Brokerages Expect Fortinet Inc (FTNT) Will Announce Earnings of $0.42 Per Share

Analysts forecast that Fortinet Inc (NASDAQ:FTNT) will announce $0.42 earnings per share (EPS) for the current quarter, Zacks Investment Research reports. Ten analysts have made estimates for Fortinet’s earnings, with estimates ranging from $0.41 to $0.43. Fortinet reported earnings of $0.28 per share during the same quarter last year, which suggests a positive year-over-year growth rate of 50%. The firm is scheduled to announce its next earnings results after the market closes on Thursday, November 1st.

On average, analysts expect that Fortinet will report full year earnings of $1.67 per share for the current year, with EPS estimates ranging from $1.65 to $1.69. For the next fiscal year, analysts anticipate that the company will report earnings of $1.92 per share, with EPS estimates ranging from $1.75 to $2.05. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of research firms that cover Fortinet.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, August 1st. The software maker reported $0.41 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.19 by $0.22. Fortinet had a net margin of 5.43% and a return on equity of 17.51%. The company had revenue of $441.30 million during the quarter, compared to analysts’ expectations of $425.66 million. During the same period last year, the company posted $0.27 earnings per share. The firm’s quarterly revenue was up 21.4% compared to the same quarter last year.

FTNT has been the subject of a number of recent research reports. Zacks Investment Research cut shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Tuesday, July 24th. Oppenheimer raised their price objective on shares of Fortinet from $70.00 to $82.00 and gave the stock an “outperform” rating in a research note on Thursday, August 2nd. Credit Suisse Group raised their price objective on shares of Fortinet from $43.00 to $52.00 and gave the stock an “underperform” rating in a research note on Thursday, August 2nd. Monness Crespi & Hardt raised their price objective on shares of Fortinet from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, July 31st. Finally, Citigroup raised their price objective on shares of Fortinet from $56.00 to $71.00 and gave the stock a “neutral” rating in a research note on Thursday, August 2nd. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company. Fortinet presently has an average rating of “Hold” and an average price target of $72.59.

Fortinet stock traded down $0.08 during mid-day trading on Thursday, reaching $82.86. The company had a trading volume of 92,469 shares, compared to its average volume of 4,146,940. Fortinet has a 1 year low of $37.15 and a 1 year high of $94.37. The stock has a market cap of $13.73 billion, a PE ratio of 156.77, a price-to-earnings-growth ratio of 5.03 and a beta of 0.63.

In other Fortinet news, CFO Keith Jensen sold 2,150 shares of Fortinet stock in a transaction that occurred on Wednesday, August 8th. The shares were sold at an average price of $72.97, for a total value of $156,885.50. Following the completion of the sale, the chief financial officer now directly owns 585 shares of the company’s stock, valued at approximately $42,687.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP John Whittle sold 1,250 shares of Fortinet stock in a transaction that occurred on Monday, September 17th. The stock was sold at an average price of $88.65, for a total transaction of $110,812.50. Following the completion of the sale, the vice president now directly owns 9,309 shares of the company’s stock, valued at $825,242.85. The disclosure for this sale can be found here. Insiders sold a total of 180,570 shares of company stock valued at $13,358,587 over the last ninety days. 17.70% of the stock is owned by corporate insiders.

Hedge funds have recently added to or reduced their stakes in the business. Schroder Investment Management Group boosted its holdings in shares of Fortinet by 411.0% in the 2nd quarter. Schroder Investment Management Group now owns 1,370,987 shares of the software maker’s stock valued at $36,654,000 after purchasing an additional 1,102,708 shares during the last quarter. Altshuler Shaham Ltd acquired a new position in shares of Fortinet in the 2nd quarter valued at $66,610,000. Bank of Montreal Can boosted its holdings in shares of Fortinet by 51.0% in the 2nd quarter. Bank of Montreal Can now owns 2,031,225 shares of the software maker’s stock valued at $126,808,000 after purchasing an additional 685,767 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Fortinet by 655.2% in the 2nd quarter. Janus Henderson Group PLC now owns 611,465 shares of the software maker’s stock valued at $38,174,000 after purchasing an additional 530,500 shares during the last quarter. Finally, KBC Group NV boosted its holdings in shares of Fortinet by 306.3% in the 2nd quarter. KBC Group NV now owns 665,249 shares of the software maker’s stock valued at $41,531,000 after purchasing an additional 501,529 shares during the last quarter. 71.25% of the stock is owned by hedge funds and other institutional investors.

About Fortinet

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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