Fortinet, Inc. (FTNT) Expected to Announce Quarterly Sales of $360.92 Million
Analysts expect Fortinet, Inc. (NASDAQ:FTNT) to post $360.92 million in sales for the current quarter, Zacks Investment Research reports. Eight analysts have provided estimates for Fortinet’s earnings. The lowest sales estimate is $360.10 million and the highest is $362.36 million. Fortinet posted sales of $311.39 million in the same quarter last year, which suggests a positive year-over-year growth rate of 15.9%. The business is expected to announce its next earnings report after the market closes on Wednesday, July 26th.
On average, analysts expect that Fortinet will report full year sales of $360.92 million for the current year, with estimates ranging from $1.48 billion to $1.49 billion. For the next fiscal year, analysts forecast that the company will post sales of $1.71 billion per share, with estimates ranging from $1.68 billion to $1.76 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that cover Fortinet.
Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, April 27th. The software maker reported $0.07 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.02 by $0.05. The company had revenue of $340.60 million during the quarter, compared to the consensus estimate of $334.44 million. Fortinet had a net margin of 3.06% and a return on equity of 7.34%. The firm’s revenue for the quarter was up 19.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.12 earnings per share.
FTNT has been the subject of several research reports. Monness Crespi & Hardt initiated coverage on shares of Fortinet in a research report on Wednesday, June 14th. They set a “buy” rating and a $45.00 price target for the company. UBS AG upped their price target on shares of Fortinet from $42.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, April 28th. Zacks Investment Research raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $44.00 price target for the company in a research report on Wednesday, May 3rd. Robert W. Baird reaffirmed a “buy” rating on shares of Fortinet in a research report on Friday, April 28th. Finally, Dougherty & Co upped their price target on shares of Fortinet from $38.00 to $46.00 and gave the company a “buy” rating in a research report on Friday, April 21st. Nine investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $41.52.
In other news, Director Christopher B. Paisley sold 6,000 shares of the stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $39.04, for a total value of $234,240.00. Following the transaction, the director now owns 67,949 shares in the company, valued at approximately $2,652,728.96. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP John Whittle sold 11,057 shares of the stock in a transaction dated Tuesday, May 2nd. The shares were sold at an average price of $39.45, for a total value of $436,198.65. Following the completion of the transaction, the vice president now owns 11,868 shares in the company, valued at approximately $468,192.60. The disclosure for this sale can be found here. Insiders sold a total of 29,857 shares of company stock worth $1,178,454 in the last quarter. Company insiders own 16.40% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Mn Services Vermogensbeheer B.V. boosted its stake in shares of Fortinet by 525.2% in the second quarter. Mn Services Vermogensbeheer B.V. now owns 23,756 shares of the software maker’s stock worth $889,000 after buying an additional 19,956 shares during the period. Woodstock Corp purchased a new stake in shares of Fortinet during the second quarter worth about $1,052,000. Fisher Asset Management LLC boosted its stake in shares of Fortinet by 0.8% in the second quarter. Fisher Asset Management LLC now owns 31,427 shares of the software maker’s stock worth $1,177,000 after buying an additional 252 shares during the period. NEXT Financial Group Inc boosted its stake in shares of Fortinet by 17,296.0% in the second quarter. NEXT Financial Group Inc now owns 4,349 shares of the software maker’s stock worth $163,000 after buying an additional 4,324 shares during the period. Finally, NN Investment Partners Holdings N.V. boosted its stake in shares of Fortinet by 4,648.2% in the second quarter. NN Investment Partners Holdings N.V. now owns 42,734 shares of the software maker’s stock worth $1,600,000 after buying an additional 41,834 shares during the period. Institutional investors and hedge funds own 72.77% of the company’s stock.
Shares of Fortinet (NASDAQ:FTNT) opened at 40.12 on Friday. The stock has a market cap of $7.05 billion, a P/E ratio of 174.43 and a beta of 1.02. Fortinet has a one year low of $28.51 and a one year high of $41.33. The stock has a 50 day moving average of $38.80 and a 200 day moving average of $36.33.
Fortinet Company Profile
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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