Fortinet, Inc. (NASDAQ:FTNT) shares reached a new 52-week high during trading on Wednesday . The company traded as high as $42.72 and last traded at $42.18, with a volume of 1332800 shares. The stock had previously closed at $42.22.

FTNT has been the topic of a number of research analyst reports. Piper Jaffray Companies set a $50.00 target price on Fortinet and gave the stock a “buy” rating in a report on Friday, August 25th. Credit Suisse Group began coverage on Fortinet in a report on Tuesday, September 5th. They issued an “underperform” rating and a $33.00 price target on the stock. UBS raised their price target on Fortinet from $46.00 to $47.00 and gave the stock a “buy” rating in a report on Friday, October 27th. Zacks Investment Research downgraded Fortinet from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 17th. Finally, Deutsche Bank raised Fortinet from a “hold” rating to a “buy” rating and raised their price target for the stock from $36.00 to $48.00 in a report on Wednesday, October 18th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fourteen have given a buy rating and two have given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $44.55.

The company has a market cap of $7,342.07, a P/E ratio of 76.76, a price-to-earnings-growth ratio of 5.20 and a beta of 0.92.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, October 26th. The software maker reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.05. Fortinet had a return on equity of 10.92% and a net margin of 5.93%. The firm had revenue of $374.20 million for the quarter, compared to the consensus estimate of $370.67 million. During the same quarter in the previous year, the business earned $0.18 EPS. The firm’s revenue for the quarter was up 18.2% on a year-over-year basis. equities research analysts forecast that Fortinet, Inc. will post 0.48 earnings per share for the current fiscal year.

Fortinet declared that its Board of Directors has initiated a stock repurchase plan on Thursday, October 26th that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the software maker to purchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.

In other news, VP Michael Xie sold 3,585 shares of Fortinet stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $38.60, for a total transaction of $138,381.00. Following the transaction, the vice president now directly owns 6,714,500 shares in the company, valued at approximately $259,179,700. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Christopher B. Paisley sold 4,000 shares of Fortinet stock in a transaction on Monday, November 13th. The shares were sold at an average price of $40.02, for a total value of $160,080.00. Following the transaction, the director now owns 72,606 shares in the company, valued at $2,905,692.12. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 59,606 shares of company stock worth $2,453,806. 17.00% of the stock is owned by insiders.

Hedge funds have recently modified their holdings of the company. First Mercantile Trust Co. acquired a new position in shares of Fortinet in the 2nd quarter worth $136,000. GLG Partners LP acquired a new position in shares of Fortinet in the 2nd quarter worth $145,000. Ropes Wealth Advisors LLC grew its holdings in shares of Fortinet by 67.3% in the 2nd quarter. Ropes Wealth Advisors LLC now owns 4,610 shares of the software maker’s stock worth $173,000 after acquiring an additional 1,855 shares during the last quarter. Greenwood Capital Associates LLC acquired a new position in shares of Fortinet in the 2nd quarter worth $209,000. Finally, Cigna Investments Inc. New acquired a new position in shares of Fortinet in the 2nd quarter worth $211,000. Institutional investors own 70.76% of the company’s stock.

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About Fortinet

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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