Fortinet, Inc. (NASDAQ:FTNT) – Equities research analysts at Dougherty & Co lifted their Q3 2017 earnings per share estimates for shares of Fortinet in a report issued on Thursday. Dougherty & Co analyst C. Trebnick now forecasts that the software maker will post earnings of $0.10 per share for the quarter, up from their previous estimate of $0.09. Dougherty & Co currently has a “Buy” rating and a $48.00 price target on the stock. Dougherty & Co also issued estimates for Fortinet’s FY2017 earnings at $0.44 EPS.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, July 26th. The software maker reported $0.27 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.07. The company had revenue of $363.50 million for the quarter, compared to analysts’ expectations of $361.05 million. Fortinet had a net margin of 4.71% and a return on equity of 9.36%. The firm’s revenue was up 16.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.14 earnings per share.

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A number of other research analysts have also recently issued reports on the company. Zacks Investment Research raised Fortinet from a “hold” rating to a “buy” rating and set a $43.00 price target for the company in a report on Friday, July 7th. Vetr raised Fortinet from a “hold” rating to a “strong-buy” rating and set a $48.00 price target for the company in a report on Monday, April 24th. OTR Global raised Fortinet to a “positive” rating in a report on Wednesday, July 5th. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and issued a $45.00 price target on shares of Fortinet in a report on Thursday, June 22nd. Finally, Robert W. Baird reaffirmed a “buy” rating on shares of Fortinet in a report on Friday, April 28th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company’s stock. Fortinet currently has an average rating of “Buy” and a consensus price target of $41.56.

Shares of Fortinet (FTNT) opened at 36.65 on Monday. The firm has a market capitalization of $6.44 billion, a PE ratio of 100.41 and a beta of 1.02. Fortinet has a one year low of $28.50 and a one year high of $41.56. The firm’s 50 day moving average is $38.22 and its 200-day moving average is $38.05.

Fortinet declared that its Board of Directors has initiated a stock buyback plan on Wednesday, July 26th that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the software maker to repurchase up to 4.2% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

In related news, Director Christopher B. Paisley sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $36.39, for a total value of $145,560.00. Following the completion of the transaction, the director now directly owns 66,611 shares in the company, valued at approximately $2,423,974.29. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Keith Jensen sold 950 shares of the business’s stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $36.67, for a total value of $34,836.50. Following the completion of the transaction, the chief accounting officer now owns 1,315 shares of the company’s stock, valued at $48,221.05. The disclosure for this sale can be found here. Insiders sold a total of 13,634 shares of company stock valued at $510,059 over the last quarter. 16.40% of the stock is owned by insiders.

Several institutional investors have recently modified their holdings of the stock. Wasatch Advisors Inc. raised its position in shares of Fortinet by 5.4% in the second quarter. Wasatch Advisors Inc. now owns 2,259,333 shares of the software maker’s stock valued at $84,589,000 after buying an additional 115,671 shares in the last quarter. Public Employees Retirement System of Ohio raised its position in shares of Fortinet by 81.1% in the second quarter. Public Employees Retirement System of Ohio now owns 179,443 shares of the software maker’s stock valued at $6,718,000 after buying an additional 80,352 shares in the last quarter. Verition Fund Management LLC raised its position in shares of Fortinet by 296.0% in the second quarter. Verition Fund Management LLC now owns 27,288 shares of the software maker’s stock valued at $1,022,000 after buying an additional 20,397 shares in the last quarter. Piedmont Investment Advisors LLC raised its position in shares of Fortinet by 81.7% in the second quarter. Piedmont Investment Advisors LLC now owns 56,122 shares of the software maker’s stock valued at $2,101,000 after buying an additional 25,241 shares in the last quarter. Finally, Ameritas Investment Partners Inc. raised its position in shares of Fortinet by 61.0% in the second quarter. Ameritas Investment Partners Inc. now owns 70,707 shares of the software maker’s stock valued at $2,647,000 after buying an additional 26,777 shares in the last quarter. Institutional investors and hedge funds own 71.41% of the company’s stock.

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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