Fortinet, Inc. (NASDAQ:FTNT) Director Ming Hsieh sold 5,332 shares of Fortinet stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $39.64, for a total transaction of $211,360.48. Following the completion of the sale, the director now owns 331 shares of the company’s stock, valued at approximately $13,120.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Fortinet, Inc. (FTNT) traded up $0.45 during mid-day trading on Monday, reaching $39.94. 1,602,400 shares of the company traded hands, compared to its average volume of 1,721,397. The firm has a market capitalization of $6,945.57, a P/E ratio of 72.62, a P/E/G ratio of 4.92 and a beta of 0.91. Fortinet, Inc. has a 1-year low of $28.50 and a 1-year high of $41.56.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, October 26th. The software maker reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.05. The business had revenue of $374.20 million during the quarter, compared to the consensus estimate of $370.67 million. Fortinet had a net margin of 5.93% and a return on equity of 10.92%. The company’s quarterly revenue was up 18.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.18 earnings per share. equities analysts forecast that Fortinet, Inc. will post 0.48 earnings per share for the current fiscal year.

Fortinet announced that its board has authorized a stock repurchase program on Wednesday, July 26th that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the software maker to reacquire up to 4.2% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

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A number of analysts recently issued reports on the stock. Zacks Investment Research upgraded shares of Fortinet from a “hold” rating to a “buy” rating and set a $44.00 price target for the company in a research note on Tuesday, October 31st. UBS AG lifted their price target on shares of Fortinet from $46.00 to $47.00 and gave the stock a “buy” rating in a research note on Friday, October 27th. BMO Capital Markets lowered their target price on shares of Fortinet from $46.00 to $45.00 and set an “outperform” rating for the company in a research note on Friday, October 27th. Piper Jaffray Companies reiterated a “buy” rating and set a $46.00 target price on shares of Fortinet in a research note on Friday, October 27th. Finally, Evercore ISI reiterated a “hold” rating and set a $38.00 target price on shares of Fortinet in a research note on Friday, October 27th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $44.00.

Hedge funds have recently bought and sold shares of the stock. First Mercantile Trust Co. acquired a new stake in Fortinet in the second quarter worth about $136,000. GLG Partners LP acquired a new stake in Fortinet in the second quarter worth about $145,000. Ropes Wealth Advisors LLC lifted its holdings in Fortinet by 67.3% in the second quarter. Ropes Wealth Advisors LLC now owns 4,610 shares of the software maker’s stock worth $173,000 after purchasing an additional 1,855 shares during the period. Greenwood Capital Associates LLC acquired a new stake in Fortinet in the second quarter worth about $209,000. Finally, Cigna Investments Inc. New acquired a new stake in Fortinet in the second quarter worth about $211,000. 69.41% of the stock is owned by institutional investors and hedge funds.

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.

Insider Buying and Selling by Quarter for Fortinet (NASDAQ:FTNT)

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