News coverage about Fortinet (NASDAQ:FTNT) has been trending somewhat positive recently, according to Accern Sentiment. Accern identifies negative and positive news coverage by reviewing more than twenty million blog and news sources in real time. Accern ranks coverage of public 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 0.11 on Accern’s scale. Accern also assigned press coverage about the software maker an impact score of 46.6834802151677 out of 100, indicating that recent news coverage is somewhat unlikely to have an effect on the company’s share price in the next few days.
Here are some of the news stories that may have effected Accern Sentiment’s analysis:
FTNT has been the topic of a number of research analyst reports. Zacks Investment Research raised Fortinet from a “hold” rating to a “buy” rating and set a $52.00 target price on the stock in a report on Tuesday. Dougherty & Co downgraded Fortinet from a “buy” rating to a “neutral” rating in a report on Thursday, February 1st. Credit Suisse Group increased their target price on Fortinet from $33.00 to $37.00 and gave the stock an “underperform” rating in a report on Tuesday, February 6th. Morgan Stanley increased their target price on Fortinet from $51.00 to $53.00 and gave the stock an “overweight” rating in a report on Tuesday, February 6th. Finally, Bank of America increased their target price on Fortinet from $48.00 to $49.00 and gave the stock a “buy” rating in a report on Tuesday, February 6th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the stock. Fortinet has a consensus rating of “Buy” and a consensus target price of $47.67.
Shares of Fortinet (NASDAQ:FTNT) traded up $1.64 during trading on Wednesday, hitting $48.12. The stock had a trading volume of 2,518,300 shares, compared to its average volume of 1,941,930. The firm has a market cap of $8,300.00, a PE ratio of 282.35, a price-to-earnings-growth ratio of 3.76 and a beta of 0.86. Fortinet has a fifty-two week low of $35.44 and a fifty-two week high of $48.18.
Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Monday, February 5th. The software maker reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.03. The business had revenue of $416.70 million for the quarter, compared to analysts’ expectations of $409.04 million. Fortinet had a return on equity of 11.77% and a net margin of 2.10%. The business’s quarterly revenue was up 14.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.30 EPS. equities research analysts predict that Fortinet will post 0.74 earnings per share for the current fiscal year.
Fortinet announced that its board has approved a stock repurchase plan on Thursday, October 26th that allows the company to repurchase $400.00 million in outstanding shares. This repurchase authorization allows the software maker to repurchase shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
In related news, CEO Ken Xie sold 89,423 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $45.08, for a total value of $4,031,188.84. Following the sale, the chief executive officer now directly owns 12,608,811 shares in the company, valued at approximately $568,405,199.88. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Michael Xie sold 40,000 shares of the firm’s stock in a transaction that occurred on 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 owns 6,692,200 shares in the company, valued at $280,737,790. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 208,967 shares of company stock worth $9,357,590. 17.00% of the stock is owned by insiders.
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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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