$425.35 Million in Sales Expected for Fortinet (FTNT) This Quarter

Equities analysts expect Fortinet (NASDAQ:FTNT) to report $425.35 million in sales for the current quarter, according to Zacks. Nine analysts have issued estimates for Fortinet’s earnings. The lowest sales estimate is $424.37 million and the highest is $427.00 million. Fortinet reported sales of $363.47 million during the same quarter last year, which would suggest a positive year over year growth rate of 17%. The company is expected to report its next earnings report on Wednesday, July 25th.

According to Zacks, analysts expect that Fortinet will report full-year sales of $1.72 billion for the current year, with estimates ranging from $1.71 billion to $1.73 billion. For the next fiscal year, analysts forecast that the business will report sales of $1.94 billion per share, with estimates ranging from $1.90 billion to $1.99 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that cover Fortinet.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, May 3rd. The software maker reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.09. Fortinet had a return on equity of 14.64% and a net margin of 4.01%. The firm had revenue of $399.00 million for the quarter, compared to analysts’ expectations of $390.60 million. During the same period in the prior year, the business posted $0.17 earnings per share. The business’s revenue was up 17.1% compared to the same quarter last year.

A number of analysts have weighed in on the company. Robert W. Baird reiterated a “buy” rating and issued a $56.00 price target on shares of Fortinet in a research report on Tuesday, February 6th. Morgan Stanley upped their price target on Fortinet from $51.00 to $53.00 and gave the company an “overweight” rating in a research report on Tuesday, February 6th. JMP Securities upped their price target on Fortinet from $41.00 to $54.00 and gave the company a “market outperform” rating in a research report on Friday, January 26th. Citigroup upped their price target on Fortinet from $41.00 to $45.00 and gave the company a “neutral” rating in a research report on Tuesday, February 6th. Finally, Stifel Nicolaus upped their price target on Fortinet from $42.00 to $46.00 and gave the company a “hold” rating in a research report on Tuesday, February 6th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $54.61.

In other news, Director Judith Sim sold 7,500 shares of the company’s stock in a transaction on Thursday, May 10th. The stock was sold at an average price of $60.05, for a total transaction of $450,375.00. Following the transaction, the director now owns 11,250 shares of the company’s stock, valued at $675,562.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP John Whittle sold 624 shares of the company’s stock in a transaction on Monday, March 12th. The shares were sold at an average price of $54.44, for a total value of $33,970.56. The disclosure for this sale can be found here. Insiders have sold 32,338 shares of company stock worth $1,904,761 in the last ninety days. 16.40% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. Legal & General Group Plc lifted its stake in shares of Fortinet by 171.7% during the first quarter. Legal & General Group Plc now owns 624,314 shares of the software maker’s stock valued at $33,451,000 after acquiring an additional 394,553 shares during the period. Contour Asset Management LLC acquired a new position in shares of Fortinet during the first quarter valued at $35,733,000. Park West Asset Management LLC acquired a new position in shares of Fortinet during the first quarter valued at $24,256,000. Blue Harbour Group L.P. acquired a new position in shares of Fortinet during the first quarter valued at $146,798,000. Finally, Ladenburg Thalmann Financial Services Inc. lifted its stake in shares of Fortinet by 18.9% during the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 9,348 shares of the software maker’s stock valued at $498,000 after acquiring an additional 1,488 shares during the period. 69.53% of the stock is currently owned by institutional investors and hedge funds.

Shares of NASDAQ:FTNT opened at $58.29 on Friday. Fortinet has a fifty-two week low of $58.70 and a fifty-two week high of $59.50. The firm has a market capitalization of $9.97 billion, a price-to-earnings ratio of 112.10, a P/E/G ratio of 4.20 and a beta of 0.75.

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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