Fortinet (FTNT) Receives News Sentiment Rating of 0.10
Press coverage about Fortinet (NASDAQ:FTNT) has trended somewhat positive this week, Accern Sentiment reports. The research group ranks the sentiment of media coverage by monitoring more than twenty million news and blog sources in real-time. Accern ranks coverage of companies on a scale of -1 to 1, with scores closest to one being the most favorable. Fortinet earned a news impact score of 0.10 on Accern’s scale. Accern also assigned news stories about the software maker an impact score of 46.0687631596144 out of 100, indicating that recent media coverage is somewhat unlikely to have an impact on the stock’s share price in the immediate future.
These are some of the media headlines that may have effected Accern Sentiment Analysis’s analysis:
- BidaskClub Downgrades Fortinet (FTNT) to Buy (americanbankingnews.com)
- Mphasis Selects Fortinet to Deliver Advanced Threat Protection and Secure Data Networks in Virtualized Platform to Service its Customers (finance.yahoo.com)
- Fortinet to Bring Together More than 2,000 Security Thought Leaders and IT Professionals at Accelerate 18 (finance.yahoo.com)
- Fortinet, Inc. (FTNT) VP Sells $1,678,000.00 in Stock (americanbankingnews.com)
Fortinet (NASDAQ FTNT) traded up $0.53 on Friday, hitting $41.95. The stock had a trading volume of 949,415 shares, compared to its average volume of 1,423,779. Fortinet has a 52 week low of $28.50 and a 52 week high of $42.49. The firm has a market capitalization of $7,202.95, a PE ratio of 75.31, a price-to-earnings-growth ratio of 5.10 and a beta of 0.92.
Fortinet announced that its board has initiated 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 repurchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
A number of research analysts recently issued reports on FTNT shares. Piper Jaffray Companies set a $50.00 price objective on Fortinet and gave the stock a “buy” rating in a report on Friday, August 25th. Credit Suisse Group initiated coverage on Fortinet in a research report on Tuesday, September 5th. They set an “underperform” rating and a $33.00 price target for the company. UBS increased their price target on Fortinet from $46.00 to $47.00 and gave the company a “buy” rating in a research report on Friday, October 27th. Zacks Investment Research cut Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 17th. Finally, Deutsche Bank raised Fortinet from a “hold” rating to a “buy” rating and increased their price target for the company from $36.00 to $48.00 in a research report on Wednesday, October 18th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the stock. Fortinet currently has a consensus rating of “Buy” and a consensus price target of $44.26.
In related news, VP Michael Xie sold 40,000 shares of Fortinet stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $41.95, for a total transaction of $1,678,000.00. Following the completion of the sale, the vice president now directly 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 SEC, which is accessible through the SEC website. Also, Director Ming Hsieh sold 5,332 shares of Fortinet stock in a transaction that occurred on Thursday, November 9th. The stock was sold at an average price of $39.64, for a total value of $211,360.48. Following the sale, the director now directly owns 331 shares of the company’s stock, valued at $13,120.84. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 59,606 shares of company stock valued at $2,453,806. Insiders own 16.40% of the company’s stock.
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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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