Wall Street brokerages expect that Fortinet, Inc. (NASDAQ:FTNT) will post sales of $371.17 million for the current fiscal quarter, according to Zacks Investment Research. Ten analysts have issued estimates for Fortinet’s earnings, with estimates ranging from $369.00 million to $373.86 million. Fortinet posted sales of $316.65 million in the same quarter last year, which would indicate a positive year over year growth rate of 17.2%. The company is expected to announce its next earnings results on Thursday, October 26th.

On average, analysts expect that Fortinet will report full-year sales of $371.17 million for the current financial year, with estimates ranging from $1.49 billion to $1.50 billion. For the next year, analysts anticipate that the company 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 a mean average based on a survey of sell-side research analysts that that provide coverage for Fortinet.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Wednesday, July 26th. The software maker reported $0.27 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.07. The company had revenue of $363.50 million during the quarter, compared to the consensus estimate of $361.05 million. Fortinet had a net margin of 4.71% and a return on equity of 9.36%. The firm’s revenue for the quarter was up 16.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.14 earnings per share.

A number of equities analysts recently issued reports on the stock. Stifel Nicolaus upped their price target on shares of Fortinet from $36.00 to $42.00 and gave the stock a “hold” rating in a research note on Monday, April 17th. UBS AG upped their price target on shares of Fortinet from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, April 28th. Cowen and Company reiterated a “buy” rating and issued a $43.00 price target on shares of Fortinet in a research note on Friday, July 28th. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and issued a $45.00 price target on shares of Fortinet in a research note on Thursday, June 22nd. Finally, Robert W. Baird set a $50.00 price target on shares of Fortinet and gave the stock a “buy” rating in a research note on Thursday, July 27th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $41.56.

In other Fortinet news, insider Keith Jensen sold 1,850 shares of the stock in a transaction that occurred on Wednesday, May 10th. The shares were sold at an average price of $39.42, for a total transaction of $72,927.00. Following the completion of the sale, the insider now directly owns 1,254 shares of the company’s stock, valued at approximately $49,432.68. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP John Whittle sold 2,091 shares of the stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $36.27, for a total transaction of $75,840.57. Following the sale, the vice president now directly owns 7,181 shares of the company’s stock, valued at $260,454.87. The disclosure for this sale can be found here. Insiders sold a total of 13,308 shares of company stock valued at $506,096 over the last three months. 17.00% of the stock is currently owned by insiders.

A number of large investors have recently made changes to their positions in the stock. LS Investment Advisors LLC raised its stake in shares of Fortinet by 0.7% in the first quarter. LS Investment Advisors LLC now owns 13,415 shares of the software maker’s stock worth $514,000 after buying an additional 96 shares during the period. Capstone Asset Management Co. raised its stake in shares of Fortinet by 1.4% in the second quarter. Capstone Asset Management Co. now owns 13,582 shares of the software maker’s stock worth $509,000 after buying an additional 190 shares during the period. Caisse DE Depot ET Placement DU Quebec raised its stake in shares of Fortinet by 1.2% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 17,000 shares of the software maker’s stock worth $653,000 after buying an additional 200 shares during the period. Fisher Asset Management LLC raised 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. Finally, Ropes Wealth Advisors LLC raised its stake in shares of Fortinet by 11.1% in the first quarter. Ropes Wealth Advisors LLC now owns 2,755 shares of the software maker’s stock worth $106,000 after buying an additional 275 shares during the period. 72.98% of the stock is owned by institutional investors and hedge funds.

Shares of Fortinet (NASDAQ FTNT) opened at 36.84 on Monday. Fortinet has a one year low of $28.50 and a one year high of $41.56. The stock has a market cap of $6.47 billion, a P/E ratio of 100.93 and a beta of 1.02. The stock has a 50 day moving average of $38.63 and a 200 day moving average of $37.78.

Fortinet announced that its board has initiated a stock buyback program on Wednesday, July 26th that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the software maker to purchase up to 4.2% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.

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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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