Fortinet, Inc. (FTNT) Sets New 1-Year High at $41.70
Shares of Fortinet, Inc. (NASDAQ:FTNT) reached a new 52-week high on Wednesday . The company traded as high as $41.70 and last traded at $41.32, with a volume of 1899100 shares. The stock had previously closed at $40.77.
A number of analysts recently weighed in on the stock. Zacks Investment Research raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $44.00 price objective on the stock in a report on Tuesday, October 31st. UBS AG increased their price objective on shares of Fortinet from $46.00 to $47.00 and gave the stock a “buy” rating in a report on Friday, October 27th. BMO Capital Markets lowered their target price on shares of Fortinet from $46.00 to $45.00 and set an “outperform” rating on the stock in a research note on Friday, October 27th. Piper Jaffray Companies reissued a “buy” rating and set a $46.00 target price on shares of Fortinet in a research note on Friday, October 27th. Finally, Evercore ISI reissued a “hold” rating and set a $38.00 target price on shares of Fortinet in a research note on Friday, October 27th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $44.26.
The company has a market cap of $7,089.91, a price-to-earnings ratio of 74.13, a P/E/G ratio of 5.02 and a beta of 0.91.
Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, October 26th. The software maker reported $0.28 EPS for the quarter, topping 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 company had revenue of $374.20 million during the quarter, compared to analysts’ expectations of $370.67 million. During the same period last year, the company posted $0.18 earnings per share. The business’s revenue for the quarter was up 18.2% on a year-over-year basis. equities analysts predict that Fortinet, Inc. will post 0.48 EPS for the current year.
Fortinet declared that its Board of Directors has approved a stock repurchase program on Wednesday, July 26th that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the software maker to purchase up to 4.2% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.
In related news, insider Keith Jensen sold 1,850 shares of the firm’s stock in a transaction that occurred on Wednesday, November 8th. The shares were 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 in the company, valued at $53,860.80. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Michael Xie sold 3,585 shares of the firm’s stock in a transaction that occurred on Thursday, November 2nd. The stock was sold at an average price of $38.60, for a total transaction of $138,381.00. Following the sale, the vice president now 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 quarter, insiders sold 19,606 shares of company stock valued at $775,806. Corporate insiders own 17.00% of the company’s stock.
Several hedge funds have recently bought and sold shares of the stock. BlackRock Inc. boosted its holdings in shares of Fortinet by 6.6% during the second quarter. BlackRock Inc. now owns 14,047,819 shares of the software maker’s stock worth $525,953,000 after purchasing an additional 870,061 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Fortinet by 2.5% during the second quarter. Vanguard Group Inc. now owns 12,185,422 shares of the software maker’s stock worth $456,222,000 after purchasing an additional 298,051 shares during the period. State Street Corp boosted its holdings in shares of Fortinet by 3.0% during the second quarter. State Street Corp now owns 4,581,467 shares of the software maker’s stock worth $171,534,000 after purchasing an additional 132,054 shares during the period. Renaissance Technologies LLC boosted its holdings in shares of Fortinet by 19.1% during the second quarter. Renaissance Technologies LLC now owns 4,521,700 shares of the software maker’s stock worth $169,292,000 after purchasing an additional 726,300 shares during the period. Finally, Ameriprise Financial Inc. boosted its holdings in shares of Fortinet by 7.0% during the third quarter. Ameriprise Financial Inc. now owns 4,400,011 shares of the software maker’s stock worth $157,693,000 after purchasing an additional 288,097 shares during the period. Institutional investors and hedge funds own 68.44% of the company’s stock.
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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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