Fortinet (FTNT) Announces Earnings Results, Beats Expectations By $0.07 EPS
Fortinet (NASDAQ:FTNT) posted its earnings results on Wednesday. The software maker reported $0.59 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.52 by $0.07, Bloomberg Earnings reports. The business had revenue of $507.00 million for the quarter, compared to analyst estimates of $496.33 million. Fortinet had a net margin of 7.05% and a return on equity of 20.52%. Fortinet’s revenue was up 21.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.32 EPS.
Shares of Fortinet stock opened at $81.22 on Thursday. Fortinet has a 52-week low of $44.47 and a 52-week high of $94.37. The firm has a market capitalization of $13.97 billion, a PE ratio of 156.19, a price-to-earnings-growth ratio of 4.27 and a beta of 0.90.
A number of analysts recently weighed in on the stock. BMO Capital Markets upped their target price on shares of Fortinet from $78.00 to $90.00 and gave the stock a “market perform” rating in a report on Thursday. Zacks Investment Research cut shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Wednesday. BidaskClub raised shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Wednesday, January 30th. OTR Global cut shares of Fortinet to a “positive” rating in a research note on Friday, January 18th. Finally, Oppenheimer cut their price target on shares of Fortinet from $97.00 to $88.00 in a research note on Monday, January 7th. Two analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and eleven have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $78.86.
Institutional investors have recently made changes to their positions in the company. Tarbox Family Office Inc. purchased a new stake in shares of Fortinet in the 4th quarter valued at $25,000. Sun Life Financial INC purchased a new stake in shares of Fortinet in the 4th quarter valued at $28,000. Guardian Life Insurance Co. of America purchased a new stake in shares of Fortinet in the 4th quarter valued at $29,000. Gemmer Asset Management LLC boosted its stake in shares of Fortinet by 145.6% in the 4th quarter. Gemmer Asset Management LLC now owns 641 shares of the software maker’s stock valued at $45,000 after purchasing an additional 380 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund boosted its stake in shares of Fortinet by 3,990.7% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 3,284,855 shares of the software maker’s stock valued at $47,000 after purchasing an additional 3,204,555 shares in the last quarter. 69.67% of the stock is owned by institutional investors.
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Fortinet Company Profile
Fortinet, Inc provides broad, automated, and integrated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and WAN acceleration; and FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of products, which offers a cloud-ready security information and event management solution for enterprises and service providers.
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