Fortinet Inc (NASDAQ:FTNT) shares reached a new 52-week high during trading on Wednesday . The stock traded as high as $49.66 and last traded at $49.06, with a volume of 1138100 shares. The stock had previously closed at $49.06.
Several research analysts have recently commented on the company. Zacks Investment Research downgraded Fortinet from a “buy” rating to a “hold” rating in a report on Wednesday, February 14th. Dougherty & Co downgraded Fortinet from a “buy” rating to a “neutral” rating in a report on Thursday, February 1st. Morgan Stanley lifted their price objective on Fortinet from $51.00 to $53.00 and gave the stock an “overweight” rating in a report on Tuesday, February 6th. Credit Suisse Group lifted their price objective on Fortinet from $33.00 to $37.00 and gave the stock an “underperform” rating in a report on Tuesday, February 6th. Finally, Bank of America lifted their price objective on Fortinet from $48.00 to $49.00 and gave the stock a “buy” rating in a report on Tuesday, February 6th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $47.67.
The firm has a market cap of $8,530.00, a PE ratio of 288.59, a price-to-earnings-growth ratio of 3.96 and a beta of 0.86.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Monday, February 5th. The software maker reported $0.32 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate 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 revenue was up 14.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.30 EPS. equities research analysts expect that Fortinet Inc will post 0.74 earnings per share for the current fiscal year.
Fortinet announced that its board has authorized a stock buyback plan on Thursday, October 26th that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the software maker to repurchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.
In other Fortinet news, Director Christopher B. Paisley sold 4,000 shares of Fortinet stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $46.71, for a total transaction of $186,840.00. Following the sale, the director now directly owns 72,937 shares of the company’s stock, valued at approximately $3,406,887.27. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Ken Xie sold 89,423 shares of Fortinet stock in a transaction that occurred on Thursday, February 8th. The shares were 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 $568,405,199.88. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 209,315 shares of company stock worth $9,377,275. Insiders own 17.00% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. LS Investment Advisors LLC lifted its holdings in shares of Fortinet by 8.2% during the fourth quarter. LS Investment Advisors LLC now owns 16,168 shares of the software maker’s stock valued at $706,000 after purchasing an additional 1,229 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of Fortinet by 5.3% during the fourth quarter. American Century Companies Inc. now owns 24,786 shares of the software maker’s stock valued at $1,083,000 after purchasing an additional 1,244 shares during the last quarter. Amalgamated Bank lifted its holdings in shares of Fortinet by 4.4% during the fourth quarter. Amalgamated Bank now owns 30,653 shares of the software maker’s stock valued at $1,339,000 after purchasing an additional 1,287 shares during the last quarter. Ropes Wealth Advisors LLC lifted its holdings in shares of Fortinet by 28.7% during the third quarter. Ropes Wealth Advisors LLC now owns 5,935 shares of the software maker’s stock valued at $213,000 after purchasing an additional 1,325 shares during the last quarter. Finally, Bank of the Ozarks lifted its holdings in shares of Fortinet by 6.2% during the third quarter. Bank of the Ozarks now owns 28,220 shares of the software maker’s stock valued at $1,011,000 after purchasing an additional 1,645 shares during the last quarter. Hedge funds and other institutional investors own 68.72% of the company’s stock.
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Fortinet Company Profile
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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