Fortinet Inc (FTNT) Expected to Announce Quarterly Sales of $471.57 Million

Equities analysts expect Fortinet Inc (NASDAQ:FTNT) to post $471.57 million in sales for the current fiscal quarter, according to Zacks Investment Research. Ten analysts have provided estimates for Fortinet’s earnings, with the highest sales estimate coming in at $475.00 million and the lowest estimate coming in at $470.00 million. Fortinet reported sales of $399.00 million during the same quarter last year, which indicates a positive year over year growth rate of 18.2%. The company is expected to issue its next earnings results on Thursday, May 2nd.

According to Zacks, analysts expect that Fortinet will report full year sales of $2.08 billion for the current financial year, with estimates ranging from $2.08 billion to $2.10 billion. For the next financial year, analysts anticipate that the firm will post sales of $2.35 billion, with estimates ranging from $2.31 billion to $2.41 billion. Zacks’ sales calculations are a mean average based on a survey of research analysts that follow Fortinet.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Wednesday, February 6th. The software maker reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.11. Fortinet had a return on equity of 22.72% and a net margin of 18.44%. The company had revenue of $507.00 million for the quarter, compared to analysts’ expectations of $496.33 million. During the same period in the prior year, the firm earned $0.32 earnings per share. The firm’s revenue was up 21.7% compared to the same quarter last year.

FTNT has been the topic of a number of research reports. BidaskClub upgraded Fortinet from a “hold” rating to a “buy” rating in a research note on Wednesday, January 30th. Oppenheimer reduced their price objective on Fortinet from $97.00 to $88.00 in a research note on Monday, January 7th. OTR Global cut Fortinet to a “positive” rating in a research note on Friday, January 18th. Zacks Investment Research cut Fortinet from a “buy” rating to a “hold” rating in a research note on Friday, January 18th. Finally, Royal Bank of Canada increased their price objective on Fortinet to $76.00 and gave the company a “sector perform” rating in a research note on Friday, November 2nd. Two equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $80.86.

In other Fortinet news, VP John Whittle sold 1,250 shares of the firm’s stock in a transaction on Friday, November 16th. The stock was sold at an average price of $72.28, for a total value of $90,350.00. Following the sale, the vice president now directly owns 9,309 shares in the company, valued at $672,854.52. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Michael Xie sold 9,124 shares of the firm’s stock in a transaction on Monday, February 11th. The shares were sold at an average price of $81.54, for a total value of $743,970.96. Following the completion of the sale, the vice president now owns 6,460,100 shares in the company, valued at $526,756,554. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 104,143 shares of company stock worth $8,405,132. 17.70% of the stock is owned by insiders.

A number of institutional investors have recently bought and sold shares of FTNT. Tarbox Family Office Inc. acquired a new stake in Fortinet in the fourth quarter valued at $25,000. Sun Life Financial INC acquired a new stake in Fortinet in the fourth quarter valued at $28,000. Guardian Life Insurance Co. of America acquired a new stake in Fortinet in the fourth quarter valued at $29,000. Bremer Trust National Association acquired a new stake in Fortinet in the fourth quarter valued at $33,000. Finally, Gemmer Asset Management LLC raised its stake in Fortinet by 145.6% in the fourth quarter. Gemmer Asset Management LLC now owns 641 shares of the software maker’s stock valued at $45,000 after buying an additional 380 shares in the last quarter. Institutional investors own 71.30% of the company’s stock.

NASDAQ:FTNT opened at $82.42 on Thursday. Fortinet has a 52 week low of $47.68 and a 52 week high of $94.37. The firm has a market cap of $14.14 billion, a price-to-earnings ratio of 72.94, a PEG ratio of 4.22 and a beta of 0.90.

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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