Equities analysts forecast that Fortinet Inc (NASDAQ:FTNT) will post $0.42 earnings per share (EPS) for the current fiscal quarter, Zacks Investment Research reports. Eight analysts have issued estimates for Fortinet’s earnings, with estimates ranging from $0.41 to $0.43. Fortinet posted earnings of $0.28 per share during the same quarter last year, which suggests a positive year over year growth rate of 50%. The business is scheduled to issue its next quarterly earnings report after the market closes on Thursday, November 1st.

On average, analysts expect that Fortinet will report full year earnings of $1.67 per share for the current fiscal year, with EPS estimates ranging from $1.65 to $1.69. For the next fiscal year, analysts anticipate that the firm will report earnings of $1.92 per share, with EPS estimates ranging from $1.75 to $2.05. Zacks Investment Research’s earnings per share 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, August 1st. The software maker reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.22. Fortinet had a net margin of 5.43% and a return on equity of 17.51%. The company had revenue of $441.30 million during the quarter, compared to the consensus estimate of $425.66 million. During the same quarter in the previous year, the firm earned $0.27 earnings per share. The firm’s quarterly revenue was up 21.4% on a year-over-year basis.

FTNT has been the subject of a number of recent research reports. Stifel Nicolaus lifted their price target on shares of Fortinet from $60.00 to $72.00 and gave the stock a “buy” rating in a research note on Thursday, August 2nd. Bank of America downgraded shares of Fortinet from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $77.00 to $95.00 in a research note on Thursday, September 20th. UBS Group downgraded shares of Fortinet from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $80.00 to $90.00 in a research note on Tuesday, September 18th. They noted that the move was a valuation call. Morgan Stanley lifted their price target on shares of Fortinet from $55.00 to $67.00 and gave the stock a “hold” rating in a research note on Friday, August 3rd. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $76.00 price target (up previously from $61.00) on shares of Fortinet in a research note on Thursday, August 2nd. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $72.59.

Shares of Fortinet stock opened at $81.20 on Thursday. Fortinet has a 52-week low of $37.15 and a 52-week high of $94.37. The company has a market capitalization of $13.73 billion, a P/E ratio of 156.15, a PEG ratio of 5.03 and a beta of 0.63.

In other news, VP John Whittle sold 1,250 shares of Fortinet stock in a transaction on Wednesday, August 1st. The shares were sold at an average price of $62.23, for a total value of $77,787.50. Following the transaction, the vice president now directly owns 9,309 shares of the company’s stock, valued at approximately $579,299.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Keith Jensen sold 1,875 shares of Fortinet stock in a transaction on Wednesday, August 22nd. The shares were sold at an average price of $77.05, for a total transaction of $144,468.75. Following the completion of the transaction, the chief financial officer now directly owns 1,210 shares in the company, valued at $93,230.50. The disclosure for this sale can be found here. Insiders have sold a total of 180,570 shares of company stock valued at $13,358,587 in the last 90 days. Insiders own 17.70% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. Natixis raised its position in shares of Fortinet by 410.0% in the 2nd quarter. Natixis now owns 246,585 shares of the software maker’s stock worth $15,394,000 after acquiring an additional 198,238 shares in the last quarter. DE Burlo Group Inc. increased its position in shares of Fortinet by 339.1% during the second quarter. DE Burlo Group Inc. now owns 140,500 shares of the software maker’s stock valued at $8,771,000 after acquiring an additional 108,500 shares in the last quarter. ClariVest Asset Management LLC bought a new stake in shares of Fortinet during the second quarter valued at approximately $3,777,000. Point72 Asset Management L.P. bought a new stake in shares of Fortinet during the second quarter valued at approximately $2,759,000. Finally, First Republic Investment Management Inc. bought a new stake in shares of Fortinet during the second quarter valued at approximately $358,000. 71.22% of the stock is currently owned by institutional investors and hedge funds.

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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