Equities analysts expect Fortinet Inc (NASDAQ:FTNT) to post $0.39 earnings per share (EPS) for the current fiscal quarter, Zacks reports. Ten analysts have provided estimates for Fortinet’s earnings, with estimates ranging from $0.38 to $0.42. Fortinet posted earnings per share of $0.33 during the same quarter last year, which suggests a positive year-over-year growth rate of 18.2%. The company is expected to announce its next quarterly earnings report after the market closes on Thursday, May 2nd.
On average, analysts expect that Fortinet will report full year earnings of $2.07 per share for the current financial year, with EPS estimates ranging from $2.04 to $2.10. For the next year, analysts forecast that the company will report earnings of $2.36 per share, with EPS estimates ranging from $2.27 to $2.51. Zacks Investment Research’s earnings per share calculations are an average based on a survey of research firms that follow Fortinet.
Fortinet (NASDAQ:FTNT) last announced its earnings results on Wednesday, February 6th. The software maker reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.31 by $0.11. The business had revenue of $507.00 million during the quarter, compared to the consensus estimate of $496.33 million. Fortinet had a net margin of 18.44% and a return on equity of 22.72%. Fortinet’s quarterly revenue was up 21.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.32 earnings per share.
Several research firms have recently weighed in on FTNT. Oppenheimer lowered their price objective on Fortinet from $97.00 to $88.00 in a research report on Monday, January 7th. BidaskClub upgraded Fortinet from a “hold” rating to a “buy” rating in a research report on Wednesday, January 30th. Finally, Zacks Investment Research raised Fortinet from a “hold” rating to a “buy” rating and set a $83.00 target price for the company in a research note on Tuesday, January 29th. Two investment analysts have rated the stock with a sell rating, sixteen have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $81.26.
Fortinet stock traded up $0.61 during trading hours on Friday, reaching $84.11. 1,138,605 shares of the company’s stock were exchanged, compared to its average volume of 1,629,448. Fortinet has a twelve month low of $53.40 and a twelve month high of $94.37. The company has a market cap of $14.25 billion, a P/E ratio of 74.43, a PEG ratio of 3.98 and a beta of 0.90.
In related news, CEO Ken Xie sold 80,000 shares of the business’s stock in a transaction dated Monday, February 11th. The shares were sold at an average price of $81.64, for a total transaction of $6,531,200.00. Following the transaction, the chief executive officer now directly owns 12,613,240 shares in the company, valued at $1,029,744,913.60. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Keith Jensen sold 11,251 shares of the company’s stock in a transaction dated Thursday, February 28th. The stock was sold at an average price of $86.95, for a total transaction of $978,274.45. Following the completion of the sale, the chief financial officer now directly owns 10,669 shares of the company’s stock, valued at $927,669.55. The disclosure for this sale can be found here. Insiders sold 196,499 shares of company stock worth $16,309,857 in the last 90 days. Corporate insiders own 17.70% of the company’s stock.
Large investors have recently bought and sold shares of the business. Sumitomo Mitsui Asset Management Company LTD increased its position in shares of Fortinet by 1.6% during the 4th quarter. Sumitomo Mitsui Asset Management Company LTD now owns 9,549 shares of the software maker’s stock valued at $672,000 after purchasing an additional 150 shares during the last quarter. Reliance Trust Co. of Delaware grew its position in Fortinet by 4.8% during the fourth quarter. Reliance Trust Co. of Delaware now owns 4,358 shares of the software maker’s stock valued at $307,000 after buying an additional 200 shares during the period. Utah Retirement Systems grew its position in Fortinet by 0.8% during the fourth quarter. Utah Retirement Systems now owns 25,971 shares of the software maker’s stock valued at $1,830,000 after buying an additional 200 shares during the period. IFM Investors Pty Ltd increased its holdings in Fortinet by 2.4% during the fourth quarter. IFM Investors Pty Ltd now owns 8,965 shares of the software maker’s stock worth $631,000 after buying an additional 208 shares during the last quarter. Finally, Brown Advisory Inc. raised its position in Fortinet by 1.1% in the fourth quarter. Brown Advisory Inc. now owns 20,630 shares of the software maker’s stock worth $1,453,000 after acquiring an additional 228 shares during the period. Hedge funds and other institutional investors own 74.74% of the company’s stock.
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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