Fortinet Inc (NASDAQ:FTNT) VP Michael Xie sold 19,790 shares of Fortinet stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $45.30, for a total value of $896,487.00. Following the transaction, the vice president now directly owns 7,181 shares in the company, valued at approximately $325,299.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Michael Xie also recently made the following trade(s):
- On Friday, December 1st, Michael Xie sold 40,000 shares of Fortinet stock. The stock was sold at an average price of $41.95, for a total value of $1,678,000.00.
Fortinet Inc (FTNT) traded down $0.06 during trading hours on Tuesday, hitting $46.48. The company had a trading volume of 2,681,000 shares, compared to its average volume of 1,927,083. Fortinet Inc has a 12 month low of $35.44 and a 12 month high of $47.46. The company has a market cap of $8,093.31, a price-to-earnings ratio of 274.29, a price-to-earnings-growth ratio of 3.77 and a beta of 0.86.
Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Monday, February 5th. The software maker reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.03. Fortinet had a return on equity of 11.77% and a net margin of 2.10%. The company had revenue of $416.70 million for the quarter, compared to analyst estimates of $409.04 million. During the same period in the previous year, the company posted $0.30 EPS. The firm’s revenue for the quarter was up 14.9% compared to the same quarter last year. equities analysts forecast that Fortinet Inc will post 0.74 EPS for the current fiscal year.
Fortinet declared that its board has approved a stock buyback program on Thursday, October 26th that allows the company to buyback $400.00 million in shares. This buyback authorization allows the software maker to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.
A number of institutional investors have recently bought and sold shares of the stock. Champlain Investment Partners LLC grew its position in Fortinet by 1.5% during the fourth quarter. Champlain Investment Partners LLC now owns 1,308,670 shares of the software maker’s stock worth $57,176,000 after buying an additional 18,705 shares in the last quarter. Martingale Asset Management L P grew its position in Fortinet by 637.0% during the fourth quarter. Martingale Asset Management L P now owns 295,550 shares of the software maker’s stock worth $12,914,000 after buying an additional 255,450 shares in the last quarter. State of Tennessee Treasury Department grew its position in Fortinet by 141.7% during the fourth quarter. State of Tennessee Treasury Department now owns 324,100 shares of the software maker’s stock worth $14,160,000 after buying an additional 190,000 shares in the last quarter. First Republic Investment Management Inc. purchased a new position in Fortinet during the fourth quarter worth about $208,000. Finally, ARP Americas LP purchased a new position in Fortinet during the fourth quarter worth about $664,000. Institutional investors and hedge funds own 70.68% of the company’s stock.
A number of analysts recently commented on the company. Credit Suisse Group lifted their price target on Fortinet from $33.00 to $37.00 and gave the stock an “underperform” rating in a report on Tuesday, February 6th. Evercore ISI set a $42.00 price target on Fortinet and gave the stock a “hold” rating in a report on Monday, February 5th. BMO Capital Markets boosted their target price on Fortinet from $45.00 to $50.00 and gave the company an “outperform” rating in a research note on Tuesday, February 6th. Barclays boosted their target price on Fortinet from $48.00 to $50.00 and gave the company an “equal weight” rating in a research note on Tuesday, February 6th. Finally, Robert W. Baird restated a “buy” rating and issued a $56.00 target price on shares of Fortinet in a research note on Tuesday, February 6th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the company. Fortinet presently has a consensus rating of “Buy” and a consensus target price of $47.33.
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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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