Fortinet, Inc. (NASDAQ:FTNT) – Stock analysts at KeyCorp upped their Q3 2017 earnings estimates for shares of Fortinet in a note issued to investors on Wednesday. KeyCorp analyst R. Owens now anticipates that the software maker will post earnings of $0.10 per share for the quarter, up from their prior forecast of $0.09.
FTNT has been the subject of several other reports. Cowen and Company reissued a “buy” rating and issued a $43.00 target price on shares of Fortinet in a research report on Friday. Zacks Investment Research upgraded shares of Fortinet from a “hold” rating to a “buy” rating and set a $44.00 price objective for the company in a research note on Wednesday, May 3rd. Royal Bank Of Canada boosted their price objective on shares of Fortinet from $35.00 to $41.00 and gave the stock an “outperform” rating in a research note on Friday, April 28th. Robert W. Baird set a $50.00 price objective on shares of Fortinet and gave the stock a “buy” rating in a research note on Thursday, July 27th. Finally, Evercore ISI set a $38.00 price objective on shares of Fortinet and gave the stock a “hold” rating in a research note on Thursday, July 27th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. Fortinet has a consensus rating of “Buy” and a consensus price target of $41.56.
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Shares of Fortinet (NASDAQ FTNT) opened at 36.91 on Monday. The stock has a market cap of $6.49 billion, a P/E ratio of 101.12 and a beta of 1.03. The company’s 50-day moving average is $38.65 and its 200 day moving average is $37.74. Fortinet has a 1-year low of $28.50 and a 1-year high of $41.56.
Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, July 26th. The software maker reported $0.27 EPS for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.07. Fortinet had a net margin of 4.71% and a return on equity of 9.36%. The business had revenue of $363.50 million for the quarter, compared to the consensus estimate of $361.05 million. During the same quarter last year, the firm posted $0.14 EPS. The business’s revenue for the quarter was up 16.7% compared to the same quarter last year.
Large investors have recently bought and sold shares of the company. BlackRock Inc. raised its stake in Fortinet by 7,159.6% in the first quarter. BlackRock Inc. now owns 13,177,758 shares of the software maker’s stock valued at $505,365,000 after buying an additional 12,996,236 shares during the last quarter. MARSHALL WACE ASIA Ltd purchased a new stake in Fortinet during the first quarter valued at $77,398,000. Marshall Wace North America L.P. purchased a new stake in Fortinet during the first quarter valued at $77,398,000. Clearbridge Investments LLC raised its stake in Fortinet by 27.7% in the first quarter. Clearbridge Investments LLC now owns 8,441,783 shares of the software maker’s stock valued at $323,742,000 after buying an additional 1,831,096 shares during the last quarter. Finally, Renaissance Technologies LLC raised its stake in Fortinet by 45.0% in the first quarter. Renaissance Technologies LLC now owns 3,795,400 shares of the software maker’s stock valued at $145,554,000 after buying an additional 1,177,300 shares during the last quarter. 72.85% of the stock is currently owned by institutional investors and hedge funds.
In other news, Director Ming Hsieh sold 4,743 shares of the stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $39.29, for a total value of $186,352.47. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Keith Jensen sold 1,850 shares of the company’s stock in a transaction dated Wednesday, May 10th. The stock was sold at an average price of $39.42, for a total transaction of $72,927.00. Following the completion of the sale, the insider now directly owns 1,254 shares in the company, valued at approximately $49,432.68. The disclosure for this sale can be found here. In the last 90 days, insiders sold 12,800 shares of company stock valued at $508,015. Corporate insiders own 17.00% of the company’s stock.
Fortinet announced that its board has authorized a stock buyback program on Wednesday, July 26th that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the software maker to buy up to 4.2% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.
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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