Fortinet (NASDAQ:FTNT) updated its FY19 earnings guidance on Thursday. The company provided earnings per share guidance of $2.10-2.15 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $2.08. The company issued revenue guidance of $2.07-2.1 billion, compared to the consensus revenue estimate of $2.09 billion.Fortinet also updated its FY 2019 guidance to $2.10-2.15 EPS.
Several research analysts have weighed in on FTNT shares. Zacks Investment Research lowered Fortinet from a buy rating to a hold rating in a research report on Wednesday, January 30th. BidaskClub raised Fortinet from a buy rating to a strong-buy rating in a report on Wednesday, February 13th. Stifel Nicolaus increased their price target on Fortinet from $85.00 to $95.00 and gave the company a hold rating in a research note on Tuesday, April 16th. Evercore ISI restated a hold rating and set a $80.00 target price on shares of Fortinet in a research report on Tuesday, May 7th. Finally, Monness Crespi & Hardt reiterated a buy rating and issued a $97.00 price target (up previously from $95.00) on shares of Fortinet in a report on Friday, May 3rd. Three research analysts have rated the stock with a sell rating, seventeen have given a hold rating and eleven have given a buy rating to the company’s stock. The company currently has an average rating of Hold and an average price target of $85.13.
FTNT traded down $0.62 during trading on Friday, hitting $82.62. The stock had a trading volume of 1,181,782 shares, compared to its average volume of 1,873,005. The company has a market cap of $14.04 billion, a price-to-earnings ratio of 73.12, a price-to-earnings-growth ratio of 4.12 and a beta of 0.93. Fortinet has a twelve month low of $58.10 and a twelve month high of $96.96.
In related news, CEO Ken Xie sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, February 19th. The shares were sold at an average price of $83.70, for a total value of $669,600.00. Following the completion of the sale, the chief executive officer now owns 12,525,740 shares in the company, valued at $1,048,404,438. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP John Whittle sold 1,580 shares of Fortinet stock in a transaction dated Tuesday, February 19th. The stock was sold at an average price of $83.44, for a total transaction of $131,835.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 104,843 shares of company stock worth $8,875,544. 17.70% of the stock is owned by insiders.
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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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