Fortinet Inc (NASDAQ:FTNT) Director Christopher B. Paisley sold 1,000 shares of Fortinet stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $81.62, for a total transaction of $81,620.00. Following the completion of the transaction, the director now owns 72,621 shares of the company’s stock, valued at approximately $5,927,326.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.
FTNT stock opened at $78.57 on Friday. Fortinet Inc has a fifty-two week low of $59.28 and a fifty-two week high of $96.96. The company has a market capitalization of $13.42 billion, a P/E ratio of 69.53, a P/E/G ratio of 4.19 and a beta of 0.93.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.26. Fortinet had a net margin of 18.64% and a return on equity of 22.52%. The firm had revenue of $472.60 million during the quarter, compared to analysts’ expectations of $471.90 million. During the same quarter in the previous year, the company posted $0.33 EPS. Fortinet’s revenue was up 18.4% on a year-over-year basis. On average, analysts expect that Fortinet Inc will post 1.31 earnings per share for the current fiscal year.
A number of research analysts have recently issued reports on FTNT shares. BidaskClub cut shares of Fortinet from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 5th. Citigroup cut shares of Fortinet from a “neutral” rating to a “sell” rating and cut their target price for the company from $84.00 to $78.00 in a research note on Friday, May 3rd. Zacks Investment Research cut shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Wednesday, February 6th. Northland Securities reiterated a “buy” rating and issued a $100.00 target price on shares of Fortinet in a research note on Friday, May 3rd. Finally, Oppenheimer lifted their target price on shares of Fortinet from $88.00 to $97.00 and gave the company an “outperform” rating in a research note on Thursday, February 7th. Three analysts have rated the stock with a sell rating, seventeen have given a hold rating and eleven have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $85.13.
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Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and wide area network acceleration; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.
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