Fortinet (FTNT) Approves $200M Buyback

Fortinet® (NASDAQ: FTNT) -- the global leader in high-performance cybersecurity solutions -- today announced that its Board of Directors has authorized a new share repurchase program of up to $200 million through December 31, 2017. Share repurchases may be made by the company from time to time in privately negotiated transactions or in open market transactions.

Fortinet's prior share repurchase program was completed on December 31, 2015. During the program's duration, Fortinet purchased 5.5 million shares of its stock for $137.5 million.

The actual timing, number and value of shares repurchased under the new program will be determined by Fortinet at its discretion, and will depend on a number of factors, including the trading price of the stock, compliance with the terms of our outstanding indebtedness, general market and business conditions and applicable legal requirements. This program does not oblige Fortinet to repurchase any shares under the authorization, and the program may be suspended, discontinued or modified at any time, for any reason and without notice.

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