Fortinet Inc (NASDAQ:FTNT) VP John Whittle sold 11,728 shares of the business’s 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 sale, the vice president now directly owns 7,181 shares in the company, valued at approximately $321,780.61. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
John Whittle also recently made the following trade(s):
- On Tuesday, December 19th, John Whittle sold 13,749 shares of Fortinet stock. The stock was sold at an average price of $45.00, for a total transaction of $618,705.00.
- On Wednesday, November 8th, John Whittle sold 3,883 shares of Fortinet stock. The stock was sold at an average price of $40.00, for a total transaction of $155,320.00.
Fortinet Inc (NASDAQ:FTNT) traded down $1.11 during mid-day trading on Monday, reaching $43.83. 2,818,879 shares of the company traded hands, compared to its average volume of 1,460,000. The firm has a market capitalization of $7,620.00, a price-to-earnings ratio of 91.31, a price-to-earnings-growth ratio of 4.59 and a beta of 0.86. Fortinet Inc has a 1-year low of $35.44 and a 1-year high of $46.43.
Fortinet (NASDAQ:FTNT) last released its earnings results on Wednesday, January 31st. The software maker reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.03. The business had revenue of $416.70 million for the quarter, compared to analyst estimates of $409.04 million. Fortinet had a net margin of 5.93% and a return on equity of 10.92%. Fortinet’s revenue for the quarter was up 14.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.30 earnings per share. equities research analysts anticipate that Fortinet Inc will post 0.48 EPS for the current year.
Fortinet declared that its board has initiated a stock repurchase plan on Thursday, October 26th that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the software maker to buy shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
A number of hedge funds have recently added to or reduced their stakes in FTNT. Teachers Advisors LLC lifted its holdings in Fortinet by 9.7% in the second quarter. Teachers Advisors LLC now owns 186,514 shares of the software maker’s stock valued at $6,983,000 after buying an additional 16,512 shares during the period. Northern Trust Corp increased its stake in Fortinet by 0.9% in the second quarter. Northern Trust Corp now owns 1,359,464 shares of the software maker’s stock valued at $50,899,000 after purchasing an additional 11,971 shares in the last quarter. California Public Employees Retirement System increased its stake in Fortinet by 2.4% in the second quarter. California Public Employees Retirement System now owns 213,400 shares of the software maker’s stock valued at $7,990,000 after purchasing an additional 5,000 shares in the last quarter. Parametric Portfolio Associates LLC increased its stake in Fortinet by 9.6% in the second quarter. Parametric Portfolio Associates LLC now owns 133,202 shares of the software maker’s stock valued at $4,987,000 after purchasing an additional 11,651 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky increased its stake in Fortinet by 4.6% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 29,690 shares of the software maker’s stock valued at $1,112,000 after purchasing an additional 1,300 shares in the last quarter. Institutional investors and hedge funds own 70.84% of the company’s stock.
A number of equities analysts have recently commented on the stock. Dougherty & Co lowered shares of Fortinet from a “buy” rating to a “neutral” rating in a report on Thursday. JMP Securities lifted their price target on shares of Fortinet from $41.00 to $54.00 and gave the stock a “market outperform” rating in a report on Friday, January 26th. Raymond James Financial reiterated a “market perform” rating on shares of Fortinet in a report on Friday, January 26th. Citigroup lowered shares of Fortinet from an “outperform” rating to a “market perform” rating in a report on Friday, January 26th. Finally, Deutsche Bank lowered shares of Fortinet from a “buy” rating to a “hold” rating and set a $46.00 price target on the stock. in a report on Tuesday, January 23rd. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $46.00.
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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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