Fortinet (NASDAQ:FTNT) updated its FY 2018 earnings guidance on Thursday. The company provided EPS guidance of $1.72-1.76 for the period, compared to the Thomson Reuters consensus EPS estimate of $1.67. The company issued revenue guidance of $1.785-1.795 billion, compared to the consensus revenue estimate of $1.78 billion.Fortinet also updated its Q4 guidance to $0.50-$0.52 EPS.
A number of research firms have issued reports on FTNT. Oppenheimer raised their target price on Fortinet from $82.00 to $97.00 and gave the company an outperform rating in a research note on Wednesday, September 26th. Goldman Sachs Group set a $95.00 target price on Fortinet and gave the company a buy rating in a research note on Tuesday, September 25th. UBS Group cut Fortinet from a buy rating to a neutral rating and raised their target price for the company from $80.00 to $90.00 in a research note on Tuesday, September 18th. They noted that the move was a valuation call. BidaskClub cut Fortinet from a strong-buy rating to a buy rating in a research note on Thursday, September 20th. Finally, Bank of America cut Fortinet from a buy rating to a neutral rating and raised their target price for the company from $77.00 to $95.00 in a research note on Thursday, September 20th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Fortinet has an average rating of Hold and a consensus price target of $77.29.
Shares of FTNT traded down $11.13 during trading hours on Friday, reaching $72.56. 5,918,487 shares of the company’s stock traded hands, compared to its average volume of 4,146,278. The firm has a market capitalization of $12.27 billion, a price-to-earnings ratio of 83.40, a price-to-earnings-growth ratio of 4.49 and a beta of 0.81. Fortinet has a twelve month low of $38.50 and a twelve month high of $94.37.
In related news, VP John Whittle sold 1,250 shares of Fortinet stock in a transaction dated Monday, September 17th. The stock was sold at an average price of $88.65, for a total transaction of $110,812.50. Following the transaction, the vice president now directly owns 9,309 shares of the company’s stock, valued at $825,242.85. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Keith Jensen sold 2,150 shares of Fortinet stock in a transaction dated Wednesday, August 8th. The stock was sold at an average price of $72.97, for a total value of $156,885.50. Following the transaction, the chief financial officer now directly owns 585 shares in the company, valued at $42,687.45. The disclosure for this sale can be found here. Insiders have sold 13,540 shares of company stock worth $1,107,574 over the last three months. Corporate insiders own 17.70% of the company’s stock.
Fortinet Company Profile
Fortinet, Inc provides broad, automated, and integrated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and WAN acceleration; and FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of products, which offers a cloud-ready security information and event management solution for enterprises and service providers.
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