Fortinet (FTNT) Receiving Somewhat Positive Press Coverage, Analysis Shows
News coverage about Fortinet (NASDAQ:FTNT) has trended somewhat positive on Sunday, according to Accern Sentiment Analysis. The research group identifies negative and positive press coverage by analyzing more than 20 million blog and news sources. Accern ranks coverage of publicly-traded companies on a scale of negative one to one, with scores nearest to one being the most favorable. Fortinet earned a coverage optimism score of 0.09 on Accern’s scale. Accern also gave news headlines about the software maker an impact score of 45.6169429517213 out of 100, meaning that recent press coverage is somewhat unlikely to have an impact on the company’s share price in the immediate future.
These are some of the headlines that may have impacted Accern Sentiment’s scoring:
- Insider Selling: Fortinet, Inc. (FTNT) Insider Sells 625 Shares of Stock (americanbankingnews.com)
- Fortinet’s Efficiency Ratios Suggest Continued Growth – Seeking Alpha (seekingalpha.com)
- Tottering Stocks: Altria Group, Inc. (NYSE:MO), Fortinet, Inc. (NASDAQ:FTNT), Omnicom Group Inc. (NYSE:OMC … – The Stock Street (press release) (thestreetpoint.com)
- Fortinet Predicts Highly Destructive and Self-learning “Swarm” Cyberattacks in 2018 (finance.yahoo.com)
- Bewitching Stocks: CBL Properties (NYSE:CBL), Fortinet, Inc. (NASDAQ:FTNT), Hess Corporation (NYSE:HES), Bank … – The Stock Street (press release) (thestreetpoint.com)
Fortinet (NASDAQ FTNT) opened at $40.31 on Friday. Fortinet has a 52-week low of $28.50 and a 52-week high of $41.56. The company has a market capitalization of $7,009.91, a P/E ratio of 73.29, a P/E/G ratio of 4.97 and a beta of 0.91.
Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, October 26th. The software maker reported $0.28 EPS for the quarter, beating the consensus estimate of $0.23 by $0.05. Fortinet had a return on equity of 10.92% and a net margin of 5.93%. The firm had revenue of $374.20 million during the quarter, compared to analysts’ expectations of $370.67 million. During the same period in the prior year, the firm posted $0.18 earnings per share. The business’s quarterly revenue was up 18.2% compared to the same quarter last year. equities research analysts anticipate that Fortinet will post 0.48 EPS for the current fiscal year.
Fortinet announced that its board has initiated a share buyback plan on Wednesday, July 26th that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the software maker to repurchase up to 4.2% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
FTNT has been the topic of several research reports. Piper Jaffray Companies reaffirmed a “buy” rating and set a $46.00 price target on shares of Fortinet in a research note on Friday, October 27th. Zacks Investment Research raised Fortinet from a “hold” rating to a “buy” rating and set a $42.00 price target on the stock in a research note on Tuesday, September 26th. BidaskClub downgraded Fortinet from a “hold” rating to a “sell” rating in a report on Monday, July 31st. Credit Suisse Group assumed coverage on Fortinet in a report on Tuesday, September 5th. They issued an “underperform” rating and a $33.00 price objective for the company. Finally, BMO Capital Markets reiterated a “buy” rating and issued a $46.00 price objective on shares of Fortinet in a report on Thursday, October 5th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $44.26.
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In other news, Director Ming Hsieh sold 5,332 shares of the stock in a transaction that occurred on Thursday, November 9th. The stock was sold at an average price of $39.64, for a total transaction of $211,360.48. Following the transaction, the director now owns 331 shares in the company, valued at $13,120.84. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Michael Xie sold 3,585 shares of the stock in a transaction that occurred on Thursday, November 2nd. The stock was sold at an average price of $38.60, for a total value of $138,381.00. Following the transaction, the vice president now owns 6,714,500 shares in the company, valued at approximately $259,179,700. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 19,942 shares of company stock valued at $787,129. 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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