Share Repurchase Plan Declared by Fortinet (FTNT)
Fortinet (NASDAQ:FTNT) declared that its board has initiated a share repurchase program, which permits the company to repurchase $300.00 million in shares on Wednesday, July 26th, EventVestor reports. This repurchase authorization permits the software maker to reacquire up to 4.2% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
Shares of Fortinet (NASDAQ FTNT) traded down 2.00% on Thursday, reaching $39.77. The company’s stock had a trading volume of 1,170,520 shares. The stock has a market cap of $6.99 billion, a PE ratio of 172.91 and a beta of 1.02. Fortinet has a 12-month low of $28.50 and a 12-month high of $41.56. The firm has a 50 day moving average price of $38.74 and a 200-day moving average price of $37.57.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Wednesday, July 26th. The software maker reported $0.27 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.07. The business had revenue of $363.50 million for the quarter, compared to the consensus estimate of $361.05 million. Fortinet had a return on equity of 7.34% and a net margin of 3.06%. The company’s quarterly revenue was up 16.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.14 EPS. Equities research analysts expect that Fortinet will post $0.91 EPS for the current year.
A number of equities analysts have issued reports on FTNT shares. Robert W. Baird upgraded Fortinet from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $38.00 to $50.00 in a report on Wednesday, March 29th. Stifel Nicolaus increased their price objective on Fortinet from $36.00 to $42.00 and gave the stock a “hold” rating in a report on Monday, April 17th. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and issued a $45.00 price objective on shares of Fortinet in a report on Monday, April 17th. BMO Capital Markets upgraded Fortinet from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $44.00 to $46.00 in a report on Friday, April 21st. They noted that the move was a valuation call. Finally, Dougherty & Co increased their price objective on Fortinet from $38.00 to $46.00 and gave the stock a “buy” rating in a report on Friday, April 21st. Ten investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company’s stock. Fortinet has an average rating of “Buy” and an average price target of $41.38.
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In other Fortinet news, Director Ming Hsieh sold 4,743 shares of the business’s stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $39.29, for a total transaction of $186,352.47. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Christopher B. Paisley sold 6,000 shares of the business’s stock in a transaction dated Monday, May 1st. The shares were sold at an average price of $39.04, for a total value of $234,240.00. Following the sale, the director now owns 67,949 shares in the company, valued at approximately $2,652,728.96. The disclosure for this sale can be found here. In the last quarter, insiders have sold 29,857 shares of company stock worth $1,178,454. Company insiders own 16.40% of the company’s stock.
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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