Fortinet Inc (NASDAQ:FTNT) has been given a consensus recommendation of “Buy” by the twenty-eight research firms that are currently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, twelve have given a hold recommendation, thirteen have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $47.45.
Several equities analysts recently commented on FTNT shares. Monness Crespi & Hardt reaffirmed a “buy” rating and set a $50.00 target price (up previously from $45.00) on shares of Fortinet in a report on Friday, January 19th. UBS Group increased their target price on shares of Fortinet from $46.00 to $47.00 and gave the company a “buy” rating in a report on Friday, October 27th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $46.00 target price on shares of Fortinet in a report on Friday, October 27th. KeyCorp reaffirmed a “buy” rating and set a $46.00 target price on shares of Fortinet in a report on Tuesday, October 24th. Finally, BidaskClub lowered shares of Fortinet from a “strong-buy” rating to a “buy” rating in a report on Thursday, December 7th.
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, VP John Whittle sold 679 shares of the firm’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $48.69, for a total transaction of $33,060.51. Following the completion of the sale, the vice president now directly owns 8,684 shares of the company’s stock, valued at $422,823.96. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 209,646 shares of company stock valued at $9,390,651. Corporate insiders own 16.40% of the company’s stock.
Fortinet (NASDAQ FTNT) traded down $0.33 during mid-day trading on Wednesday, hitting $48.95. 1,310,000 shares of the company traded hands, compared to its average volume of 2,020,000. Fortinet has a 52 week low of $35.44 and a 52 week high of $49.58. The company has a market cap of $8,460.00, a price-to-earnings ratio of 287.94, a P/E/G ratio of 3.99 and a beta of 0.86.
Fortinet (NASDAQ:FTNT) last released its earnings results on Monday, February 5th. The software maker reported $0.32 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.29 by $0.03. Fortinet had a net margin of 2.10% and a return on equity of 11.77%. The company had revenue of $416.70 million for the quarter, compared to analyst estimates of $409.04 million. During the same quarter last year, the firm earned $0.30 EPS. The firm’s quarterly revenue was up 14.9% compared to the same quarter last year. analysts anticipate that Fortinet will post 0.74 EPS 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.
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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