A Director at Fortinet (FTNT) is Buying Shares

Yesterday, a Director at Fortinet (FTNT), William Neukom, bought shares of FTNT for $19K.

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Based on Fortinet’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $616 million and quarterly net profit of $112 million. In comparison, last year the company earned revenue of $522 million and had a net profit of $72.7 million. The company has a one-year high of $151.95 and a one-year low of $70.20. FTNT’s market cap is $20.49 billion and the company has a P/E ratio of 52.90.

Based on 14 analyst ratings, the analyst consensus is Hold with an average price target of $136.57, reflecting a -6.8% downside. Four different firms, including Oppenheimer and Piper Sandler, currently also have a Buy rating on the stock.

The insider sentiment on Fortinet has been positive according to 58 insider trades in the past three months. This sentiment is slightly higher than the average sentiment of company insiders in this sector.

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Fortinet, Inc. provides cybersecurity solutions to variety of business, such as enterprises, communication service providers and small businesses. It operates through the following segments: Network Security; Infrastructure Security; Cloud Security; and Endpoint Protection, Internet of Things and Operational Technology. The Network Security segment include majority of product sales from it FortiGate network security appliances. The Infrastructure Security segment provide platform which is an architectural approach that protects the entire digital attack surface, including network core, endpoints, applications, data centers and private and public cloud. Together with it network of Fabric-Ready Partners, the Fortinet Security Fabric platform enables disparate security devices to work together as an integrated, automated and collaborative solution. The Cloud Security segment provides help to the customers connect securely to and across their cloud environments by offering security through it virtual firewall and other software products in public and private cloud environments. The Endpoint Protection, Internet of Things and Operational Technology segment include the proliferation of Internet of Things (IoT) and an Operational Technology (OT) device has generated new opportunities for it to grow it business. IoT and OT have created an environment where data move freely between devices across locations, network environments, remote offices, mobile workers and public cloud environments, making the data difficult to consistently track and secure. The company was founded by Ken Xie and Michael Xie in October 2000 and is headquartered in Sunnyvale, CA.

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