Zacks: Brokerages Anticipate Fortinet Inc (NASDAQ:FTNT) to Announce $0.56 Earnings Per Share

Analysts expect that Fortinet Inc (NASDAQ:FTNT) will post earnings per share of $0.56 for the current quarter, Zacks reports. Eleven analysts have provided estimates for Fortinet’s earnings, with the lowest EPS estimate coming in at $0.54 and the highest estimate coming in at $0.57. Fortinet posted earnings of $0.44 per share during the same quarter last year, which would suggest a positive year over year growth rate of 27.3%. The firm is expected to issue its next earnings report on Thursday, November 7th.

According to Zacks, analysts expect that Fortinet will report full-year earnings of $2.24 per share for the current fiscal year, with EPS estimates ranging from $2.12 to $2.26. For the next financial year, analysts forecast that the firm will report earnings of $2.45 per share, with EPS estimates ranging from $2.30 to $2.55. Zacks Investment Research’s EPS calculations are a mean average based on a survey of research analysts that follow Fortinet.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, August 1st. The software maker reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.28. Fortinet had a net margin of 19.07% and a return on equity of 23.96%. The firm had revenue of $521.70 million for the quarter, compared to analyst estimates of $511.38 million. During the same period last year, the firm earned $0.41 earnings per share. The business’s quarterly revenue was up 18.2% compared to the same quarter last year.

FTNT has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. raised shares of Fortinet from a “neutral” rating to an “overweight” rating and set a $93.00 price target on the stock in a research report on Monday, June 24th. Robert W. Baird reissued a “hold” rating and set a $100.00 price target on shares of Fortinet in a research report on Friday, August 2nd. Citigroup raised their price target on shares of Fortinet from $78.00 to $80.00 and gave the company a “sell” rating in a research report on Friday, August 2nd. BidaskClub lowered shares of Fortinet from a “hold” rating to a “sell” rating in a research report on Wednesday. Finally, Northland Securities reissued a “buy” rating and set a $100.00 price target on shares of Fortinet in a research report on Friday, May 3rd. Four investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $87.96.

Shares of FTNT traded up $2.30 during trading hours on Wednesday, reaching $81.97. 1,253,907 shares of the stock traded hands, compared to its average volume of 1,746,860. The stock has a fifty day simple moving average of $83.08 and a 200 day simple moving average of $82.80. Fortinet has a 52 week low of $64.41 and a 52 week high of $96.96. The company has a market cap of $13.79 billion, a price-to-earnings ratio of 72.54, a PEG ratio of 3.68 and a beta of 1.08.

In related news, Director Christopher B. Paisley sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $80.72, for a total transaction of $80,720.00. Following the completion of the sale, the director now owns 75,213 shares in the company, valued at $6,071,193.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Michael Xie sold 40,000 shares of Fortinet stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $70.43, for a total transaction of $2,817,200.00. Following the completion of the transaction, the vice president now owns 6,388,548 shares of the company’s stock, valued at approximately $449,945,435.64. The disclosure for this sale can be found here. Insiders have sold 42,250 shares of company stock valued at $2,991,958 in the last 90 days. 17.20% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently bought and sold shares of the company. Bremer Bank National Association purchased a new position in shares of Fortinet in the first quarter worth about $44,000. Valeo Financial Advisors LLC increased its stake in shares of Fortinet by 2,117.4% in the second quarter. Valeo Financial Advisors LLC now owns 510 shares of the software maker’s stock worth $39,000 after purchasing an additional 487 shares in the last quarter. Amica Retiree Medical Trust purchased a new position in shares of Fortinet in the second quarter worth about $51,000. Employers Holdings Inc. purchased a new position in shares of Fortinet in the second quarter worth about $54,000. Finally, CSat Investment Advisory L.P. increased its stake in shares of Fortinet by 207.2% in the second quarter. CSat Investment Advisory L.P. now owns 943 shares of the software maker’s stock worth $73,000 after purchasing an additional 636 shares in the last quarter. Hedge funds and other institutional investors own 71.55% of the company’s stock.

Fortinet Company Profile

Fortinet, Inc provides broad, integrated, and automated 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 wide area network acceleration; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.

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