Zacks: Brokerages Anticipate Fortinet Inc (FTNT) Will Announce Quarterly Sales of $408.64 Million

Equities analysts expect that Fortinet Inc (NASDAQ:FTNT) will post $408.64 million in sales for the current quarter, according to Zacks. Eight analysts have made estimates for Fortinet’s earnings, with the lowest sales estimate coming in at $407.27 million and the highest estimate coming in at $410.00 million. Fortinet posted sales of $362.83 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 12.6%. The company is scheduled to announce its next quarterly earnings report after the market closes on Monday, February 5th.

According to Zacks, analysts expect that Fortinet will report full-year sales of $408.64 million for the current year. For the next year, analysts anticipate that the firm will post sales of $1.70 billion per share, with estimates ranging from $1.67 billion to $1.73 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that cover Fortinet.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, October 26th. The software maker reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.05. The company had revenue of $374.20 million during the quarter, compared to the consensus estimate of $370.67 million. Fortinet had a return on equity of 10.92% and a net margin of 5.93%. The company’s revenue was up 18.2% on a year-over-year basis. During the same period last year, the firm earned $0.18 earnings per share.

A number of equities analysts recently commented on the company. Monness Crespi & Hardt reiterated a “buy” rating and issued a $50.00 price target (up from $45.00) on shares of Fortinet in a research note on Friday. Deutsche Bank upgraded Fortinet from a “hold” rating to a “buy” rating and lifted their price target for the stock from $36.00 to $48.00 in a research note on Wednesday, October 18th. UBS Group lifted their price target on Fortinet from $46.00 to $47.00 and gave the stock a “buy” rating in a research note on Friday, October 27th. BidaskClub upgraded Fortinet from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, December 13th. Finally, KeyCorp reiterated a “buy” rating and issued a $46.00 price target on shares of Fortinet in a research note on Tuesday, October 24th. One analyst has rated the stock with a sell rating, seven have given a hold rating, fourteen have given a buy rating and two have given a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $45.48.

Fortinet (NASDAQ:FTNT) traded up $0.62 during trading hours on Friday, reaching $45.71. The company had a trading volume of 1,942,000 shares, compared to its average volume of 1,481,242. The firm has a market capitalization of $8,010.00, a P/E ratio of 95.23, a price-to-earnings-growth ratio of 4.61 and a beta of 0.93. Fortinet has a fifty-two week low of $31.86 and a fifty-two week high of $45.90.

Fortinet declared that its Board of Directors has initiated a share buyback program on Thursday, October 26th that allows the company to repurchase $400.00 million in outstanding shares. This repurchase authorization allows the software maker to buy shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

In other news, VP John Whittle sold 13,749 shares of Fortinet stock in a transaction that occurred on Tuesday, December 19th. The stock was sold at an average price of $45.00, for a total transaction of $618,705.00. Following the sale, the vice president now owns 18,430 shares of the company’s stock, valued at $829,350. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Michael Xie sold 3,585 shares of Fortinet stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $38.60, for a total value of $138,381.00. Following the sale, the vice president now directly owns 6,714,500 shares in the company, valued at approximately $259,179,700. The disclosure for this sale can be found here. Insiders sold 73,355 shares of company stock worth $3,072,511 in the last three months. 16.40% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. raised its holdings in shares of Fortinet by 6.6% during the second quarter. BlackRock Inc. now owns 14,047,819 shares of the software maker’s stock valued at $525,953,000 after buying an additional 870,061 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Fortinet by 2.5% during the second quarter. Vanguard Group Inc. now owns 12,185,422 shares of the software maker’s stock valued at $456,222,000 after buying an additional 298,051 shares during the last quarter. State Street Corp raised its holdings in shares of Fortinet by 3.0% during the second quarter. State Street Corp now owns 4,581,467 shares of the software maker’s stock valued at $171,534,000 after buying an additional 132,054 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of Fortinet by 19.1% during the second quarter. Renaissance Technologies LLC now owns 4,521,700 shares of the software maker’s stock valued at $169,292,000 after buying an additional 726,300 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its holdings in shares of Fortinet by 7.0% during the third quarter. Ameriprise Financial Inc. now owns 4,400,011 shares of the software maker’s stock valued at $157,693,000 after buying an additional 288,097 shares during the last quarter. 70.68% of the stock is currently owned by 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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