Fortinet Inc (NASDAQ:FTNT) Expected to Post Quarterly Sales of $532.96 Million

Equities research analysts predict that Fortinet Inc (NASDAQ:FTNT) will post $532.96 million in sales for the current quarter, according to Zacks. Nine analysts have made estimates for Fortinet’s earnings, with estimates ranging from $531.40 million to $535.00 million. Fortinet posted sales of $453.90 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 17.4%. The business is expected to issue its next earnings results after the market closes on Thursday, October 31st.

According to Zacks, analysts expect that Fortinet will report full-year sales of $2.11 billion for the current financial year, with estimates ranging from $2.11 billion to $2.13 billion. For the next fiscal year, analysts expect that the business will post sales of $2.40 billion, with estimates ranging from $2.35 billion to $2.43 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that cover Fortinet.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, August 1st. The software maker reported $0.58 earnings per share for the quarter, topping the Zacks’ 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 business had revenue of $521.70 million for the quarter, compared to analysts’ expectations of $511.38 million. During the same quarter last year, the company earned $0.41 EPS. The company’s revenue for the quarter was up 18.2% compared to the same quarter last year.

A number of research firms recently weighed in on FTNT. BidaskClub cut shares of Fortinet from a “hold” rating to a “sell” rating in a report on Wednesday, August 21st. Robert W. Baird set a $100.00 price objective on shares of Fortinet and gave the stock a “hold” rating in a report on Sunday, September 15th. Morgan Stanley increased their price objective on shares of Fortinet from $77.00 to $79.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Barclays reaffirmed a “hold” rating and issued a $99.00 price objective on shares of Fortinet in a report on Sunday, August 4th. Finally, Bank of America raised shares of Fortinet from a “neutral” rating to a “buy” rating in a report on Friday, August 2nd. Four equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and ten have assigned a buy rating to the stock. Fortinet currently has an average rating of “Hold” and a consensus target price of $87.52.

In other news, CEO Ken Xie sold 8,000 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $81.33, for a total transaction of $650,640.00. Following the completion of the transaction, the chief executive officer now owns 12,523,273 shares in the company, valued at approximately $1,018,517,793.09. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Michael Xie sold 40,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $78.13, for a total transaction of $3,125,200.00. Following the transaction, the vice president now 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. Insiders sold a total of 49,000 shares of company stock valued at $3,856,560 in the last quarter. 17.20% of the stock is currently owned by insiders.

Several large investors have recently bought and sold shares of the company. North Star Investment Management Corp. bought a new position in shares of Fortinet during the 3rd quarter valued at about $62,000. State of Alaska Department of Revenue boosted its position in shares of Fortinet by 83.5% during the 3rd quarter. State of Alaska Department of Revenue now owns 64,007 shares of the software maker’s stock valued at $4,912,000 after purchasing an additional 29,118 shares in the last quarter. Park West Asset Management LLC boosted its position in shares of Fortinet by 184.0% during the 2nd quarter. Park West Asset Management LLC now owns 669,958 shares of the software maker’s stock valued at $51,473,000 after purchasing an additional 434,076 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in shares of Fortinet by 6.5% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 117,035 shares of the software maker’s stock valued at $8,992,000 after purchasing an additional 7,176 shares in the last quarter. Finally, Front Row Advisors LLC boosted its position in shares of Fortinet by 6.4% during the 2nd quarter. Front Row Advisors LLC now owns 19,650 shares of the software maker’s stock valued at $1,510,000 after purchasing an additional 1,183 shares in the last quarter. Institutional investors own 70.48% of the company’s stock.

Shares of FTNT stock traded up $0.12 during trading hours on Tuesday, reaching $77.49. The stock had a trading volume of 727,018 shares, compared to its average volume of 1,664,361. Fortinet has a twelve month low of $64.41 and a twelve month high of $96.96. The firm has a 50-day simple moving average of $79.12 and a 200-day simple moving average of $81.85. The firm has a market capitalization of $13.17 billion, a PE ratio of 68.58, a price-to-earnings-growth ratio of 3.86 and a beta of 1.07.

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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