Equities analysts forecast that Fortinet Inc (NASDAQ:FTNT) will post $0.56 earnings per share (EPS) for the current fiscal quarter, according to Zacks. Eleven analysts have provided estimates for Fortinet’s earnings. The lowest EPS estimate is $0.54 and the highest is $0.57. Fortinet reported earnings of $0.44 per share in the same quarter last year, which suggests a positive year over year growth rate of 27.3%. The company is expected to issue its next quarterly earnings results on Thursday, November 7th.
On average, analysts expect that Fortinet will report full-year earnings of $2.24 per share for the current year, with EPS estimates ranging from $2.12 to $2.26. For the next fiscal year, analysts expect that the business will report earnings of $2.45 per share, with EPS estimates ranging from $2.30 to $2.55. Zacks’ EPS calculations are a mean average based on a survey of research firms that follow Fortinet.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, August 1st. The software maker reported $0.58 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.30 by $0.28. Fortinet had a net margin of 19.07% and a return on equity of 23.96%. The business had revenue of $521.70 million for the quarter, compared to analysts’ expectations of $511.38 million. During the same period in the prior year, the company posted $0.41 EPS. The business’s revenue for the quarter was up 18.2% on a year-over-year basis.
A number of equities analysts have recently weighed in on the stock. JPMorgan Chase & Co. raised shares of Fortinet from a “neutral” rating to an “overweight” rating and set a $93.00 price target on the stock in a research note on Monday, June 24th. Morgan Stanley increased their price objective on shares of Fortinet from $77.00 to $79.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Citigroup increased their price objective on shares of Fortinet from $78.00 to $80.00 and gave the company a “sell” rating in a research note on Friday, August 2nd. Evercore ISI reissued a “hold” rating and issued a $80.00 price objective on shares of Fortinet in a research note on Tuesday, May 7th. Finally, BidaskClub cut shares of Fortinet from a “strong-buy” rating to a “buy” rating in a research note on Thursday, July 25th. Three analysts have rated the stock with a sell rating, fourteen have issued a hold rating and eleven have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $87.96.
In other news, VP Michael Xie sold 40,000 shares of the stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $70.43, for a total transaction of $2,817,200.00. Following the transaction, the vice president now directly owns 6,388,548 shares in the company, valued at approximately $449,945,435.64. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP John Whittle sold 1,250 shares of the stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $82.88, for a total transaction of $103,600.00. Following the transaction, the vice president now owns 9,309 shares in the company, valued at $771,529.92. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 57,722 shares of company stock worth $4,266,421. 17.20% of the stock is owned by insiders.
Several hedge funds have recently made changes to their positions in the company. Hartford Investment Management Co. lifted its holdings in shares of Fortinet by 0.7% during the 2nd quarter. Hartford Investment Management Co. now owns 16,333 shares of the software maker’s stock worth $1,255,000 after acquiring an additional 121 shares during the period. Signaturefd LLC lifted its holdings in shares of Fortinet by 10.7% during the 1st quarter. Signaturefd LLC now owns 1,288 shares of the software maker’s stock worth $108,000 after acquiring an additional 125 shares during the period. World Asset Management Inc lifted its holdings in shares of Fortinet by 1.6% during the 2nd quarter. World Asset Management Inc now owns 9,397 shares of the software maker’s stock worth $722,000 after acquiring an additional 147 shares during the period. Securian Asset Management Inc lifted its holdings in shares of Fortinet by 1.2% during the 2nd quarter. Securian Asset Management Inc now owns 15,267 shares of the software maker’s stock worth $1,173,000 after acquiring an additional 182 shares during the period. Finally, Sheets Smith Wealth Management lifted its holdings in shares of Fortinet by 2.7% during the 1st quarter. Sheets Smith Wealth Management now owns 7,004 shares of the software maker’s stock worth $588,000 after acquiring an additional 184 shares during the period. Institutional investors and hedge funds own 72.38% of the company’s stock.
Shares of NASDAQ:FTNT traded down $3.15 on Wednesday, reaching $80.76. 114,430 shares of the company were exchanged, compared to its average volume of 1,767,054. Fortinet has a 1-year low of $64.41 and a 1-year high of $96.96. The company has a market capitalization of $14.35 billion, a price-to-earnings ratio of 70.97, a price-to-earnings-growth ratio of 3.81 and a beta of 1.08. The stock’s 50-day simple moving average is $82.42.
Fortinet, Inc provides broad, integrated, and automated 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 wide area network acceleration; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.
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