$360.73 Million in Sales Expected for Fortinet Inc (FTNT) This Quarter
Equities research analysts expect Fortinet Inc (NASDAQ:FTNT) to announce sales of $360.73 million for the current fiscal quarter, Zacks reports. Eight analysts have issued estimates for Fortinet’s earnings. The lowest sales estimate is $360 million and the highest is $362.36 million. Fortinet reported sales of $311.39 million in the same quarter last year, which would suggest a positive year over year growth rate of 15.8%. The company is expected to announce its next quarterly earnings report on Thursday, July 27th.
On average, analysts expect that Fortinet will report full-year sales of $360.73 million for the current fiscal year, with estimates ranging from $1.48 billion to $1.49 billion. For the next fiscal year, analysts expect that the business will report sales of $1.71 billion per share, with estimates ranging from $1.68 billion to $1.76 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that cover Fortinet.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, April 27th. The software maker reported $0.07 EPS for the quarter, topping the consensus estimate of $0.02 by $0.05. Fortinet had a return on equity of 4.74% and a net margin of 2.09%. The firm had revenue of $340.60 million for the quarter, compared to the consensus estimate of $334.44 million. During the same quarter last year, the company earned $0.12 earnings per share. The business’s revenue for the quarter was up 19.7% compared to the same quarter last year.
Several equities analysts have recently issued reports on the company. Oppenheimer Holdings Inc. reissued a “market perform” rating and issued a $42.00 price objective (up previously from $40.00) on shares of Fortinet in a report on Monday, February 6th. Robert W. Baird reissued a “neutral” rating and issued a $38.00 price objective (up previously from $34.00) on shares of Fortinet in a report on Friday, February 3rd. Zacks Investment Research raised Fortinet from a “hold” rating to a “buy” rating and set a $44.00 price objective for the company in a report on Wednesday, May 3rd. Royal Bank of Canada boosted their price objective on Fortinet from $35.00 to $41.00 and gave the company an “outperform” rating in a report on Friday, April 28th. Finally, JMP Securities boosted their price objective on Fortinet from $34.00 to $41.00 and gave the company an “outperform” rating in a report on Friday, February 3rd. Five analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company. Fortinet currently has a consensus rating of “Buy” and a consensus target price of $40.86.
In other news, CFO Matto Andrew H. Del sold 3,250 shares of the company’s stock in a transaction that occurred on Wednesday, March 1st. The stock was sold at an average price of $36.96, for a total value of $120,120.00. Following the completion of the sale, the chief financial officer now directly owns 20,785 shares in the company, valued at $768,213.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Keith Jensen sold 1,850 shares of the company’s stock in a transaction that occurred on Wednesday, May 10th. The shares were sold at an average price of $39.42, for a total value of $72,927.00. Following the completion of the sale, the insider now owns 1,254 shares of the company’s stock, valued at $49,432.68. The disclosure for this sale can be found here. Insiders sold 28,364 shares of company stock valued at $1,112,221 over the last 90 days. Company insiders own 16.40% of the company’s stock.
Several large investors have recently bought and sold shares of FTNT. BlackRock Inc. raised its stake in Fortinet by 7,159.6% in the first quarter. BlackRock Inc. now owns 13,177,758 shares of the software maker’s stock worth $505,365,000 after buying an additional 12,996,236 shares during the period. Vanguard Group Inc. raised its stake in Fortinet by 5.0% in the first quarter. Vanguard Group Inc. now owns 11,887,371 shares of the software maker’s stock worth $455,881,000 after buying an additional 563,667 shares during the period. State Street Corp raised its stake in Fortinet by 2.7% in the first quarter. State Street Corp now owns 4,449,413 shares of the software maker’s stock worth $170,638,000 after buying an additional 118,681 shares during the period. Ameriprise Financial Inc. raised its stake in Fortinet by 6.2% in the first quarter. Ameriprise Financial Inc. now owns 4,309,932 shares of the software maker’s stock worth $165,282,000 after buying an additional 252,158 shares during the period. Finally, Renaissance Technologies LLC raised its stake in Fortinet by 45.0% in the first quarter. Renaissance Technologies LLC now owns 3,795,400 shares of the software maker’s stock worth $145,554,000 after buying an additional 1,177,300 shares during the period. Institutional investors and hedge funds own 68.18% of the company’s stock.
Fortinet (NASDAQ:FTNT) opened at 39.49 on Friday. The company has a market cap of $6.94 billion, a P/E ratio of 171.70 and a beta of 1.28. The stock has a 50 day moving average price of $39.24 and a 200 day moving average price of $35.10. Fortinet has a 1-year low of $28.50 and a 1-year high of $41.33.
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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