Fortinet Inc (NASDAQ:FTNT) – Research analysts at KeyCorp increased their Q4 2018 earnings estimates for shares of Fortinet in a research note issued to investors on Monday. KeyCorp analyst R. Owens now expects that the software maker will earn $0.33 per share for the quarter, up from their previous forecast of $0.25. KeyCorp has a “Buy” rating and a $46.00 price target on the stock.
FTNT has been the subject of a number of other research reports. UBS Group increased their target price on shares of Fortinet from $46.00 to $47.00 and gave the company a “buy” rating in a research report on Friday, October 27th. JPMorgan Chase & Co. cut shares of Fortinet from an “overweight” rating to a “neutral” rating and set a $50.00 target price for the company. in a research report on Tuesday, December 12th. Piper Jaffray Companies reissued a “buy” rating and set a $50.00 target price on shares of Fortinet in a research report on Thursday, October 12th. Barclays increased their target price on shares of Fortinet from $48.00 to $50.00 and gave the company an “equal weight” rating in a research report on Tuesday. Finally, Deutsche Bank cut shares of Fortinet from a “buy” rating to a “hold” rating and set a $46.00 target price for the company. in a research report on Tuesday, January 23rd. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, fourteen have issued a buy rating and two have assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $47.33.
Fortinet (NASDAQ:FTNT) last posted its earnings results on Monday, February 5th. The software maker reported $0.32 EPS for the quarter, beating the Zacks’ consensus estimate of $0.29 by $0.03. Fortinet had a net margin of 2.10% and a return on equity of 11.77%. The company had revenue of $416.70 million during the quarter, compared to analysts’ expectations of $409.04 million. During the same quarter in the prior year, the company posted $0.30 earnings per share. Fortinet’s revenue for the quarter was up 14.9% compared to the same quarter last year.
Large investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its position in Fortinet by 30.0% during the third quarter. JPMorgan Chase & Co. now owns 443,180 shares of the software maker’s stock valued at $15,914,000 after buying an additional 102,195 shares during the period. Gluskin Sheff & Assoc Inc. grew its position in Fortinet by 89.8% during the third quarter. Gluskin Sheff & Assoc Inc. now owns 550,739 shares of the software maker’s stock valued at $19,739,000 after buying an additional 260,509 shares during the period. Victory Capital Management Inc. acquired a new stake in Fortinet during the third quarter valued at $1,300,000. New York State Common Retirement Fund grew its position in Fortinet by 2.2% during the third quarter. New York State Common Retirement Fund now owns 519,640 shares of the software maker’s stock valued at $18,624,000 after buying an additional 11,333 shares during the period. Finally, Schwab Charles Investment Management Inc. grew its position in Fortinet by 2.2% during the third quarter. Schwab Charles Investment Management Inc. now owns 457,676 shares of the software maker’s stock valued at $16,404,000 after buying an additional 9,730 shares during the period. Hedge funds and other institutional investors own 70.84% of the company’s stock.
In other news, VP Michael Xie sold 40,000 shares of the stock in a transaction on Friday, December 1st. The shares were sold at an average price of $41.95, for a total value of $1,678,000.00. Following the sale, the vice president now owns 6,692,200 shares in the company, valued at $280,737,790. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP John Whittle sold 11,728 shares of the stock in a transaction on Monday, February 5th. The stock was sold at an average price of $44.81, for a total transaction of $525,531.68. Following the completion of the sale, the vice president now owns 7,181 shares in the company, valued at approximately $321,780.61. The disclosure for this sale can be found here. In the last ninety days, insiders sold 90,223 shares of company stock valued at $3,916,948. Corporate insiders own 16.40% of the company’s stock.
Fortinet announced that its board has approved a stock buyback plan on Thursday, October 26th that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the software maker to buy shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.
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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