Wall Street brokerages predict that Fortinet Inc (NASDAQ:FTNT) will report earnings per share (EPS) of $0.29 for the current fiscal quarter, according to Zacks. Eight analysts have provided estimates for Fortinet’s earnings, with the lowest EPS estimate coming in at $0.29 and the highest estimate coming in at $0.30. Fortinet reported earnings per share of $0.30 during the same quarter last year, which indicates a negative year over year growth rate of 3.3%. The business is expected to issue its next earnings results after the market closes on Monday, February 5th.

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 financial year, analysts expect that the company will report earnings of $1.19 per share, with EPS estimates ranging from $1.10 to $1.26. Zacks Investment Research’s earnings per share averages are an average based on a survey of sell-side analysts that that provide coverage for 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 business 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 revenue for the quarter was up 18.2% on a year-over-year basis. During the same quarter last year, the business posted $0.18 EPS.

FTNT has been the topic of several analyst reports. UBS Group increased their price target 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. Zacks Investment Research lowered shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 17th. Deutsche Bank upgraded shares of Fortinet from a “hold” rating to a “buy” rating and increased their price target for the stock from $36.00 to $48.00 in a research report on Wednesday, October 18th. KeyCorp reiterated a “buy” rating and set a $46.00 price target on shares of Fortinet in a research report on Tuesday, October 24th. Finally, Oppenheimer reiterated a “buy” rating and set a $45.00 price target on shares of Fortinet in a research report on Thursday, October 5th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have assigned a buy rating and two have given a strong buy rating to the stock. Fortinet currently has a consensus rating of “Buy” and an average price target of $45.24.

Shares of Fortinet (NASDAQ:FTNT) opened at $44.34 on Wednesday. The stock has a market cap of $7,710.00, a P/E ratio of 92.38, a P/E/G ratio of 4.59 and a beta of 0.93. Fortinet has a 52-week low of $31.36 and a 52-week high of $45.79.

Fortinet announced that its Board of Directors has authorized a share repurchase plan on Thursday, October 26th that authorizes the company to repurchase $400.00 million in outstanding shares. This repurchase authorization authorizes the software maker to buy shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

In other news, VP Michael Xie sold 3,585 shares of the firm’s 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 transaction, the vice president now owns 6,714,500 shares of the company’s stock, valued at $259,179,700. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP John Whittle sold 3,883 shares of the firm’s stock in a transaction on Wednesday, November 8th. The shares were sold at an average price of $40.00, for a total transaction of $155,320.00. Following the transaction, the vice president now directly owns 4,681 shares of the company’s stock, valued at approximately $187,240. The disclosure for this sale can be found here. Insiders sold 73,355 shares of company stock worth $3,072,511 in the last 90 days. Company insiders own 17.00% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the company. GLG Partners LP bought a new position in shares of Fortinet during the second quarter valued at $145,000. Ropes Wealth Advisors LLC raised its stake in shares of Fortinet by 67.3% during the second quarter. Ropes Wealth Advisors LLC now owns 4,610 shares of the software maker’s stock valued at $173,000 after acquiring an additional 1,855 shares during the last quarter. IFM Investors Pty Ltd bought a new position in shares of Fortinet during the third quarter valued at $220,000. Toronto Dominion Bank raised its stake in shares of Fortinet by 249.2% during the third quarter. Toronto Dominion Bank now owns 6,310 shares of the software maker’s stock valued at $226,000 after acquiring an additional 4,503 shares during the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. raised its stake in shares of Fortinet by 25.9% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 6,871 shares of the software maker’s stock valued at $259,000 after acquiring an additional 1,412 shares during the last quarter. 70.68% of the stock is owned by hedge funds and other institutional investors.

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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.

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