Equities analysts expect Fortinet, Inc. (NASDAQ:FTNT) to post sales of $408.49 million for the current quarter, Zacks reports. Eight analysts have provided estimates for Fortinet’s earnings. The lowest sales estimate is $407.27 million and the highest is $410.00 million. Fortinet reported sales of $362.83 million in the same quarter last year, which would suggest a positive year over year growth rate of 12.6%. The business is expected to report its next earnings results on Thursday, February 1st.

According to Zacks, analysts expect that Fortinet will report full-year sales of $408.49 million for the current financial year. For the next year, analysts anticipate that the business will report sales of $1.70 billion per share, with estimates ranging from $1.67 billion to $1.73 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow Fortinet.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, October 26th. The software maker reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.05. Fortinet had a return on equity of 10.92% and a net margin of 5.93%. The business had revenue of $374.20 million during the quarter, compared to analysts’ expectations of $370.67 million. During the same period in the prior year, the business earned $0.18 EPS. Fortinet’s revenue for the quarter was up 18.2% compared to the same quarter last year.

Several brokerages have recently weighed in on FTNT. J P Morgan Chase & Co cut shares of Fortinet from an “overweight” rating to a “neutral” rating and set a $50.00 price target for the company. in a research note on Tuesday. BidaskClub raised shares of Fortinet from a “buy” rating to a “strong-buy” rating in a research note on Wednesday. Evercore ISI reaffirmed a “hold” rating and set a $38.00 price target on shares of Fortinet in a research note on Friday, October 27th. Piper Jaffray Companies reissued a “buy” rating and issued a $46.00 price objective on shares of Fortinet in a report on Friday, October 27th. Finally, BMO Capital Markets cut their price objective on Fortinet from $46.00 to $45.00 and set an “outperform” rating for the company in a report on Friday, October 27th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the company. Fortinet presently has an average rating of “Buy” and an average price target of $44.55.

Shares of Fortinet (FTNT) opened at $43.64 on Friday. The stock has a market capitalization of $7,427.28, a P/E ratio of 77.65, a P/E/G ratio of 5.26 and a beta of 0.92. Fortinet has a 52 week low of $28.50 and a 52 week high of $43.80.

Fortinet declared that its board has initiated a share buyback plan on Thursday, October 26th that allows the company to repurchase $400.00 million in outstanding shares. This repurchase authorization allows the software maker to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

In other Fortinet news, VP Michael Xie sold 40,000 shares of Fortinet stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $41.95, for a total value of $1,678,000.00. Following the transaction, the vice president now owns 6,692,200 shares in the company, valued at $280,737,790. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Christopher B. Paisley sold 4,000 shares of Fortinet stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $40.02, for a total value of $160,080.00. Following the completion of the transaction, the director now owns 72,606 shares in the company, valued at approximately $2,905,692.12. The disclosure for this sale can be found here. In the last quarter, insiders sold 59,606 shares of company stock worth $2,453,806. Company insiders own 16.40% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. Voya Investment Management LLC lifted its stake in shares of Fortinet by 934.3% in the second quarter. Voya Investment Management LLC now owns 1,880,328 shares of the software maker’s stock worth $70,399,000 after acquiring an additional 1,698,526 shares during the period. ETF Managers Group LLC acquired a new position in shares of Fortinet in the second quarter worth approximately $40,680,000. BlackRock Inc. lifted its stake in shares of Fortinet by 6.6% in the second quarter. BlackRock Inc. now owns 14,047,819 shares of the software maker’s stock worth $525,953,000 after acquiring an additional 870,061 shares during the period. Renaissance Technologies LLC lifted its stake in shares of Fortinet by 19.1% in the second quarter. Renaissance Technologies LLC now owns 4,521,700 shares of the software maker’s stock worth $169,292,000 after acquiring an additional 726,300 shares during the period. Finally, Capital Fund Management S.A. lifted its stake in shares of Fortinet by 476.6% in the second quarter. Capital Fund Management S.A. now owns 515,538 shares of the software maker’s stock worth $19,302,000 after acquiring an additional 426,127 shares during the period. 70.76% of the stock is currently owned by hedge funds and other institutional investors.

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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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