Fortinet (NASDAQ:FTNT) released its quarterly earnings results on Monday, February 5th. The software maker reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.03, Bloomberg Earnings reports. Fortinet had a net margin of 2.10% and a return on equity of 11.77%. The business had revenue of $416.70 million for the quarter, compared to analysts’ expectations of $409.04 million. During the same period in the previous year, the company earned $0.30 earnings per share. The firm’s revenue for the quarter was up 14.9% compared to the same quarter last year. Fortinet updated its Q1 guidance to $0.21-0.22 EPS and its FY18 guidance to $1.30-1.32 EPS.
Fortinet (FTNT) traded up $1.64 during mid-day trading on Wednesday, hitting $48.12. 2,518,300 shares of the company traded hands, compared to its average volume of 1,962,021. Fortinet has a 52 week low of $35.44 and a 52 week high of $48.45. The company has a market cap of $8,300.00, a price-to-earnings ratio of 282.24, a P/E/G ratio of 3.76 and a beta of 0.86.
A number of research analysts have weighed in on the stock. Zacks Investment Research cut shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Wednesday. Robert W. Baird reiterated a “buy” rating and issued a $56.00 target price on shares of Fortinet in a research note on Tuesday, February 6th. Morgan Stanley boosted their target price on shares of Fortinet from $51.00 to $53.00 and gave the company an “overweight” rating in a research note on Tuesday, February 6th. Monness Crespi & Hardt reiterated a “buy” rating and issued a $50.00 target price (up from $45.00) on shares of Fortinet in a research note on Friday, January 19th. Finally, JMP Securities upped their price target on shares of Fortinet from $41.00 to $54.00 and gave the company a “market outperform” rating in a research note on Friday, January 26th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $47.67.
In other Fortinet news, VP Michael Xie sold 40,000 shares of the stock in a transaction on Friday, December 1st. The shares were sold at an average price of $41.95, for a total transaction of $1,678,000.00. Following the completion of the sale, the vice president now owns 6,692,200 shares of the company’s stock, valued at approximately $280,737,790. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP John Whittle sold 29,946 shares of the stock in a transaction on Monday, February 12th. The shares were sold at an average price of $47.00, for a total transaction of $1,407,462.00. Following the sale, the vice president now directly owns 9,310 shares of the company’s stock, valued at approximately $437,570. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 208,967 shares of company stock worth $9,357,590. 17.00% of the stock is owned by insiders.
Fortinet declared that its board has approved a stock buyback plan on Thursday, October 26th that allows the company to buyback $400.00 million in outstanding shares. This buyback authorization allows the software maker to reacquire shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s board believes its shares are undervalued.
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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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