Fortinet Inc (FTNT) Expected to Announce Earnings of $0.38 Per Share

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Equities research analysts expect Fortinet Inc (NASDAQ:FTNT) to report earnings of $0.38 per share for the current quarter, according to Zacks. Ten analysts have made estimates for Fortinet’s earnings. The lowest EPS estimate is $0.38 and the highest is $0.39. Fortinet reported earnings per share of $0.33 in the same quarter last year, which would indicate a positive year over year growth rate of 15.2%. The company is scheduled to report its next quarterly earnings results after the market closes on Thursday, May 2nd.

On average, analysts expect that Fortinet will report full-year earnings of $2.08 per share for the current fiscal year, with EPS estimates ranging from $2.05 to $2.10. For the next financial year, analysts expect that the firm will post earnings of $2.36 per share, with EPS estimates ranging from $2.27 to $2.51. Zacks Investment Research’s EPS averages are an average based on a survey of research firms that cover Fortinet.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Wednesday, February 6th. The software maker reported $0.42 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.31 by $0.11. The firm had revenue of $507.00 million for the quarter, compared to the consensus estimate of $496.33 million. Fortinet had a return on equity of 22.72% and a net margin of 18.44%. The company’s quarterly revenue was up 21.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.32 EPS.

Several equities research analysts recently issued reports on FTNT shares. Zacks Investment Research downgraded Fortinet from a “buy” rating to a “hold” rating in a report on Wednesday, January 2nd. Goldman Sachs Group downgraded Fortinet from a “buy” rating to a “sell” rating and cut their price objective for the company from $95.00 to $59.00 in a report on Friday, January 4th. Oppenheimer cut their price objective on Fortinet from $97.00 to $88.00 in a report on Monday, January 7th. OTR Global downgraded Fortinet to a “positive” rating in a report on Friday, January 18th. Finally, BidaskClub downgraded Fortinet from a “buy” rating to a “hold” rating in a report on Saturday, January 19th. Two research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and eleven have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $82.26.

In related news, VP John Whittle sold 1,250 shares of the company’s stock in a transaction dated Friday, February 1st. The stock was sold at an average price of $78.20, for a total value of $97,750.00. Following the completion of the sale, the vice president now directly owns 10,559 shares of the company’s stock, valued at approximately $825,713.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Christopher B. Paisley sold 1,000 shares of the company’s stock in a transaction dated Tuesday, February 19th. The shares were sold at an average price of $83.18, for a total value of $83,180.00. Following the completion of the sale, the director now directly owns 73,621 shares of the company’s stock, valued at $6,123,794.78. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 196,499 shares of company stock valued at $16,309,857. Insiders own 17.70% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Oppenheimer & Co. Inc. lifted its position in Fortinet by 194.5% in the first quarter. Oppenheimer & Co. Inc. now owns 11,075 shares of the software maker’s stock worth $930,000 after purchasing an additional 7,315 shares during the period. Moody Lynn & Lieberson LLC grew its stake in shares of Fortinet by 734.3% during the first quarter. Moody Lynn & Lieberson LLC now owns 34,040 shares of the software maker’s stock valued at $2,858,000 after purchasing an additional 29,960 shares during the last quarter. Conning Inc. bought a new stake in shares of Fortinet during the first quarter valued at approximately $231,000. IFM Investors Pty Ltd grew its stake in shares of Fortinet by 12.8% during the first quarter. IFM Investors Pty Ltd now owns 10,110 shares of the software maker’s stock valued at $849,000 after purchasing an additional 1,145 shares during the last quarter. Finally, Flagship Harbor Advisors LLC grew its stake in shares of Fortinet by 9.9% during the first quarter. Flagship Harbor Advisors LLC now owns 6,607 shares of the software maker’s stock valued at $554,000 after purchasing an additional 593 shares during the last quarter. 74.61% of the stock is owned by hedge funds and other institutional investors.

Shares of FTNT stock traded up $0.27 on Monday, hitting $92.53. The stock had a trading volume of 705,642 shares, compared to its average volume of 1,792,647. The company has a market capitalization of $15.70 billion, a PE ratio of 81.88, a P/E/G ratio of 4.72 and a beta of 0.90. Fortinet has a 1 year low of $53.40 and a 1 year high of $96.96.

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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