Insider Selling: Fortinet, Inc. (FTNT) VP Sells 3,585 Shares of Stock
Fortinet, Inc. (NASDAQ:FTNT) VP Michael Xie sold 3,585 shares of the business’s stock in a transaction dated Thursday, November 2nd. The stock was sold at an average price of $38.60, for a total value of $138,381.00. Following the sale, the vice president now owns 6,714,500 shares in the company, valued at approximately $259,179,700. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.
Shares of Fortinet, Inc. (NASDAQ FTNT) traded up $0.24 during trading on Friday, reaching $39.01. The company’s stock had a trading volume of 1,201,618 shares, compared to its average volume of 1,525,458. The stock has a market cap of $6.71 billion, a P/E ratio of 70.20, a PEG ratio of 4.76 and a beta of 0.91.
Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, October 26th. The software maker reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.05. The firm had revenue of $374.20 million during the quarter, compared to analysts’ expectations of $370.67 million. Fortinet had a return on equity of 10.92% and a net margin of 5.93%. The company’s revenue was up 18.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.18 earnings per share. equities analysts predict that Fortinet, Inc. will post 0.48 EPS for the current year.
Fortinet announced that its Board of Directors has initiated a share repurchase program on Wednesday, July 26th that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the software maker to reacquire up to 4.2% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
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A number of institutional investors have recently made changes to their positions in the business. BlackRock Inc. boosted its position in Fortinet by 6.6% during the second quarter. BlackRock Inc. now owns 14,047,819 shares of the software maker’s stock worth $525,953,000 after purchasing an additional 870,061 shares during the period. Vanguard Group Inc. boosted its position in Fortinet by 2.5% during the second quarter. Vanguard Group Inc. now owns 12,185,422 shares of the software maker’s stock worth $456,222,000 after purchasing an additional 298,051 shares during the period. State Street Corp boosted its position in Fortinet by 3.0% during the second quarter. State Street Corp now owns 4,581,467 shares of the software maker’s stock worth $171,534,000 after purchasing an additional 132,054 shares during the period. Renaissance Technologies LLC boosted its position in Fortinet by 19.1% during the second quarter. Renaissance Technologies LLC now owns 4,521,700 shares of the software maker’s stock worth $169,292,000 after purchasing an additional 726,300 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in Fortinet by 12.7% during the second quarter. Bank of New York Mellon Corp now owns 3,455,364 shares of the software maker’s stock worth $129,370,000 after purchasing an additional 390,450 shares during the period. 69.19% of the stock is owned by hedge funds and other institutional investors.
Several analysts have issued reports on FTNT shares. Zacks Investment Research upgraded Fortinet from a “hold” rating to a “buy” rating and set a $43.00 price objective on the stock in a report on Friday, July 7th. Piper Jaffray Companies set a $50.00 target price on Fortinet and gave the company a “buy” rating in a research note on Friday, August 25th. Credit Suisse Group began coverage on Fortinet in a research note on Tuesday, September 5th. They set an “underperform” rating and a $33.00 target price on the stock. BMO Capital Markets reaffirmed a “buy” rating and set a $46.00 target price on shares of Fortinet in a research note on Friday, September 1st. Finally, Evercore ISI set a $38.00 target price on Fortinet and gave the company a “hold” rating in a research note on Thursday, July 27th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $44.00.
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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