$0.56 EPS Expected for Fortinet Inc (NASDAQ:FTNT) This Quarter

Equities research analysts predict that Fortinet Inc (NASDAQ:FTNT) will post earnings of $0.56 per share for the current fiscal quarter, according to Zacks Investment Research. Nine analysts have provided estimates for Fortinet’s earnings, with estimates ranging from $0.56 to $0.57. Fortinet posted earnings of $0.44 per share in the same quarter last year, which suggests a positive year-over-year growth rate of 27.3%. The firm is scheduled to announce its next earnings report after the market closes on Thursday, October 31st.

According to Zacks, analysts expect that Fortinet will report full year earnings of $2.25 per share for the current year, with EPS estimates ranging from $2.24 to $2.26. For the next financial year, analysts forecast that the company will report earnings of $2.46 per share, with EPS estimates ranging from $2.30 to $2.55. Zacks’ earnings per share averages are a mean average based on a survey of research analysts that follow Fortinet.

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

FTNT has been the subject of a number of research analyst reports. Robert W. Baird set a $100.00 price target on Fortinet and gave the stock a “hold” rating in a report on Sunday, September 15th. JPMorgan Chase & Co. raised Fortinet from a “neutral” rating to an “overweight” rating and set a $93.00 price target for the company in a report on Monday, June 24th. Monness Crespi & Hardt reissued a “buy” rating and set a $102.00 price target (up previously from $97.00) on shares of Fortinet in a report on Friday, August 2nd. Citigroup boosted their price target on Fortinet from $78.00 to $80.00 and gave the stock a “sell” rating in a report on Friday, August 2nd. Finally, BidaskClub cut Fortinet from a “hold” rating to a “sell” rating in a report on Wednesday, August 21st. Four equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and nine have given a buy rating to the company’s stock. Fortinet currently has a consensus rating of “Hold” and a consensus target price of $86.90.

Shares of Fortinet stock traded down $0.31 during trading on Monday, reaching $76.25. 857,028 shares of the company’s stock were exchanged, compared to its average volume of 1,632,231. Fortinet has a 1-year low of $64.41 and a 1-year high of $96.96. The company has a market cap of $13.49 billion, a P/E ratio of 67.48, a PEG ratio of 3.95 and a beta of 1.07. The firm’s 50-day moving average price is $78.22 and its 200 day moving average price is $81.25.

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

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Hartford Investment Management Co. boosted its position in shares of Fortinet by 0.7% during the 2nd quarter. Hartford Investment Management Co. now owns 16,333 shares of the software maker’s stock valued at $1,255,000 after purchasing an additional 121 shares in the last quarter. World Asset Management Inc boosted its holdings in Fortinet by 1.6% in the second quarter. World Asset Management Inc now owns 9,397 shares of the software maker’s stock worth $722,000 after acquiring an additional 147 shares in the last quarter. Securian Asset Management Inc boosted its holdings in Fortinet by 1.2% in the second quarter. Securian Asset Management Inc now owns 15,267 shares of the software maker’s stock worth $1,173,000 after acquiring an additional 182 shares in the last quarter. Cim LLC boosted its holdings in Fortinet by 2.6% in the third quarter. Cim LLC now owns 7,676 shares of the software maker’s stock worth $589,000 after acquiring an additional 195 shares in the last quarter. Finally, Rockefeller Capital Management L.P. boosted its holdings in Fortinet by 4.8% in the second quarter. Rockefeller Capital Management L.P. now owns 4,276 shares of the software maker’s stock worth $329,000 after acquiring an additional 197 shares in the last quarter. Hedge funds and other institutional investors own 70.65% of the company’s stock.

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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Earnings History and Estimates for Fortinet (NASDAQ:FTNT)

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