Fortinet (NASDAQ:FTNT) issued an update on its FY18 earnings guidance on Monday morning. The company provided earnings per share guidance of $1.30-1.32 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $1.20. The company issued revenue guidance of $1.695-1.715 billion, compared to the consensus revenue estimate of $1.69 billion.Fortinet also updated its Q1 guidance to $0.21-0.22 EPS.
Shares of Fortinet (NASDAQ FTNT) traded down $1.11 during trading on Monday, reaching $43.83. The company’s stock had a trading volume of 2,816,631 shares, compared to its average volume of 1,567,260. The company has a market cap of $7,620.00, a P/E ratio of 91.31, a PEG ratio of 4.59 and a beta of 0.86. Fortinet has a 12 month low of $35.44 and a 12 month high of $46.43.
Fortinet declared that its Board of Directors has approved a stock buyback plan on Thursday, October 26th that allows the company to repurchase $400.00 million in outstanding shares. This repurchase authorization allows the software maker to buy shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
Several equities research analysts have weighed in on the company. KeyCorp reiterated a buy rating and issued a $46.00 target price on shares of Fortinet in a report on Tuesday, October 24th. Robert W. Baird upped their target price on Fortinet from $50.00 to $56.00 and gave the stock an outperform rating in a report on Thursday, January 11th. Barclays cut Fortinet from an overweight rating to an equal weight rating and upped their target price for the stock from $45.00 to $48.00 in a report on Tuesday, January 9th. Raymond James Financial reiterated a market perform rating on shares of Fortinet in a report on Friday, January 26th. Finally, BMO Capital Markets lowered their target price on Fortinet from $46.00 to $45.00 and set an outperform rating for the company in a report on Friday, October 27th. One investment 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 company currently has a consensus rating of Buy and an average target price of $46.00.
In other Fortinet news, VP Michael Xie sold 40,000 shares of the stock in a transaction dated 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 in the company, valued at $280,737,790. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Keith Jensen sold 1,850 shares of the stock in a transaction dated Wednesday, November 8th. The shares were sold at an average price of $39.20, for a total value of $72,520.00. Following the completion of the sale, the insider now owns 1,374 shares of the company’s stock, valued at $53,860.80. The disclosure for this sale can be found here. Insiders have sold a total of 69,770 shares of company stock valued at $2,934,130 over the last 90 days. 17.00% of the stock is currently owned by company insiders.
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.