Fortinet, Inc. (NASDAQ:FTNT) CAO Keith Jensen sold 950 shares of Fortinet stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $36.67, for a total value of $34,836.50. Following the sale, the chief accounting officer now directly owns 1,315 shares in the company, valued at approximately $48,221.05. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.
Keith Jensen also recently made the following trade(s):
- On Wednesday, August 9th, Keith Jensen sold 1,850 shares of Fortinet stock. The shares were sold at an average price of $36.47, for a total value of $67,469.50.
- On Wednesday, May 17th, Keith Jensen sold 624 shares of Fortinet stock. The shares were sold at an average price of $40.73, for a total value of $25,415.52.
Fortinet, Inc. (FTNT) traded up 1.02% during trading on Friday, reaching $36.48. The company had a trading volume of 1,197,582 shares. The company’s 50-day moving average is $38.35 and its 200 day moving average is $37.91. The firm has a market capitalization of $6.41 billion, a price-to-earnings ratio of 99.95 and a beta of 1.02. Fortinet, Inc. has a 52 week low of $28.51 and a 52 week high of $41.56.
Fortinet (NASDAQ:FTNT) last posted its earnings results on Wednesday, July 26th. The software maker reported $0.27 EPS for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.07. Fortinet had a return on equity of 9.36% and a net margin of 4.71%. The business had revenue of $363.50 million for the quarter, compared to analysts’ expectations of $361.05 million. During the same quarter in the previous year, the firm earned $0.14 earnings per share. The business’s revenue was up 16.7% compared to the same quarter last year. Equities analysts anticipate that Fortinet, Inc. will post $0.95 EPS for the current year.
Fortinet announced that its board has approved a share buyback program on Wednesday, July 26th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the software maker to reacquire up to 4.2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.
Several hedge funds have recently bought and sold shares of FTNT. Ropes Wealth Advisors LLC boosted its stake in Fortinet by 11.1% in the first quarter. Ropes Wealth Advisors LLC now owns 2,755 shares of the software maker’s stock worth $106,000 after buying an additional 275 shares during the period. Harel Insurance Investments & Financial Services Ltd. boosted its stake in Fortinet by 21.4% in the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 3,060 shares of the software maker’s stock worth $116,000 after buying an additional 540 shares during the period. Thompson Davis & CO. Inc. boosted its stake in Fortinet by 523.8% in the first quarter. Thompson Davis & CO. Inc. now owns 3,275 shares of the software maker’s stock worth $126,000 after buying an additional 2,750 shares during the period. First Mercantile Trust Co. purchased a new stake in Fortinet during the second quarter worth approximately $136,000. Finally, NEXT Financial Group Inc boosted its stake in Fortinet by 17,296.0% in the second quarter. NEXT Financial Group Inc now owns 4,349 shares of the software maker’s stock worth $163,000 after buying an additional 4,324 shares during the period. Institutional investors and hedge funds own 72.98% of the company’s stock.
Several analysts recently issued reports on FTNT shares. Zacks Investment Research raised Fortinet from a “hold” rating to a “buy” rating and set a $43.00 target price on the stock in a research note on Friday, July 7th. Dougherty & Co lifted their price objective on Fortinet from $38.00 to $46.00 and gave the stock a “buy” rating in a research note on Friday, April 21st. Vetr raised Fortinet from a “hold” rating to a “strong-buy” rating and set a $48.00 price objective on the stock in a research note on Monday, April 24th. OTR Global raised Fortinet to a “positive” rating in a research note on Wednesday, July 5th. Finally, BMO Capital Markets raised Fortinet from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $44.00 to $46.00 in a research note on Friday, April 21st. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. Fortinet currently has an average rating of “Buy” and an average price target of $41.56.
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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