Fortinet Company Profile (NASDAQ:FTNT)

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

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

Fortinet, Inc. (NASDAQ:FTNT) announced its quarterly earnings results on Wednesday, July, 26th. The company reported $0.27 earnings per share for the quarter, beating the Thomson Reuters' consensus estimate of $0.20 by $0.07. The business 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% compared to the same quarter last year. During the same quarter last year, the business earned $0.14 EPS. View Fortinet's Earnings History.

Fortinet issued an update on 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 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 brokers have issued twelve-month target prices for Fortinet's shares. Their forecasts range from $31.00 to $50.00. On average, they expect Fortinet's stock price to reach $40.79 in the next year. View Analyst Ratings for Fortinet.

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

• 1. According to Zacks Investment Research, "Estimates for the network security solution provider, Fortinet have remained stable of late. A look at Fortinet’s YTD price performance shows that the company has outperformed the industry to which it belongs to. 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, we are slightly concerned over the company’s declining revenue growth rate. Notably, over the last four quarters, the company’s revenue growth rates have been around 20%, which are significantly lower than its previous rates of over 30%." (9/26/2017)
• 2. 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)
• 3. 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)

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

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 retail and institutional 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, 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 $37.56.