Equities analysts forecast that Fortinet Inc (NASDAQ:FTNT) will post earnings per share of $0.29 for the current fiscal quarter, Zacks reports. Eight analysts have provided estimates for Fortinet’s earnings. The highest EPS estimate is $0.30 and the lowest is $0.29. Fortinet posted earnings of $0.30 per share in the same quarter last year, which would suggest a negative year over year growth rate of 3.3%. The business is expected to issue its next earnings results on Thursday, February 1st.

According to Zacks, analysts expect that Fortinet will report full-year earnings of $1.02 per share for the current financial year, with EPS estimates ranging from $1.01 to $1.02. For the next fiscal year, analysts forecast that the firm will post earnings of $1.19 per share, with EPS estimates ranging from $1.10 to $1.26. Zacks’ EPS averages are an average based on a survey of sell-side research firms that follow Fortinet.

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

Several equities analysts have weighed in on the stock. BidaskClub upgraded shares of Fortinet from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, December 13th. JPMorgan Chase & Co. cut shares of Fortinet from an “overweight” rating to a “neutral” rating and set a $50.00 price objective on the stock. in a research report on Tuesday, December 12th. Zacks Investment Research upgraded shares of Fortinet from a “hold” rating to a “buy” rating and set a $44.00 price objective on the stock in a research report on Tuesday, October 31st. UBS Group lifted their price objective on shares of Fortinet from $46.00 to $47.00 and gave the stock a “buy” rating in a research report on Friday, October 27th. Finally, BMO Capital Markets lowered their price objective on shares of Fortinet from $46.00 to $45.00 and set an “outperform” rating on the stock in a research report on Friday, October 27th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $44.55.

In related news, Director Ming Hsieh sold 5,332 shares of Fortinet stock in a transaction on Thursday, November 9th. The shares were sold at an average price of $39.64, for a total value of $211,360.48. Following the completion of the sale, the director now owns 331 shares of the company’s stock, valued at approximately $13,120.84. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Michael Xie sold 3,585 shares of Fortinet stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $38.60, for a total transaction of $138,381.00. Following the completion of the sale, the vice president now directly owns 6,714,500 shares of the company’s stock, valued at approximately $259,179,700. The disclosure for this sale can be found here. Insiders have sold a total of 73,355 shares of company stock valued at $3,072,511 in the last three months. Company insiders own 16.40% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the business. D.A. Davidson & CO. lifted its position in Fortinet by 1.1% during the 2nd quarter. D.A. Davidson & CO. now owns 10,364 shares of the software maker’s stock worth $388,000 after acquiring an additional 114 shares during the last quarter. Flagship Harbor Advisors LLC lifted its position in Fortinet by 2.7% during the 2nd quarter. Flagship Harbor Advisors LLC now owns 7,492 shares of the software maker’s stock worth $288,000 after acquiring an additional 200 shares during the last quarter. KCM Investment Advisors LLC lifted its position in Fortinet by 4.2% during the 2nd quarter. KCM Investment Advisors LLC now owns 9,990 shares of the software maker’s stock worth $374,000 after acquiring an additional 400 shares during the last quarter. Pinnacle Associates Ltd. increased its holdings in shares of Fortinet by 6.3% during the 2nd quarter. Pinnacle Associates Ltd. now owns 7,755 shares of the software maker’s stock worth $290,000 after purchasing an additional 460 shares during the period. Finally, Radnor Capital Management LLC increased its holdings in shares of Fortinet by 4.2% during the 2nd quarter. Radnor Capital Management LLC now owns 12,400 shares of the software maker’s stock worth $464,000 after purchasing an additional 500 shares during the period. 70.68% of the stock is owned by hedge funds and other institutional investors.

Fortinet (FTNT) traded down $0.32 during midday trading on Friday, reaching $43.69. 894,600 shares of the company’s stock traded hands, compared to its average volume of 1,401,574. Fortinet has a 12-month low of $29.90 and a 12-month high of $45.64. The stock has a market cap of $7,597.69, a PE ratio of 91.02, a price-to-earnings-growth ratio of 5.38 and a beta of 0.92.

Fortinet announced that its Board of Directors has initiated a share repurchase plan on Thursday, October 26th that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the software maker to buy shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s leadership 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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