Press coverage about Fortinet (NASDAQ:FTNT) has been trending somewhat positive on Thursday, according to Accern Sentiment. The research firm identifies positive and negative media coverage by monitoring more than 20 million blog and news sources in real-time. Accern ranks coverage of publicly-traded companies on a scale of -1 to 1, with scores nearest to one being the most favorable. Fortinet earned a coverage optimism score of 0.12 on Accern’s scale. Accern also gave news coverage about the software maker an impact score of 46.4000718953683 out of 100, indicating that recent media coverage is somewhat unlikely to have an effect on the stock’s share price in the near future.
These are some of the headlines that may have impacted Accern’s scoring:
- Fortinet Inc (FTNT) Sees The Tape Move Mid-Market – SCY News (scynews.com)
- Focus on Momentum Mover: Fortinet, Inc. (FTNT) – Wall Street Morning (wallstreetmorning.com)
- Zacks: Analysts Expect Fortinet Inc (FTNT) Will Announce Earnings of $0.29 Per Share (americanbankingnews.com)
- Can Juniper Bounce Back after a Tough 2017? (finance.yahoo.com)
Several research analysts have recently issued reports on FTNT shares. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $46.00 target price on shares of Fortinet in a research note on Friday, October 27th. Zacks Investment Research raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $42.00 target price on the stock in a research note on Tuesday, September 26th. BMO Capital Markets reaffirmed a “buy” rating and issued a $46.00 target price on shares of Fortinet in a research note on Thursday, October 5th. Oppenheimer reaffirmed a “buy” rating and issued a $45.00 target price on shares of Fortinet in a research note on Thursday, October 5th. Finally, Robert W. Baird raised their target price on shares of Fortinet from $50.00 to $56.00 and gave the company an “outperform” rating in a research note on Thursday, January 11th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Fortinet currently has an average rating of “Buy” and an average target price of $45.24.
Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, October 26th. The software maker reported $0.28 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.23 by $0.05. Fortinet had a net margin of 5.93% and a return on equity of 10.92%. The firm had revenue of $374.20 million for the quarter, compared to analyst estimates of $370.67 million. During the same quarter in the previous year, the firm posted $0.18 earnings per share. The business’s revenue was up 18.2% on a year-over-year basis. analysts forecast that Fortinet will post 0.48 earnings per share for the current fiscal year.
Fortinet declared that its Board of Directors has authorized a share buyback plan on Thursday, October 26th that authorizes the company to repurchase $400.00 million in outstanding shares. This repurchase authorization authorizes the software maker to buy shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.
In other Fortinet news, VP John Whittle sold 3,883 shares of Fortinet stock in a transaction that occurred on Wednesday, November 8th. The shares were sold at an average price of $40.00, for a total value of $155,320.00. Following the transaction, the vice president now owns 4,681 shares of the company’s stock, valued at $187,240. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Michael Xie sold 3,585 shares of Fortinet stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $38.60, for a total transaction of $138,381.00. Following the completion of the transaction, the vice president now directly owns 6,714,500 shares in the company, valued at approximately $259,179,700. The disclosure for this sale can be found here. In the last ninety days, insiders sold 73,355 shares of company stock worth $3,072,511. Insiders own 16.40% of the company’s stock.
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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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