Fortinet, Inc. (FTNT) Expected to Announce Earnings of $0.08 Per Share
Wall Street analysts expect that Fortinet, Inc. (NASDAQ:FTNT) will post earnings per share of $0.08 for the current fiscal quarter, Zacks Investment Research reports. Eight analysts have provided estimates for Fortinet’s earnings, with the highest EPS estimate coming in at $0.08 and the lowest estimate coming in at $0.07. Fortinet posted earnings of $0.03 per share in the same quarter last year, which suggests a positive year over year growth rate of 166.7%. The company is scheduled to issue its next earnings report on Thursday, July 27th.
According to Zacks, analysts expect that Fortinet will report full year earnings of $0.41 per share for the current financial year, with EPS estimates ranging from $0.40 to $0.42. For the next financial year, analysts anticipate that the company will post earnings of $0.56 per share, with EPS estimates ranging from $0.54 to $0.58. Zacks’ earnings per share calculations are a mean average based on a survey of analysts that cover Fortinet.
Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, April 27th. The software maker reported $0.07 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.02 by $0.05. The firm had revenue of $340.60 million during the quarter, compared to analysts’ expectations of $334.44 million. Fortinet had a net margin of 3.06% and a return on equity of 7.34%. Fortinet’s revenue for the quarter was up 19.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.12 earnings per share.
Several equities research analysts have issued reports on the stock. Stifel Nicolaus lifted their price target on shares of Fortinet from $36.00 to $42.00 and gave the company a “hold” rating in a research note on Monday, April 17th. Robert W. Baird raised shares of Fortinet from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $38.00 to $50.00 in a research report on Wednesday, March 29th. BMO Capital Markets raised shares of Fortinet from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $44.00 to $46.00 in a research report on Friday, April 21st. They noted that the move was a valuation call. Vetr raised shares of Fortinet from a “hold” rating to a “strong-buy” rating and set a $48.00 price objective for the company in a research report on Monday, April 24th. Finally, Susquehanna Bancshares Inc assumed coverage on shares of Fortinet in a research report on Wednesday, June 7th. They issued a “neutral” rating and a $45.00 price objective for the company. Seven analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $41.26.
In other news, insider Keith Jensen sold 624 shares of the business’s stock in a transaction that occurred on Wednesday, May 17th. The shares were sold at an average price of $40.73, for a total value of $25,415.52. Following the completion of the transaction, the insider now directly owns 978 shares in the company, valued at approximately $39,833.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Christopher B. Paisley sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, May 1st. The shares were sold at an average price of $39.04, for a total transaction of $234,240.00. Following the completion of the transaction, the director now owns 67,949 shares of the company’s stock, valued at $2,652,728.96. The disclosure for this sale can be found here. Insiders sold a total of 29,857 shares of company stock valued at $1,178,454 in the last quarter. Corporate insiders own 17.00% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. BlackRock Inc. boosted its position in shares of Fortinet by 7,159.6% in the first quarter. BlackRock Inc. now owns 13,177,758 shares of the software maker’s stock valued at $505,365,000 after buying an additional 12,996,236 shares during the last quarter. MARSHALL WACE ASIA Ltd purchased a new position in shares of Fortinet during the first quarter valued at approximately $77,398,000. Marshall Wace North America L.P. purchased a new position in shares of Fortinet during the first quarter valued at approximately $77,398,000. Clearbridge Investments LLC boosted its position in shares of Fortinet by 27.7% in the first quarter. Clearbridge Investments LLC now owns 8,441,783 shares of the software maker’s stock valued at $323,742,000 after buying an additional 1,831,096 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its position in shares of Fortinet by 45.0% in the first quarter. Renaissance Technologies LLC now owns 3,795,400 shares of the software maker’s stock valued at $145,554,000 after buying an additional 1,177,300 shares during the last quarter. Institutional investors own 73.32% of the company’s stock.
Shares of Fortinet (NASDAQ:FTNT) opened at 38.00 on Tuesday. The company has a 50-day moving average of $39.19 and a 200-day moving average of $35.98. The company has a market capitalization of $6.68 billion, a PE ratio of 165.22 and a beta of 1.05. Fortinet has a one year low of $28.50 and a one 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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