Fortinet, Inc. (FTNT) Director Ming Hsieh Sells 5,332 Shares
Fortinet, Inc. (NASDAQ:FTNT) Director Ming Hsieh sold 5,332 shares of the stock in a transaction on Thursday, November 9th. The shares were sold at an average price of $39.64, for a total value of $211,360.48. Following the sale, the director now owns 331 shares of the company’s stock, valued at approximately $13,120.84. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.
Shares of Fortinet, Inc. (FTNT) opened at $40.35 on Tuesday. The stock has a market capitalization of $6,945.57, a P/E ratio of 72.62, a price-to-earnings-growth ratio of 4.92 and a beta of 0.91. Fortinet, Inc. has a 12-month low of $28.50 and a 12-month high of $41.56.
Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, October 26th. The software maker reported $0.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.05. The company had revenue of $374.20 million for the quarter, compared to analyst estimates of $370.67 million. Fortinet had a return on equity of 10.92% and a net margin of 5.93%. The firm’s quarterly revenue was up 18.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.18 earnings per share. analysts anticipate that Fortinet, Inc. will post 0.48 earnings per share for the current fiscal year.
Fortinet announced that its Board of Directors has initiated a share repurchase plan 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 plans are typically an indication that the company’s leadership believes its shares are undervalued.
COPYRIGHT VIOLATION NOTICE: This story was reported by TheOlympiaReport and is owned by of TheOlympiaReport. If you are accessing this story on another domain, it was illegally stolen and republished in violation of international trademark & copyright legislation. The original version of this story can be viewed at https://theolympiareport.com/2017/11/14/fortinet-inc-ftnt-director-ming-hsieh-sells-5332-shares.html.
Several brokerages have recently commented on FTNT. Cowen and Company reiterated a “buy” rating and set a $43.00 price objective on shares of Fortinet in a report on Friday, July 28th. ValuEngine lowered Fortinet from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Dougherty & Co raised their target price on Fortinet from $46.00 to $48.00 and gave the stock a “buy” rating in a research note on Thursday, July 27th. Robert W. Baird set a $50.00 target price on Fortinet and gave the stock a “buy” rating in a research note on Thursday, July 27th. Finally, Evercore ISI set a $38.00 target price on Fortinet and gave the stock a “hold” rating in a research note on Thursday, July 27th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $44.00.
Hedge funds and other institutional investors have recently made changes to their positions in the business. First Mercantile Trust Co. purchased a new stake in Fortinet in the second quarter valued at approximately $136,000. GLG Partners LP purchased a new stake in Fortinet in the second quarter valued at approximately $145,000. Ropes Wealth Advisors LLC raised its position in Fortinet by 67.3% in the second quarter. Ropes Wealth Advisors LLC now owns 4,610 shares of the software maker’s stock valued at $173,000 after purchasing an additional 1,855 shares during the period. Greenwood Capital Associates LLC purchased a new stake in Fortinet in the second quarter valued at approximately $209,000. Finally, Cigna Investments Inc. New acquired a new position in shares of Fortinet in the second quarter worth $211,000. 69.41% of the stock is currently owned by institutional investors.
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.
Receive News & Ratings for Fortinet Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortinet Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.