14 DAY TRIAL // The board of directors of network security appliances and UTM solutions provider Fortinet is confident in the company’s long-term strength and strategy, so it has decided to start a share repurchase program.
Up to $200 million (€145 million) worth of stock will be bought through December 31, 2014.
The repurchases can be made in both privately negotiated or in open market transactions. The number and value of shares that will be repurchased depends on factors such as stock trading price, applicable business requirements, and general market and business conditions.
Fortinet highlights the fact that the program may be suspended, modified or discontinued for any reason, without notice.
“Though we remain focused on continuing to invest in our business to capitalize on our growth opportunities, at the same time, Fortinet's financial performance and healthy cash flow generation allows us to be confident and opportunistic in repurchasing shares,” stated Ken Xie, Fortinet's founder, chairman and CEO.