Fortinet (NASDAQ:FTNT) Issues FY19 Earnings Guidance

Fortinet (NASDAQ:FTNT) updated its FY19 earnings guidance on Thursday. The company provided earnings per share guidance of $2.10-2.15 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $2.08. The company issued revenue guidance of $2.07-2.1 billion, compared to the consensus revenue estimate of $2.09 billion.Fortinet also updated its FY 2019 guidance to $2.10-2.15 EPS.

Several research analysts have weighed in on FTNT shares. Zacks Investment Research lowered Fortinet from a buy rating to a hold rating in a research report on Wednesday, January 30th. BidaskClub raised Fortinet from a buy rating to a strong-buy rating in a report on Wednesday, February 13th. Stifel Nicolaus increased their price target on Fortinet from $85.00 to $95.00 and gave the company a hold rating in a research note on Tuesday, April 16th. Evercore ISI restated a hold rating and set a $80.00 target price on shares of Fortinet in a research report on Tuesday, May 7th. Finally, Monness Crespi & Hardt reiterated a buy rating and issued a $97.00 price target (up previously from $95.00) on shares of Fortinet in a report on Friday, May 3rd. Three research analysts have rated the stock with a sell rating, seventeen have given a hold rating and eleven have given a buy rating to the company’s stock. The company currently has an average rating of Hold and an average price target of $85.13.

FTNT traded down $0.62 during trading on Friday, hitting $82.62. The stock had a trading volume of 1,181,782 shares, compared to its average volume of 1,873,005. The company has a market cap of $14.04 billion, a price-to-earnings ratio of 73.12, a price-to-earnings-growth ratio of 4.12 and a beta of 0.93. Fortinet has a twelve month low of $58.10 and a twelve month high of $96.96.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.26. The company had revenue of $472.60 million during the quarter, compared to analysts’ expectations of $471.90 million. Fortinet had a net margin of 18.64% and a return on equity of 22.52%. The firm’s revenue for the quarter was up 18.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.33 earnings per share. As a group, research analysts anticipate that Fortinet will post 1.31 earnings per share for the current fiscal year.

In related news, CEO Ken Xie sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, February 19th. The shares were sold at an average price of $83.70, for a total value of $669,600.00. Following the completion of the sale, the chief executive officer now owns 12,525,740 shares in the company, valued at $1,048,404,438. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP John Whittle sold 1,580 shares of Fortinet stock in a transaction dated Tuesday, February 19th. The stock was sold at an average price of $83.44, for a total transaction of $131,835.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 104,843 shares of company stock worth $8,875,544. 17.70% of the stock is owned by insiders.

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About Fortinet

Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and wide area network acceleration; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.

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