$0.50 EPS Expected for Fortinet Inc (NASDAQ:FTNT) This Quarter

Analysts predict that Fortinet Inc (NASDAQ:FTNT) will post earnings per share (EPS) of $0.50 for the current quarter, Zacks Investment Research reports. Eleven analysts have provided estimates for Fortinet’s earnings, with estimates ranging from $0.50 to $0.51. Fortinet reported earnings of $0.41 per share during the same quarter last year, which indicates a positive year-over-year growth rate of 22%. The business is expected to report its next quarterly earnings report on Wednesday, August 7th.

On average, analysts expect that Fortinet will report full year earnings of $2.13 per share for the current fiscal year, with EPS estimates ranging from $2.12 to $2.16. For the next fiscal year, analysts anticipate that the business will report earnings of $2.40 per share, with EPS estimates ranging from $2.28 to $2.46. Zacks Investment Research’s earnings per share averages are an average based on a survey of sell-side research analysts that that provide coverage for Fortinet.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.26. Fortinet had a net margin of 18.64% and a return on equity of 22.52%. The company had revenue of $472.60 million during the quarter, compared to the consensus estimate of $471.90 million. During the same quarter last year, the firm posted $0.33 EPS. The company’s quarterly revenue was up 18.4% on a year-over-year basis.

A number of brokerages have recently commented on FTNT. Stifel Nicolaus lifted their price objective on shares of Fortinet from $85.00 to $95.00 and gave the company a “hold” rating in a research report on Tuesday, April 16th. OTR Global raised shares of Fortinet to a “positive” rating in a research report on Monday, April 15th. BidaskClub raised shares of Fortinet from a “buy” rating to a “strong-buy” rating in a research report on Saturday, April 13th. Monness Crespi & Hardt reissued a “buy” rating and issued a $97.00 price objective (up previously from $95.00) on shares of Fortinet in a research report on Friday, May 3rd. Finally, Northland Securities reissued a “buy” rating and issued a $100.00 price objective on shares of Fortinet in a research report on Friday, May 3rd. Four research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and ten have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $85.13.

In other Fortinet news, CFO Keith Jensen sold 3,723 shares of Fortinet stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $81.75, for a total value of $304,355.25. Following the completion of the sale, the chief financial officer now owns 1,607 shares in the company, valued at approximately $131,372.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP John Whittle sold 1,248 shares of Fortinet stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $83.41, for a total transaction of $104,095.68. Following the completion of the sale, the vice president now owns 9,308 shares of the company’s stock, valued at approximately $776,380.28. The disclosure for this sale can be found here. Insiders have sold a total of 64,511 shares of company stock valued at $4,865,082 in the last ninety days. 17.70% of the stock is currently owned by insiders.

Institutional investors have recently modified their holdings of the business. First Mercantile Trust Co. acquired a new stake in Fortinet in the 4th quarter worth about $580,000. Northern Trust Corp raised its stake in Fortinet by 14.1% in the 4th quarter. Northern Trust Corp now owns 1,566,252 shares of the software maker’s stock worth $110,311,000 after purchasing an additional 193,805 shares in the last quarter. Canada Pension Plan Investment Board raised its stake in Fortinet by 25.1% in the 4th quarter. Canada Pension Plan Investment Board now owns 487,000 shares of the software maker’s stock worth $34,297,000 after purchasing an additional 97,700 shares in the last quarter. Altshuler Shaham Ltd raised its stake in Fortinet by 2.8% in the 4th quarter. Altshuler Shaham Ltd now owns 1,390,472 shares of the software maker’s stock worth $97,931,000 after purchasing an additional 38,006 shares in the last quarter. Finally, Strs Ohio raised its stake in Fortinet by 9.4% in the 4th quarter. Strs Ohio now owns 6,442 shares of the software maker’s stock worth $453,000 after purchasing an additional 553 shares in the last quarter. Institutional investors and hedge funds own 73.30% of the company’s stock.

Shares of FTNT opened at $73.82 on Thursday. Fortinet has a one year low of $60.86 and a one year high of $96.96. The stock has a market capitalization of $12.61 billion, a PE ratio of 61.52, a PEG ratio of 3.75 and a beta of 1.13.

Fortinet Company Profile

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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