Fortinet (NASDAQ:FTNT) Receiving Somewhat Favorable Media Coverage, Analysis Finds
Media headlines about Fortinet (NASDAQ:FTNT) have trended somewhat positive this week, according to Accern Sentiment. The research firm identifies negative and positive press coverage by analyzing more than 20 million news and blog sources. Accern ranks coverage of companies on a scale of negative one to one, with scores closest to one being the most favorable. Fortinet earned a media sentiment score of 0.14 on Accern’s scale. Accern also assigned news stories about the software maker an impact score of 46.056659918512 out of 100, meaning that recent press coverage is somewhat unlikely to have an effect on the company’s share price in the immediate future.
These are some of the news stories that may have impacted Accern Sentiment Analysis’s scoring:
- Fortinet, Inc. (NASDAQ:FTNT) Traded Well Below Its 50 Day Average – First News 24 (firstnewspaper24.com)
- Fortinet Inc (FTNT) Awesome Oscillator Trending Lower Past 5 Bars – Evergreen Caller (evergreencaller.com)
- See what the IHS Markit Score report has to say about Fortinet Inc. (finance.yahoo.com)
- Insider Activity – Fortinet, Inc. (NASDAQ:FTNT) – Modern Readers (modernreaders.com)
- Fortinet, Inc. (NASDAQ:FTNT) CAO Keith Jensen Sells 950 Shares (americanbankingnews.com)
Several brokerages have recently issued reports on FTNT. Evercore ISI set a $38.00 price objective on Fortinet and gave the company a “hold” rating in a report on Thursday, July 27th. Robert W. Baird set a $50.00 price objective on Fortinet and gave the company a “buy” rating in a report on Thursday, July 27th. Dougherty & Co boosted their price objective on Fortinet from $46.00 to $48.00 and gave the company a “buy” rating in a report on Thursday, July 27th. UBS AG boosted their price objective on Fortinet from $42.00 to $45.00 and gave the company a “buy” rating in a report on Friday, April 28th. Finally, Royal Bank Of Canada boosted their price objective on Fortinet from $35.00 to $41.00 and gave the company an “outperform” rating in a report on Friday, April 28th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the stock. Fortinet presently has a consensus rating of “Buy” and an average target price of $41.56.
Shares of Fortinet (NASDAQ:FTNT) traded up 1.02% during mid-day trading on Friday, hitting $36.48. The stock had a trading volume of 1,197,582 shares. The company’s 50 day moving average price is $38.35 and its 200 day moving average price is $37.91. Fortinet has a 12-month low of $28.51 and a 12-month high of $41.56. The stock has a market cap of $6.41 billion, a P/E ratio of 99.95 and a beta of 1.02.
Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, July 26th. The software maker reported $0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.07. Fortinet had a net margin of 4.71% and a return on equity of 9.36%. The business had revenue of $363.50 million for the quarter, compared to analyst estimates of $361.05 million. During the same quarter in the prior year, the business posted $0.14 EPS. The company’s revenue for the quarter was up 16.7% on a year-over-year basis. Equities research analysts predict that Fortinet will post $0.95 EPS for the current fiscal year.
Fortinet declared that its board 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 reacquire up to 4.2% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.
In other news, insider Keith Jensen sold 624 shares of the stock in a transaction that occurred on Wednesday, May 17th. The shares were sold at an average price of $40.73, for a total value of $25,415.52. Following the completion of the transaction, the insider now directly owns 978 shares in the company, valued at $39,833.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP John Whittle sold 2,091 shares of the stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $36.27, for a total transaction of $75,840.57. Following the completion of the transaction, the vice president now owns 7,181 shares of the company’s stock, valued at $260,454.87. The disclosure for this sale can be found here. In the last 90 days, insiders sold 14,258 shares of company stock valued at $535,475. 16.40% of the stock is owned by insiders.
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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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