$370.99 Million in Sales Expected for Fortinet, Inc. (FTNT) This Quarter
Equities analysts expect that Fortinet, Inc. (NASDAQ:FTNT) will announce sales of $370.99 million for the current fiscal quarter, Zacks reports. Nine analysts have provided estimates for Fortinet’s earnings, with the highest sales estimate coming in at $373.86 million and the lowest estimate coming in at $369.00 million. Fortinet posted sales of $316.65 million in the same quarter last year, which would indicate a positive year over year growth rate of 17.2%. The firm is scheduled to announce its next quarterly earnings report after the market closes on Thursday, October 26th.
On average, analysts expect that Fortinet will report full year sales of $370.99 million for the current financial year, with estimates ranging from $1.49 billion to $1.50 billion. For the next fiscal year, analysts expect that the firm will report sales of $1.71 billion per share, with estimates ranging from $1.68 billion to $1.76 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that cover Fortinet.
Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, July 26th. The software maker reported $0.27 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.07. The business had revenue of $363.50 million during the quarter, compared to the consensus estimate of $361.05 million. Fortinet had a net margin of 4.71% and a return on equity of 9.36%. The firm’s quarterly revenue was up 16.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.14 EPS.
A number of research analysts recently issued reports on FTNT shares. Oppenheimer Holdings, Inc. restated an “outperform” rating and set a $45.00 price objective on shares of Fortinet in a report on Thursday, June 22nd. Northland Securities started coverage on shares of Fortinet in a report on Thursday, June 29th. They set an “outperform” rating and a $45.00 price objective for the company. Zacks Investment Research cut shares of Fortinet from a “buy” rating to a “hold” rating in a report on Tuesday, July 4th. OTR Global upgraded shares of Fortinet to a “positive” rating in a report on Wednesday, July 5th. Finally, BidaskClub upgraded shares of Fortinet from a “sell” rating to a “hold” rating in a report on Thursday, July 13th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $43.00.
In other Fortinet news, VP John Whittle sold 2,091 shares of the company’s stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $36.27, for a total transaction of $75,840.57. Following the sale, the vice president now directly owns 7,181 shares of the company’s stock, valued at $260,454.87. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Keith Jensen sold 1,850 shares of the company’s stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $36.47, for a total transaction of $67,469.50. Following the sale, the insider now directly owns 1,315 shares in the company, valued at $47,958.05. The disclosure for this sale can be found here. Insiders have sold 9,558 shares of company stock worth $348,406 over the last ninety days. Insiders own 16.40% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Wasatch Advisors Inc. raised its position in Fortinet by 5.4% during the second quarter. Wasatch Advisors Inc. now owns 2,259,333 shares of the software maker’s stock worth $84,589,000 after acquiring an additional 115,671 shares in the last quarter. Public Employees Retirement System of Ohio raised its position in Fortinet by 81.1% during the second quarter. Public Employees Retirement System of Ohio now owns 179,443 shares of the software maker’s stock worth $6,718,000 after acquiring an additional 80,352 shares in the last quarter. Verition Fund Management LLC raised its position in Fortinet by 296.0% during the second quarter. Verition Fund Management LLC now owns 27,288 shares of the software maker’s stock worth $1,022,000 after acquiring an additional 20,397 shares in the last quarter. Piedmont Investment Advisors LLC raised its position in Fortinet by 81.7% during the second quarter. Piedmont Investment Advisors LLC now owns 56,122 shares of the software maker’s stock worth $2,101,000 after acquiring an additional 25,241 shares in the last quarter. Finally, Ameritas Investment Partners Inc. raised its position in Fortinet by 61.0% during the second quarter. Ameritas Investment Partners Inc. now owns 70,707 shares of the software maker’s stock worth $2,647,000 after acquiring an additional 26,777 shares in the last quarter. 69.01% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Fortinet (NASDAQ:FTNT) opened at 40.22 on Friday. Fortinet has a 12 month low of $28.50 and a 12 month high of $41.56. The company has a 50 day moving average of $38.08 and a 200 day moving average of $38.37. The stock has a market cap of $7.07 billion, a P/E ratio of 110.19 and a beta of 1.01.
Fortinet announced that its board has initiated a stock buyback program on Wednesday, July 26th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the software maker to repurchase up to 4.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its stock is undervalued.
Fortinet Company Profile
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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