Fortinet, Inc. (NASDAQ:FTNT) released its quarterly earnings data on Wednesday. The software maker reported $0.27 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.07, Briefing.com reports. Fortinet had a return on equity of 7.34% and a net margin of 3.06%. The business had revenue of $363.50 million for the quarter, compared to analysts’ expectations of $361.05 million. During the same quarter in the previous year, the business posted $0.14 EPS. Fortinet’s revenue for the quarter was up 16.7% on a year-over-year basis. Fortinet updated its Q3 guidance to $0.22-0.23 EPS and its FY17 guidance to $0.94-0.96 EPS.

Shares of Fortinet (NASDAQ FTNT) traded down 0.32% on Wednesday, hitting $40.58. The stock had a trading volume of 1,940,093 shares. Fortinet has a 52 week low of $28.50 and a 52 week high of $41.56. The company has a 50-day moving average of $38.66 and a 200 day moving average of $37.48. The company has a market capitalization of $7.13 billion, a price-to-earnings ratio of 176.43 and a beta of 1.02.

Several research firms have recently weighed in on FTNT. Zacks Investment Research upgraded Fortinet from a “hold” rating to a “buy” rating and set a $44.00 price objective on the stock in a report on Wednesday, May 3rd. Royal Bank Of Canada lifted their target price on Fortinet from $35.00 to $41.00 and gave the company an “outperform” rating in a research report on Friday, April 28th. Robert W. Baird reissued a “buy” rating on shares of Fortinet in a research report on Friday, April 28th. Oppenheimer Holdings, Inc. reissued an “outperform” rating and issued a $45.00 target price on shares of Fortinet in a research report on Monday, April 17th. Finally, Stifel Nicolaus lifted their target price on Fortinet from $36.00 to $42.00 and gave the company a “hold” rating in a research report on Monday, April 17th. Nine analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company’s stock. Fortinet presently has an average rating of “Buy” and an average target price of $41.52.

In related news, VP John Whittle sold 11,057 shares of Fortinet stock in a transaction on Tuesday, May 2nd. The stock was sold at an average price of $39.45, for a total transaction of $436,198.65. Following the completion of the sale, the vice president now owns 11,868 shares of the company’s stock, valued at $468,192.60. The transaction 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 Fortinet stock in a transaction on Monday, May 1st. The shares were sold at an average price of $39.04, for a total value of $234,240.00. Following the sale, the director now directly owns 67,949 shares of the company’s stock, valued at approximately $2,652,728.96. The disclosure for this sale can be found here. Insiders have sold 29,857 shares of company stock valued at $1,178,454 in the last three months. 17.00% of the stock is owned by corporate insiders.

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About Fortinet

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.

Earnings History for Fortinet (NASDAQ:FTNT)

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