$370.99 Million in Sales Expected for Fortinet, Inc. (FTNT) This Quarter
Brokerages forecast that Fortinet, Inc. (NASDAQ:FTNT) will report sales of $370.99 million for the current quarter, Zacks Investment Research reports. Nine analysts have provided estimates for Fortinet’s earnings, with the highest sales estimate coming in at $373.86 million and the lowest estimate coming in at $369.00 million. Fortinet reported sales of $316.65 million during the same quarter last year, which indicates a positive year-over-year growth rate of 17.2%. The business is scheduled to report its next earnings results on Thursday, October 26th.
According to Zacks, analysts expect that Fortinet will report full year sales of $370.99 million for the current financial year, with estimates ranging from $1.49 billion to $1.50 billion. For the next 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’ sales calculations are an average based on a survey of sell-side research firms that follow Fortinet.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Wednesday, July 26th. The software maker reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.07. Fortinet had a return on equity of 9.36% and a net margin of 4.71%. The business had revenue of $363.50 million for the quarter, compared to analysts’ expectations of $361.05 million. During the same quarter last year, the firm earned $0.14 earnings per share. The business’s revenue was up 16.7% on a year-over-year basis.
Several equities analysts have weighed in on FTNT shares. ValuEngine upgraded shares of Fortinet from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. Susquehanna Bancshares Inc started coverage on shares of Fortinet in a research report on Wednesday, June 7th. They set a “neutral” rating and a $45.00 price objective on the stock. Monness Crespi & Hardt started coverage on shares of Fortinet in a research report on Wednesday, June 14th. They set a “buy” rating and a $45.00 price objective on the stock. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and set a $45.00 price objective on shares of Fortinet in a research report on Thursday, June 22nd. Finally, Northland Securities started coverage on shares of Fortinet in a research report on Thursday, June 29th. They set an “outperform” rating and a $45.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Fortinet presently has a consensus rating of “Buy” and an average price target of $41.30.
In other Fortinet news, CAO Keith Jensen sold 950 shares of the business’s stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $36.67, for a total transaction of $34,836.50. Following the completion of the transaction, the chief accounting officer now owns 1,315 shares of the company’s stock, valued at approximately $48,221.05. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP John Whittle sold 2,091 shares of the business’s stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $36.27, for a total transaction of $75,840.57. Following the transaction, the vice president now directly owns 7,181 shares of the company’s stock, valued at approximately $260,454.87. The disclosure for this sale can be found here. In the last three months, insiders have sold 9,558 shares of company stock valued at $348,406. Company insiders own 17.00% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the business. First Mercantile Trust Co. acquired a new position in Fortinet during the 2nd quarter worth $136,000. GLG Partners LP acquired a new position in Fortinet during the 2nd quarter worth $145,000. NEXT Financial Group Inc lifted its position in Fortinet by 17,296.0% during the 2nd quarter. NEXT Financial Group Inc now owns 4,349 shares of the software maker’s stock worth $163,000 after acquiring an additional 4,324 shares during the last quarter. Flinton Capital Management LLC lifted its position in Fortinet by 9.3% during the 1st quarter. Flinton Capital Management LLC now owns 4,512 shares of the software maker’s stock worth $173,000 after acquiring an additional 384 shares during the last quarter. Finally, Daiwa Securities Group Inc. lifted its position in Fortinet by 31.9% during the 1st quarter. Daiwa Securities Group Inc. now owns 4,550 shares of the software maker’s stock worth $174,000 after acquiring an additional 1,100 shares during the last quarter. 69.02% of the stock is owned by hedge funds and other institutional investors.
Shares of Fortinet (NASDAQ FTNT) opened at 38.48 on Wednesday. The stock’s 50 day moving average price is $37.43 and its 200 day moving average price is $38.14. Fortinet has a 12-month low of $28.50 and a 12-month high of $41.56. The firm has a market cap of $6.77 billion, a PE ratio of 105.42 and a beta of 0.99.
Fortinet declared that its board has authorized a share buyback program on Wednesday, July 26th that permits the company to buyback $300.00 million in shares. This buyback authorization permits the software maker to buy up to 4.2% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
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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