Fortinet (NASDAQ:FTNT) released its quarterly earnings results on Thursday. The software maker reported $0.28 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.24 by $0.04, Morningstar.com reports. The firm had revenue of $453.90 million for the quarter, compared to analyst estimates of $450.84 million. Fortinet had a net margin of 5.43% and a return on equity of 17.51%. The business’s revenue for the quarter was up 21.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.28 EPS.
Shares of FTNT stock traded down $11.13 during mid-day trading on Friday, reaching $72.56. The company’s stock had a trading volume of 5,918,487 shares, compared to its average volume of 4,114,909. Fortinet has a 1-year low of $38.50 and a 1-year high of $94.37. The stock has a market cap of $13.90 billion, a price-to-earnings ratio of 139.54, a P/E/G ratio of 5.09 and a beta of 0.81.
In other news, CFO Keith Jensen sold 1,875 shares of the firm’s stock in a transaction dated Wednesday, August 22nd. The shares were sold at an average price of $77.05, for a total value of $144,468.75. Following the transaction, the chief financial officer now owns 1,210 shares of the company’s stock, valued at approximately $93,230.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP John Whittle sold 1,250 shares of the firm’s stock in a transaction dated Monday, September 17th. The shares were sold at an average price of $88.65, for a total transaction of $110,812.50. Following the completion of the transaction, the vice president now directly owns 9,309 shares in the company, valued at approximately $825,242.85. The disclosure for this sale can be found here. In the last ninety days, insiders sold 13,540 shares of company stock worth $1,107,574. 17.70% of the stock is owned by insiders.
Large investors have recently made changes to their positions in the stock. Virginia Retirement Systems ET AL acquired a new stake in Fortinet during the 3rd quarter worth approximately $9,781,000. WINTON GROUP Ltd boosted its position in Fortinet by 4,077.9% during the third quarter. WINTON GROUP Ltd now owns 334,270 shares of the software maker’s stock worth $30,843,000 after purchasing an additional 326,269 shares during the period. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Fortinet by 138.5% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 12,747 shares of the software maker’s stock worth $1,176,000 after buying an additional 7,403 shares in the last quarter. Usca Ria LLC raised its stake in Fortinet by 147.6% in the third quarter. Usca Ria LLC now owns 12,130 shares of the software maker’s stock valued at $1,119,000 after purchasing an additional 7,230 shares in the last quarter. Finally, Smith Asset Management Group LP raised its stake in Fortinet by 41.1% during the third quarter. Smith Asset Management Group LP now owns 923,987 shares of the software maker’s stock worth $85,204,000 after acquiring an additional 269,174 shares in the last quarter. Institutional investors and hedge funds own 71.48% of the company’s stock.
A number of research firms have recently weighed in on FTNT. Bank of America upped their price objective on Fortinet from $70.00 to $77.00 and gave the stock a “buy” rating in a research report on Thursday, August 2nd. Stifel Nicolaus upped their price objective on shares of Fortinet from $60.00 to $72.00 and gave the company a “buy” rating in a research note on Thursday, August 2nd. BidaskClub downgraded shares of Fortinet from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 1st. Monness Crespi & Hardt increased their target price on shares of Fortinet from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, July 31st. Finally, Cleveland Research raised shares of Fortinet from a “neutral” rating to a “buy” rating in a report on Thursday, July 19th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $77.29.
Fortinet, Inc provides broad, automated, and integrated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and WAN acceleration; and FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of products, which offers a cloud-ready security information and event management solution for enterprises and service providers.
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