$425.35 Million in Sales Expected for Fortinet Inc (FTNT) This Quarter

Equities analysts expect Fortinet Inc (NASDAQ:FTNT) to report $425.35 million in sales for the current quarter, according to Zacks. Nine analysts have issued estimates for Fortinet’s earnings. The lowest sales estimate is $424.37 million and the highest is $427.00 million. Fortinet reported sales of $363.47 million during the same quarter last year, which would suggest a positive year over year growth rate of 17%. The company is expected to report its next earnings report on Wednesday, July 25th.

According to Zacks, analysts expect that Fortinet will report full-year sales of $1.72 billion for the current year, with estimates ranging from $1.71 billion to $1.73 billion. For the next fiscal year, analysts forecast that the business will report sales of $1.94 billion per share, with estimates ranging from $1.90 billion to $1.99 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that cover Fortinet.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, May 3rd. The software maker reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.09. The company had revenue of $399.00 million for the quarter, compared to analysts’ expectations of $390.60 million. Fortinet had a return on equity of 14.64% and a net margin of 4.01%. The firm’s quarterly revenue was up 17.1% compared to the same quarter last year. During the same period last year, the business posted $0.17 earnings per share.

A number of brokerages recently weighed in on FTNT. UBS Group lifted their price objective on shares of Fortinet from $64.00 to $67.00 and gave the company a “buy” rating in a research note on Monday, May 21st. Bank of America lifted their price objective on shares of Fortinet from $57.00 to $63.00 and gave the company a “buy” rating in a research note on Tuesday, April 24th. Citigroup lifted their price objective on shares of Fortinet from $45.00 to $56.00 and gave the company a “neutral” rating in a research note on Monday, April 16th. Morgan Stanley cut shares of Fortinet from an “overweight” rating to an “equal weight” rating and set a $53.00 price objective on the stock. in a research note on Wednesday, April 11th. Finally, Monness Crespi & Hardt lifted their price objective on shares of Fortinet from $60.00 to $64.00 and gave the company a “buy” rating in a research note on Friday, May 4th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $54.83.

FTNT stock traded down $1.79 during mid-day trading on Monday, reaching $61.50. The company had a trading volume of 1,745,604 shares, compared to its average volume of 1,638,572. Fortinet has a one year low of $35.44 and a one year high of $63.72. The stock has a market capitalization of $10.62 billion, a price-to-earnings ratio of 118.27, a PEG ratio of 4.43 and a beta of 0.76.

In other Fortinet news, VP John Whittle sold 624 shares of the business’s stock in a transaction dated Monday, March 12th. The shares were sold at an average price of $54.44, for a total value of $33,970.56. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Michael Xie sold 3,780 shares of the business’s stock in a transaction dated Wednesday, May 2nd. The stock was sold at an average price of $56.02, for a total transaction of $211,755.60. Following the completion of the sale, the vice president now owns 6,694,500 shares in the company, valued at $375,025,890. The disclosure for this sale can be found here. Over the last quarter, insiders sold 83,588 shares of company stock worth $5,005,261. 17.70% of the stock is owned by company insiders.

A number of institutional investors have recently modified their holdings of the business. Xact Kapitalforvaltning AB raised its position in Fortinet by 6.4% in the first quarter. Xact Kapitalforvaltning AB now owns 14,953 shares of the software maker’s stock worth $801,000 after acquiring an additional 902 shares in the last quarter. Front Row Advisors LLC raised its position in Fortinet by 5.8% in the first quarter. Front Row Advisors LLC now owns 18,767 shares of the software maker’s stock worth $1,006,000 after acquiring an additional 1,032 shares in the last quarter. Oppenheimer Asset Management Inc. raised its position in Fortinet by 4.9% in the first quarter. Oppenheimer Asset Management Inc. now owns 22,180 shares of the software maker’s stock worth $1,189,000 after acquiring an additional 1,035 shares in the last quarter. LS Investment Advisors LLC raised its position in Fortinet by 8.2% in the fourth quarter. LS Investment Advisors LLC now owns 16,168 shares of the software maker’s stock worth $706,000 after acquiring an additional 1,229 shares in the last quarter. Finally, American Century Companies Inc. raised its position in Fortinet by 5.3% in the fourth quarter. American Century Companies Inc. now owns 24,786 shares of the software maker’s stock worth $1,083,000 after acquiring an additional 1,244 shares in the last quarter. Hedge funds and other institutional investors own 69.60% of the company’s stock.

Fortinet Company Profile

Fortinet, Inc provides broad, automated, and integrated 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 WAN acceleration; and FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of products, which offers a cloud-ready security information and event management solution for enterprises and service providers.

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