.
These are some of the media headlines that may have impacted Accern’s analysis:
- Fortinet (FTNT) Upgraded to “Strong-Buy” by BidaskClub (americanbankingnews.com)
- Why the Earnings Streak Will Continue for Fortinet (FTNT) – Nasdaq (nasdaq.com)
- Fortinet, Inc. (FTNT) Expected to Post Quarterly Sales of $408.49 Million (americanbankingnews.com)
- ETFs with exposure to Fortinet, Inc. : December 15, 2017 (finance.yahoo.com)
FTNT has been the topic of several recent research reports. BidaskClub raised shares of Fortinet from a “strong sell” rating to a “sell” rating in a report on Wednesday, August 23rd. Piper Jaffray Companies set a $50.00 target price on shares of Fortinet and gave the company a “buy” rating in a report on Friday, August 25th. BMO Capital Markets reaffirmed a “buy” rating and set a $46.00 target price on shares of Fortinet in a report on Friday, September 1st. Credit Suisse Group initiated coverage on shares of Fortinet in a report on Tuesday, September 5th. They set an “underperform” rating and a $33.00 target price on the stock. Finally, Cowen reaffirmed a “buy” rating and set a $43.00 target price on shares of Fortinet in a report on Friday, September 8th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fourteen have issued a buy rating and two have issued a strong buy rating to the stock. Fortinet presently has an average rating of “Buy” and an average target price of $44.55.
Shares of Fortinet (FTNT) traded up $0.93 during trading on Friday, reaching $43.64. 2,382,846 shares of the company’s stock were exchanged, compared to its average volume of 1,316,419. The company has a market cap of $7,589.00, a price-to-earnings ratio of 79.35, a PEG ratio of 5.38 and a beta of 0.92. Fortinet has a 1-year low of $28.50 and a 1-year high of $43.80.
Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, October 26th. The software maker reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 quarter last year, the firm earned $0.18 EPS. The company’s revenue was up 18.2% on a year-over-year basis. analysts anticipate that Fortinet will post 0.48 earnings per share for the current year.
Fortinet announced that its board has approved a stock 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 purchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.
In other news, VP Michael Xie sold 40,000 shares of the firm’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $41.95, for a total value of $1,678,000.00. Following the completion of the sale, the vice president now directly owns 6,692,200 shares of the company’s stock, valued at approximately $280,737,790. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Keith Jensen sold 1,850 shares of the firm’s stock in a transaction dated Wednesday, November 8th. The stock was sold at an average price of $39.20, for a total transaction of $72,520.00. Following the completion of the sale, the insider now directly owns 1,374 shares of the company’s stock, valued at $53,860.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 59,606 shares of company stock valued at $2,453,806. Corporate insiders own 16.40% of the company’s stock.
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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