Q4 2018 EPS Estimates for Fortinet Inc (FTNT) Boosted by KeyCorp
Fortinet Inc (NASDAQ:FTNT) – Equities research analysts at KeyCorp increased their Q4 2018 earnings per share estimates for shares of Fortinet in a report released on Monday. KeyCorp analyst R. Owens now anticipates that the software maker will earn $0.33 per share for the quarter, up from their prior estimate of $0.25. KeyCorp has a “Buy” rating and a $46.00 price target on the stock.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Monday, February 5th. The software maker reported $0.32 EPS for the quarter, topping the consensus estimate of $0.29 by $0.03. The firm had revenue of $416.70 million during the quarter, compared to analyst estimates of $409.04 million. Fortinet had a return on equity of 11.77% and a net margin of 2.10%. Fortinet’s revenue was up 14.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.30 EPS.
Fortinet (FTNT) traded up $2.04 during trading hours on Thursday, hitting $46.54. The stock had a trading volume of 4,253,505 shares, compared to its average volume of 1,942,276. The stock has a market cap of $7,738.56, a price-to-earnings ratio of 273.76, a price-to-earnings-growth ratio of 3.60 and a beta of 0.86. Fortinet has a 52-week low of $35.44 and a 52-week high of $47.00.
Several large investors have recently made changes to their positions in the stock. First Republic Investment Management Inc. bought a new position in shares of Fortinet in the 4th quarter valued at about $208,000. ARP Americas LP bought a new position in shares of Fortinet in the 4th quarter valued at about $664,000. UBS Asset Management Americas Inc. lifted its holdings in shares of Fortinet by 6.6% in the 4th quarter. UBS Asset Management Americas Inc. now owns 457,249 shares of the software maker’s stock valued at $19,977,000 after acquiring an additional 28,247 shares during the last quarter. Shell Asset Management Co. bought a new position in shares of Fortinet in the 4th quarter valued at about $2,594,000. Finally, Arizona State Retirement System lifted its holdings in shares of Fortinet by 25.6% in the 4th quarter. Arizona State Retirement System now owns 107,639 shares of the software maker’s stock valued at $4,703,000 after acquiring an additional 21,941 shares during the last quarter. 70.84% of the stock is owned by hedge funds and other institutional investors.
In other Fortinet news, VP Michael Xie sold 40,000 shares of the stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $41.95, for a total transaction of $1,678,000.00. Following the completion of the transaction, the vice president now owns 6,692,200 shares of the company’s stock, valued at approximately $280,737,790. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Christopher B. Paisley sold 4,000 shares of the stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $40.02, for a total transaction of $160,080.00. Following the transaction, the director now directly owns 72,606 shares of the company’s stock, valued at approximately $2,905,692.12. The disclosure for this sale can be found here. Insiders have sold a total of 90,223 shares of company stock valued at $3,916,948 in the last three months. Insiders own 16.40% of the company’s stock.
Fortinet declared that its Board of Directors has approved a share buyback plan on Thursday, October 26th that allows the company to repurchase $400.00 million in shares. This repurchase authorization allows the software maker to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.
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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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