Dougherty & Co Weighs in on Fortinet, Inc.’s FY2017 Earnings (FTNT)

Fortinet, Inc. (NASDAQ:FTNT) – Stock analysts at Dougherty & Co upped their FY2017 earnings estimates for Fortinet in a research note issued on Monday. Dougherty & Co analyst C. Trebnick now expects that the software maker will post earnings per share of $0.48 for the year, up from their prior forecast of $0.44. Dougherty & Co currently has a “Buy” rating and a $48.00 target price on the stock.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, October 26th. The software maker reported $0.28 EPS for the quarter, beating the consensus estimate of $0.23 by $0.05. The business had revenue of $374.20 million during the quarter, compared to analysts’ expectations of $370.67 million. Fortinet had a return on equity of 10.92% and a net margin of 5.93%. The company’s quarterly revenue was up 18.2% compared to the same quarter last year. During the same period last year, the firm earned $0.18 EPS.

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Several other equities analysts also recently issued reports on the company. Zacks Investment Research upgraded Fortinet from a “hold” rating to a “buy” rating and set a $43.00 price objective for the company in a research report on Friday, July 7th. OTR Global upgraded Fortinet to a “positive” rating in a research report on Wednesday, July 5th. Piper Jaffray Companies set a $50.00 price objective on Fortinet and gave the company a “buy” rating in a research report on Friday, August 25th. Credit Suisse Group started coverage on Fortinet in a research report on Tuesday, September 5th. They set an “underperform” rating and a $33.00 price objective for the company. Finally, BMO Capital Markets reissued a “buy” rating and set a $46.00 target price on shares of Fortinet in a research note on Friday, September 1st. Two analysts have rated the stock with a sell rating, five have issued a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $44.00.

Shares of Fortinet (NASDAQ:FTNT) opened at 39.41 on Tuesday. Fortinet has a 12-month low of $28.50 and a 12-month high of $41.56. The stock has a 50 day moving average price of $38.53 and a 200 day moving average price of $38.51. The firm has a market capitalization of $6.93 billion, a PE ratio of 107.97 and a beta of 1.01.

Fortinet declared that its board has initiated a share buyback program on Wednesday, July 26th that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the software maker to repurchase up to 4.2% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

In other Fortinet news, insider Keith Jensen sold 1,850 shares of the business’s stock in a transaction dated Wednesday, August 9th. The shares were sold at an average price of $36.47, for a total value of $67,469.50. Following the completion of the sale, the insider now owns 1,315 shares of the company’s stock, valued at approximately $47,958.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 3,467 shares of company stock valued at $127,005 in the last ninety days. 17.00% of the stock is currently owned by insiders.

Several institutional investors have recently modified their holdings of FTNT. First Mercantile Trust Co. acquired a new position in Fortinet during the 2nd quarter worth approximately $136,000. GLG Partners LP acquired a new position in Fortinet during the 2nd quarter worth approximately $145,000. NEXT Financial Group Inc increased its position in Fortinet by 17,296.0% during the 2nd quarter. NEXT Financial Group Inc now owns 4,349 shares of the software maker’s stock worth $163,000 after purchasing an additional 4,324 shares in the last quarter. Ropes Wealth Advisors LLC increased its position in Fortinet by 67.3% during the 2nd quarter. Ropes Wealth Advisors LLC now owns 4,610 shares of the software maker’s stock worth $173,000 after purchasing an additional 1,855 shares in the last quarter. Finally, Greenwood Capital Associates LLC acquired a new position in Fortinet during the 2nd quarter worth approximately $209,000. 69.19% of the stock is owned by institutional investors.

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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