$532.96 Million in Sales Expected for Fortinet Inc (NASDAQ:FTNT) This Quarter

Wall Street brokerages expect Fortinet Inc (NASDAQ:FTNT) to report $532.96 million in sales for the current fiscal quarter, Zacks reports. Nine analysts have issued estimates for Fortinet’s earnings, with the highest sales estimate coming in at $535.00 million and the lowest estimate coming in at $531.40 million. Fortinet posted sales of $453.90 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 17.4%. The company is scheduled to issue its next earnings results after the market closes on Thursday, October 31st.

On average, analysts expect that Fortinet will report full-year sales of $2.11 billion for the current fiscal year, with estimates ranging from $2.11 billion to $2.13 billion. For the next financial year, analysts anticipate that the firm will report sales of $2.40 billion, with estimates ranging from $2.35 billion to $2.43 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow Fortinet.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, August 1st. The software maker reported $0.58 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.28. Fortinet had a net margin of 19.07% and a return on equity of 23.96%. The firm had revenue of $521.70 million for the quarter, compared to analysts’ expectations of $511.38 million. During the same quarter last year, the firm earned $0.41 EPS. The company’s quarterly revenue was up 18.2% compared to the same quarter last year.

Several research firms have commented on FTNT. Monness Crespi & Hardt reissued a “buy” rating and set a $102.00 target price (up previously from $97.00) on shares of Fortinet in a research report on Friday, August 2nd. Barclays reissued a “hold” rating and set a $99.00 target price on shares of Fortinet in a research report on Sunday, August 4th. ValuEngine cut shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Robert W. Baird set a $100.00 target price on shares of Fortinet and gave the stock a “hold” rating in a research report on Sunday, September 15th. Finally, Morgan Stanley lifted their target price on shares of Fortinet from $77.00 to $79.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Four equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and nine have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $86.90.

In related news, VP Michael Xie sold 40,000 shares of Fortinet stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $78.13, for a total value of $3,125,200.00. Following the sale, the vice president now owns 6,338,989 shares of the company’s stock, valued at approximately $495,265,210.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ken Xie sold 8,000 shares of Fortinet stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $81.33, for a total transaction of $650,640.00. Following the completion of the sale, the chief executive officer now directly owns 12,523,273 shares in the company, valued at approximately $1,018,517,793.09. The disclosure for this sale can be found here. Insiders sold a total of 49,000 shares of company stock worth $3,856,560 in the last ninety days. 17.20% of the stock is currently owned by insiders.

Institutional investors have recently added to or reduced their stakes in the stock. Valeo Financial Advisors LLC grew its stake in Fortinet by 2,117.4% in the 2nd quarter. Valeo Financial Advisors LLC now owns 510 shares of the software maker’s stock valued at $39,000 after buying an additional 487 shares in the last quarter. Amica Retiree Medical Trust purchased a new position in Fortinet in the 2nd quarter valued at approximately $51,000. Employers Holdings Inc. purchased a new position in Fortinet in the 2nd quarter valued at approximately $54,000. North Star Investment Management Corp. purchased a new position in Fortinet in the 3rd quarter valued at approximately $62,000. Finally, CSat Investment Advisory L.P. grew its stake in Fortinet by 207.2% in the 2nd quarter. CSat Investment Advisory L.P. now owns 943 shares of the software maker’s stock valued at $73,000 after buying an additional 636 shares in the last quarter. Institutional investors and hedge funds own 70.65% of the company’s stock.

Fortinet stock opened at $77.04 on Wednesday. Fortinet has a 52 week low of $64.41 and a 52 week high of $96.96. The company’s 50 day moving average price is $78.17 and its two-hundred day moving average price is $81.19. The stock has a market cap of $13.13 billion, a P/E ratio of 68.18, a P/E/G ratio of 3.83 and a beta of 1.07.

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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Earnings History and Estimates for Fortinet (NASDAQ:FTNT)

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