Fortinet Inc (NASDAQ:FTNT) VP John Whittle sold 13,749 shares of the stock in a transaction dated Tuesday, December 19th. The stock was sold at an average price of $45.00, for a total transaction of $618,705.00. Following the completion of the transaction, the vice president now directly owns 18,430 shares of the company’s stock, valued at $829,350. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.
John Whittle also recently made the following trade(s):
- On Wednesday, November 8th, John Whittle sold 3,883 shares of Fortinet stock. The stock was sold at an average price of $40.00, for a total transaction of $155,320.00.
Shares of Fortinet Inc (NASDAQ:FTNT) opened at $44.94 on Friday. The stock has a market cap of $7,696.82, a price-to-earnings ratio of 93.63, a price-to-earnings-growth ratio of 4.52 and a beta of 0.93. Fortinet Inc has a fifty-two week low of $31.36 and a fifty-two week high of $45.64.
Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, October 26th. The software maker reported $0.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.05. The company had revenue of $374.20 million for the quarter, compared to the consensus estimate of $370.67 million. Fortinet had a net margin of 5.93% and a return on equity of 10.92%. Fortinet’s revenue for the quarter was up 18.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.18 EPS. equities analysts expect that Fortinet Inc will post 0.48 EPS for the current year.
Fortinet declared that its Board of Directors has approved a share repurchase program on Thursday, October 26th that allows the company to repurchase $400.00 million in shares. This repurchase authorization allows the software maker to repurchase shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.
Large investors have recently modified their holdings of the business. Russell Investments Group Ltd. boosted its stake in shares of Fortinet by 29.2% during the 2nd quarter. Russell Investments Group Ltd. now owns 82,112 shares of the software maker’s stock worth $3,074,000 after purchasing an additional 18,569 shares during the period. Janney Montgomery Scott LLC boosted its stake in shares of Fortinet by 8.1% during the 2nd quarter. Janney Montgomery Scott LLC now owns 8,718 shares of the software maker’s stock worth $326,000 after purchasing an additional 655 shares during the period. Sei Investments Co. lifted its holdings in Fortinet by 18.9% during the 2nd quarter. Sei Investments Co. now owns 82,506 shares of the software maker’s stock valued at $3,089,000 after buying an additional 13,125 shares in the last quarter. Cigna Investments Inc. New bought a new stake in Fortinet during the 2nd quarter valued at about $211,000. Finally, Schwab Charles Investment Management Inc. lifted its holdings in Fortinet by 4.9% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 447,946 shares of the software maker’s stock valued at $16,772,000 after buying an additional 20,960 shares in the last quarter. 70.68% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts have recently commented on FTNT shares. Barclays cut shares of Fortinet from an “overweight” rating to an “equal weight” rating and raised their target price for the stock from $45.00 to $48.00 in a report on Tuesday. Robert W. Baird raised their target price on shares of Fortinet from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Thursday. Deutsche Bank upgraded shares of Fortinet from a “hold” rating to a “buy” rating and raised their target price for the stock from $36.00 to $48.00 in a report on Wednesday, October 18th. UBS Group increased their price target on shares of Fortinet from $46.00 to $47.00 and gave the stock a “buy” rating in a research report on Friday, October 27th. Finally, BidaskClub upgraded shares of Fortinet from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, December 13th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have assigned a buy rating and two have assigned a strong buy rating to the company. Fortinet presently has an average rating of “Buy” and a consensus price target of $45.24.
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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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