$0.39 Earnings Per Share Expected for Fortinet Inc (FTNT) This Quarter

Wall Street analysts forecast that Fortinet Inc (NASDAQ:FTNT) will announce earnings per share of $0.39 for the current quarter, Zacks reports. Ten analysts have made estimates for Fortinet’s earnings, with the highest EPS estimate coming in at $0.42 and the lowest estimate coming in at $0.38. Fortinet reported earnings of $0.33 per share in the same quarter last year, which indicates a positive year-over-year growth rate of 18.2%. The firm is scheduled to issue its next earnings results 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 fiscal year, analysts forecast that the firm will report earnings of $2.36 per share, with EPS estimates ranging from $2.27 to $2.51. Zacks Investment Research’s EPS averages are a mean average based on a survey of research firms that cover Fortinet.

Fortinet (NASDAQ:FTNT) last issued 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 firm had revenue of $507.00 million during the quarter, compared to analyst estimates of $496.33 million. Fortinet had a net margin of 18.44% and a return on equity of 22.72%. The company’s quarterly revenue was up 21.7% on a year-over-year basis. During the same quarter last year, the business earned $0.32 earnings per share.

FTNT has been the topic of a number of research reports. BidaskClub cut shares of Fortinet from a “buy” rating to a “hold” rating in a report on Wednesday, March 27th. Mizuho began coverage on Fortinet in a research report on Tuesday, March 26th. They issued a “neutral” rating and a $90.00 target price for the company. Zacks Investment Research raised Fortinet from a “hold” rating to a “strong-buy” rating and set a $94.00 target price for the company in a research report on Tuesday, February 12th. First Analysis raised shares of Fortinet from a “neutral” rating to an “outperform” rating and upped their price target for the company from $80.00 to $92.00 in a research report on Friday, February 8th. Finally, Credit Suisse Group upped their price target on shares of Fortinet from $60.00 to $70.00 and gave the company an “underperform” rating in a research report on Thursday, February 7th. Two analysts have rated the stock with a sell rating, seventeen have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $81.26.

In other news, CFO Keith Jensen sold 11,251 shares of the stock in a transaction that occurred on 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 transaction, the chief financial officer now directly owns 10,669 shares in the company, valued at approximately $927,669.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP John Whittle sold 1,248 shares of the stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $83.41, for a total value of $104,095.68. Following the transaction, the vice president now owns 9,308 shares of the company’s stock, valued at $776,380.28. The disclosure for this sale can be found here. Insiders have sold a total of 196,499 shares of company stock valued at $16,309,857 over the last quarter. Corporate insiders own 17.70% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Sumitomo Mitsui Asset Management Company LTD boosted 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 acquiring an additional 150 shares during the last quarter. Reliance Trust Co. of Delaware boosted its position in shares of Fortinet by 4.8% during the 4th quarter. Reliance Trust Co. of Delaware now owns 4,358 shares of the software maker’s stock valued at $307,000 after acquiring an additional 200 shares during the last quarter. Utah Retirement Systems boosted its position in shares of Fortinet by 0.8% during the 4th quarter. Utah Retirement Systems now owns 25,971 shares of the software maker’s stock valued at $1,830,000 after acquiring an additional 200 shares during the last quarter. IFM Investors Pty Ltd boosted its position in shares of Fortinet by 2.4% during the 4th quarter. IFM Investors Pty Ltd now owns 8,965 shares of the software maker’s stock valued at $631,000 after acquiring an additional 208 shares during the last quarter. Finally, Brown Advisory Inc. boosted its position in shares of Fortinet by 1.1% during the 4th quarter. Brown Advisory Inc. now owns 20,630 shares of the software maker’s stock valued at $1,453,000 after acquiring an additional 228 shares during the last quarter. Hedge funds and other institutional investors own 74.74% of the company’s stock.

NASDAQ:FTNT traded down $4.06 on Friday, reaching $83.43. 126,104 shares of the company’s stock were exchanged, compared to its average volume of 1,547,852. The firm has a market capitalization of $14.93 billion, a PE ratio of 73.63, a P/E/G ratio of 4.08 and a beta of 0.90. Fortinet has a 52 week low of $52.24 and a 52 week high of $94.37.

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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