Gabelli Analysts Lift Earnings Estimates for Fortinet Inc (FTNT)

Fortinet Inc (NASDAQ:FTNT) – Research analysts at Gabelli upped their FY2018 EPS estimates for shares of Fortinet in a note issued to investors on Tuesday. Gabelli analyst H. Susanto now forecasts that the software maker will post earnings of $0.78 per share for the year, up from their previous forecast of $0.56.

Other equities research analysts also recently issued research reports about the stock. Piper Jaffray Companies reiterated a “buy” rating and issued a $50.00 target price on shares of Fortinet in a research report on Thursday, October 12th. BidaskClub lowered shares of Fortinet from a “strong-buy” rating to a “buy” rating in a research note on Thursday, December 7th. Zacks Investment Research upgraded shares of Fortinet from a “hold” rating to a “buy” rating and set a $44.00 price target on the stock in a research note on Tuesday, October 31st. 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 note on Friday, October 27th. Finally, KeyCorp restated a “buy” rating and set a $46.00 price target on shares of Fortinet in a research note on Tuesday, October 24th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, fourteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. Fortinet has an average rating of “Buy” and an average price target of $47.33.

Fortinet (NASDAQ:FTNT) traded up $0.47 during mid-day trading on Friday, reaching $44.97. 1,750,824 shares of the company’s stock were exchanged, compared to its average volume of 1,823,897. Fortinet has a 12 month low of $35.44 and a 12 month high of $47.00. The stock has a market cap of $7,800.00, a P/E ratio of 263.76, a price-to-earnings-growth ratio of 4.65 and a beta of 0.86.

Fortinet (NASDAQ:FTNT) last released its earnings results on Monday, February 5th. The software maker reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.03. Fortinet had a net margin of 2.10% and a return on equity of 11.77%. The company had revenue of $416.70 million during the quarter, compared to the consensus estimate of $409.04 million. During the same quarter in the prior year, the firm earned $0.30 EPS. The company’s revenue was up 14.9% compared to the same quarter last year.

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

In other Fortinet news, VP John Whittle sold 11,728 shares of the stock in a transaction on Monday, February 5th. The shares were sold at an average price of $44.81, for a total value of $525,531.68. Following the completion of the sale, the vice president now directly owns 7,181 shares of the company’s stock, valued at approximately $321,780.61. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Michael Xie sold 19,790 shares of the stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $45.30, for a total transaction of $896,487.00. Following the completion of the sale, the vice president now directly owns 7,181 shares of the company’s stock, valued at $325,299.30. The disclosure for this sale can be found here. Insiders sold a total of 90,223 shares of company stock worth $3,916,948 over the last quarter. 16.40% of the stock is currently owned by company insiders.

Institutional investors have recently modified their holdings of the business. SeaCrest Wealth Management LLC bought a new stake in Fortinet in the 4th quarter valued at $109,000. Cerebellum GP LLC bought a new position in shares of Fortinet during the 4th quarter worth about $125,000. First Mercantile Trust Co. bought a new position in shares of Fortinet during the 4th quarter worth about $135,000. Ropes Wealth Advisors LLC lifted its holdings in shares of Fortinet by 28.7% during the 3rd quarter. Ropes Wealth Advisors LLC now owns 5,935 shares of the software maker’s stock worth $213,000 after acquiring an additional 1,325 shares during the period. Finally, Capital One National Association bought a new position in shares of Fortinet during the 4th quarter worth about $213,000. 70.84% of the stock is 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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