Fortinet Inc (NASDAQ:FTNT) – Equities research analysts at KeyCorp raised their Q4 2018 earnings per share estimates for Fortinet in a report issued on Monday. KeyCorp analyst R. Owens now expects that the software maker will post earnings per share of $0.33 for the quarter, up from their previous estimate of $0.25. KeyCorp currently has a “Buy” rating and a $46.00 target price on the stock.
Several other research analysts also recently weighed in on the company. UBS Group upped their target price on Fortinet from $46.00 to $47.00 and gave the stock a “buy” rating in a research note on Friday, October 27th. Zacks Investment Research downgraded Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 17th. Deutsche Bank raised Fortinet from a “hold” rating to a “buy” rating and upped their target price for the stock from $36.00 to $48.00 in a research note on Wednesday, October 18th. BMO Capital Markets reduced their target price on Fortinet from $46.00 to $45.00 and set an “outperform” rating for the company in a research note on Friday, October 27th. Finally, BidaskClub downgraded Fortinet from a “strong-buy” rating to a “buy” rating in a research note on Thursday, December 7th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, fourteen have assigned a buy rating and two have assigned a strong buy rating to the stock. Fortinet presently has a consensus rating of “Buy” and an average price target of $47.33.
Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Monday, February 5th. The software maker reported $0.32 EPS for the quarter, topping the Thomson Reuters’ 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 return on equity of 11.77% and a net margin of 2.10%. The business’s quarterly revenue was up 14.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.30 EPS.
Several institutional investors and hedge funds have recently modified their holdings of the business. California Public Employees Retirement System grew its holdings in shares of Fortinet by 2.4% during the 2nd quarter. California Public Employees Retirement System now owns 213,400 shares of the software maker’s stock worth $7,990,000 after purchasing an additional 5,000 shares during the period. Parametric Portfolio Associates LLC grew its holdings in shares of Fortinet by 9.6% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 133,202 shares of the software maker’s stock worth $4,987,000 after purchasing an additional 11,651 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Fortinet by 1.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 259,916 shares of the software maker’s stock worth $9,732,000 after purchasing an additional 4,124 shares during the period. Numeric Investors LLC purchased a new position in shares of Fortinet during the 2nd quarter worth $614,000. Finally, Royal Bank of Canada grew its holdings in shares of Fortinet by 3.6% during the 2nd quarter. Royal Bank of Canada now owns 123,289 shares of the software maker’s stock worth $4,616,000 after purchasing an additional 4,247 shares during the period. 70.84% of the stock is owned by institutional investors and hedge funds.
In other Fortinet news, VP Michael Xie sold 40,000 shares of the firm’s stock in a transaction on Friday, December 1st. The stock was sold at an average price of $41.95, for a total value of $1,678,000.00. Following the completion of the sale, the vice president now directly owns 6,692,200 shares of the company’s stock, valued at approximately $280,737,790. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Christopher B. Paisley sold 4,000 shares of the firm’s stock in a transaction on Monday, November 13th. The stock was sold at an average price of $40.02, for a total value of $160,080.00. Following the completion of the sale, the director now directly owns 72,606 shares of the company’s stock, valued at $2,905,692.12. The disclosure for this sale can be found here. Insiders sold a total of 90,223 shares of company stock valued at $3,916,948 over the last ninety days. Corporate insiders own 16.40% of the company’s stock.
Fortinet declared that its board has authorized a share repurchase program on Thursday, October 26th that allows the company to buyback $400.00 million in shares. This buyback authorization allows the software maker to purchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its stock is undervalued.
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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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