Fortinet Company Profile (NASDAQ:FTNT)

Fortinet trades on the NASDAQ under the ticker symbol "FTNT."

Fortinet declared that its Board of Directors has initiated a stock buyback plan on Thursday, July 27th 2017, which authorizes the company to buyback $300,000,000.00 in outstanding shares, according to EventVestor. This buyback authorization authorizes the company to reacquire up to 4.2% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

Fortinet, Inc. (NASDAQ:FTNT) announced its earnings results on Wednesday, July, 26th. The company reported $0.27 EPS for the quarter, topping the Thomson Reuters' consensus estimate of $0.20 by $0.07. The firm had revenue of $363.50 million for the quarter, compared to analysts' expectations of $361.05 million. Fortinet had a net margin of 4.71% and a return on equity of 9.36%. Fortinet's revenue was up 16.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.14 earnings per share. View Fortinet's Earnings History.

Fortinet updated its FY17 earnings guidance on Wednesday, July, 26th. The company provided EPS guidance of $0.94-0.96 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.91. The company issued revenue guidance of $1.487-1.495 billion, compared to the consensus revenue estimate of $1.49 billion.Fortinet also updated its Q3 guidance to $0.22-0.23 EPS.

27 brokerages have issued twelve-month target prices for Fortinet's shares. Their forecasts range from $31.00 to $50.00. On average, they anticipate Fortinet's share price to reach $41.08 in the next twelve months. View Analyst Ratings for Fortinet.

Here are some recent quotes from research analysts about Fortinet stock:

• 1. Robert W. Baird analysts commented, "We believe expectations were somewhat elevated coming into the print. Management called out delays in Telco Service Provider offset but positive trends in Enterprise." (7/27/2017)
• 2. Evercore ISI analysts commented, "We believe most segments performed well with the exception of service providers. The company maintained its long-term margin targets (25% by 2022) which remain unaccompanied by growth metrics. FTNT’s board doubled the share repurchase authorization through Jan. 2019, which we view as a positive. We believe the company continues to execute on its push to shift its business towards ratable revenue which should make the topline more predictable and serve as a tailwind to margin expansion. The lack of clarity around the long-term business model remains an overhang that in combination with potentially tough guidance for the remainder of the year should keep the stock range bound in the near-term." (7/27/2017)
• 3. According to Zacks Investment Research, "Fortinet is a provider of network security appliances and Unified Threat Management (UTM) network security solutions. The stock has outperformed the broader market on YTD basis. Despite persistent macro uncertainties, management seems to be positive on the back of a healthy network security market, solid product line-up and investment plans. Going ahead, we believe that the company’s strategy of focusing on selling subscription-based services will enable it to generate more stable revenues and help in expanding margins. Furthermore, acquisitions are a major positive for Fortinet as these help it to strengthen its product portfolio and capabilities, thereby boosting its top-line performance. Nonetheless, competition from key network security players such as Cisco Systems, Check Point, Juniper and Palo Alto Networks, remains a concern." (7/13/2017)

Fortinet saw a decrease in short interest in the month of July. As of July 31st, there was short interest totalling 3,958,207 shares, a decrease of 25.9% from the July 14th total of 5,340,107 shares. Based on an average trading volume of 2,028,938 shares, the short-interest ratio is presently 2.0 days. Currently, 2.7% of the company's stock are short sold.

Some companies that are related to Fortinet include Palo Alto Networks (PANW), Total System Services (TSS), Gartner (IT), VeriSign (VRSN), CDW Corporation (CDW), Amdocs Limited (DOX), Akamai Technologies (AKAM), Jack Henry & Associates (JKHY), F5 Networks (FFIV), LogMein (LOGM), CSRA (CSRA), Booz Allen Hamilton Holding Corporation (BAH), GoDaddy (GDDY), NCR Corporation (NCR), Aspen Technology (AZPN), Medidata Solutions (MDSO), EPAM Systems (EPAM) and Proofpoint (PFPT).

Fortinet's management team includes the folowing people:

• Ken Xie, Chairman of the Board, Chief Executive Officer, Founder
• Michael Xie, President, Founder, Chief Technology Officer, Director
• Andrew H. Del Matto, Chief Financial Officer
• Patrice Perche, Senior Executive Vice President, Worldwide Sales and Support
• John Maddison, Senior Vice President of Products and Solutions
• Lisa McGill, Senior Vice President of People
• Keith F. Jensen, Chief Accounting Officer
• John Lunsford Whittle J.D., Vice President - Corporate Development, General Counsel, Corporate Secretary
• Christopher B. Paisley, Lead Independent Director
• Peter D. Cohen, Director

Fortinet's stock is owned by a variety of of institutional and retail investors. Top institutional investors include BlackRock Inc. (7.99%), Vanguard Group Inc. (6.93%), State Street Corp (2.61%), Renaissance Technologies LLC (2.57%), Ameriprise Financial Inc. (2.34%) and Bank of New York Mellon Corp (1.97%). Company insiders that own Fortinet stock include Christopher B Paisley, Hong Liang Lu, John Whittle, Keith Jensen, Ken Xie, Matto Andrew H Del, Michael Xie and Ming Hsieh. View Institutional Ownership Trends for Fortinet.

Fortinet's stock was sold by a variety of institutional investors in the last quarter, including Marshall Wace North America L.P., Sumitomo Mitsui Asset Management Company LTD, Global Thematic Partners LLC, Schroder Investment Management Group, Ameriprise Financial Inc., BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp, Hodges Capital Management Inc. and Fiera Capital Corp. Company insiders that have sold Fortinet stock in the last year include Christopher B Paisley, John Whittle, Keith Jensen, Ken Xie, Matto Andrew H Del, Michael Xie and Ming Hsieh. View Insider Buying and Selling for Fortinet.

Fortinet's stock was purchased by a variety of institutional investors in the last quarter, including Voya Investment Management LLC, ETF Managers Group LLC, BlackRock Inc., Renaissance Technologies LLC, Pictet Asset Management Ltd., Capital Fund Management S.A., BNP Paribas Arbitrage SA and Bank of New York Mellon Corp. View Insider Buying and Selling for Fortinet.

Shares of Fortinet can be purchased through any online brokerage account. Popular online brokerages include Vanguard Brokerage Services, TD Ameritrade, E*TRADE, Scottrade, Fidelity and Charles Schwab.

One share of Fortinet stock can currently be purchased for approximately $36.52.