Fortinet Inc (FTNT) to Post FY2018 Earnings of $0.78 Per Share, Gabelli Forecasts
Fortinet Inc (NASDAQ:FTNT) – Research analysts at Gabelli increased their FY2018 EPS estimates for Fortinet in a note issued to investors on Tuesday. Gabelli analyst H. Susanto now anticipates that the software maker will earn $0.78 per share for the year, up from their prior forecast of $0.56.
Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Monday, February 5th. The software maker reported $0.32 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.29 by $0.03. Fortinet had a return on equity of 11.77% and a net margin of 2.10%. The business had revenue of $416.70 million during the quarter, compared to analyst estimates of $409.04 million. During the same quarter last year, the company posted $0.30 EPS. Fortinet’s revenue for the quarter was up 14.9% on a year-over-year basis.
Fortinet (NASDAQ:FTNT) opened at $46.54 on Friday. Fortinet has a 1 year low of $35.44 and a 1 year high of $47.00. The firm has a market capitalization of $8,460.00, a price-to-earnings ratio of 273.76, a P/E/G ratio of 3.60 and a beta of 0.86.
Several institutional investors and hedge funds have recently bought and sold shares of the company. LS Investment Advisors LLC raised its stake in shares of Fortinet by 8.2% during the 4th quarter. LS Investment Advisors LLC now owns 16,168 shares of the software maker’s stock worth $706,000 after purchasing an additional 1,229 shares in the last quarter. American Century Companies Inc. raised its stake in shares of Fortinet by 5.3% during the 4th quarter. American Century Companies Inc. now owns 24,786 shares of the software maker’s stock worth $1,083,000 after purchasing an additional 1,244 shares in the last quarter. Ropes Wealth Advisors LLC raised its stake in shares of Fortinet by 28.7% during the 3rd quarter. Ropes Wealth Advisors LLC now owns 5,935 shares of the software maker’s stock worth $213,000 after purchasing an additional 1,325 shares in the last quarter. Nomura Holdings Inc. raised its stake in shares of Fortinet by 7.7% during the 2nd quarter. Nomura Holdings Inc. now owns 19,592 shares of the software maker’s stock worth $734,000 after purchasing an additional 1,397 shares in the last quarter. Finally, Bank of the Ozarks raised its stake in shares of Fortinet by 6.2% during the 3rd quarter. Bank of the Ozarks now owns 28,220 shares of the software maker’s stock worth $1,011,000 after purchasing an additional 1,645 shares in the last quarter. 70.84% of the stock is owned by institutional investors.
In other news, VP Michael Xie sold 19,790 shares of the firm’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $45.30, for a total transaction of $896,487.00. Following the completion of the sale, the vice president now directly owns 7,181 shares of the company’s stock, valued at approximately $325,299.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Christopher B. Paisley sold 4,000 shares of the firm’s stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $40.02, for a total value of $160,080.00. Following the sale, the director now directly owns 72,606 shares of the company’s stock, valued at $2,905,692.12. The disclosure for this sale can be found here. Insiders have sold a total of 90,223 shares of company stock valued at $3,916,948 over the last 90 days. Corporate insiders own 16.40% of the company’s stock.
Fortinet announced that its board has authorized a share buyback program on Thursday, October 26th that permits the company to buyback $400.00 million in shares. This buyback authorization permits the software maker to repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.
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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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