Somewhat Positive Media Coverage Somewhat Unlikely to Impact Fortinet (NASDAQ:FTNT) Share Price
Media headlines about Fortinet (NASDAQ:FTNT) have been trending somewhat positive recently, Accern Sentiment Analysis reports. The research firm rates the sentiment of news coverage by reviewing more than twenty million news and blog sources in real-time. Accern ranks coverage of publicly-traded companies on a scale of negative one to one, with scores nearest to one being the most favorable. Fortinet earned a news sentiment score of 0.16 on Accern’s scale. Accern also gave news stories about the software maker an impact score of 46.9270602039183 out of 100, indicating that recent news coverage is somewhat unlikely to have an impact on the stock’s share price in the next few days.
Here are some of the news stories that may have impacted Accern Sentiment Analysis’s rankings:
- Fortinet, Inc. (FTNT) is stand at $36.40 While Silicom Ltd. (SILC … – Stocks Gallery (stocksgallery.com)
- Fortinet, Inc. (FTNT) VP John Whittle Sells 2,091 Shares (americanbankingnews.com)
- Christopher B. Paisley Sells 4,000 Shares of Fortinet, Inc. (FTNT) Stock (americanbankingnews.com)
- Fortinet, Inc. :FTNT-US: Earnings Analysis: Q2, 2017 By the Numbers : August 3, 2017 (finance.yahoo.com)
- Fortinet Expands Cloud-Based Security Fabric Visibility, Management and Analytics for SMBs and Security Providers (finance.yahoo.com)
Several brokerages have weighed in on FTNT. UBS AG raised their price objective on shares of Fortinet from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, April 28th. Cowen and Company reissued a “buy” rating and set a $43.00 price objective on shares of Fortinet in a report on Friday, July 28th. BidaskClub lowered shares of Fortinet from a “hold” rating to a “sell” rating in a report on Monday, July 31st. Robert W. Baird set a $50.00 price objective on shares of Fortinet and gave the stock a “buy” rating in a report on Thursday, July 27th. Finally, Evercore ISI set a $38.00 price objective on shares of Fortinet and gave the stock a “hold” rating in a report on Thursday, July 27th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $41.56.
Shares of Fortinet (NASDAQ:FTNT) opened at 36.84 on Friday. The firm’s 50 day moving average is $38.63 and its 200-day moving average is $37.78. Fortinet has a 52-week low of $28.50 and a 52-week high of $41.56. The company has a market capitalization of $6.47 billion, a P/E ratio of 100.93 and a beta of 1.02.
Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Wednesday, July 26th. The software maker reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.07. Fortinet had a net margin of 4.71% and a return on equity of 9.36%. The firm had revenue of $363.50 million for the quarter, compared to analyst estimates of $361.05 million. During the same quarter in the prior year, the firm earned $0.14 EPS. The company’s revenue was up 16.7% on a year-over-year basis. Equities research analysts anticipate that Fortinet will post $0.95 earnings per share for the current fiscal year.
Fortinet announced that its Board of Directors has approved a share repurchase program on Wednesday, July 26th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the software maker to reacquire up to 4.2% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
In other Fortinet news, insider Keith Jensen sold 624 shares of the stock in a transaction dated Wednesday, May 17th. The shares were sold at an average price of $40.73, for a total transaction of $25,415.52. Following the sale, the insider now owns 978 shares of the company’s stock, valued at approximately $39,833.94. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Ming Hsieh sold 4,743 shares of the stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $39.29, for a total transaction of $186,352.47. The disclosure for this sale can be found here. In the last three months, insiders have sold 13,308 shares of company stock worth $506,096. Insiders own 16.40% of the company’s stock.
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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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