$451.02 Million in Sales Expected for Fortinet Inc (FTNT) This Quarter

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Wall Street brokerages forecast that Fortinet Inc (NASDAQ:FTNT) will report sales of $451.02 million for the current quarter, according to Zacks. Eight analysts have provided estimates for Fortinet’s earnings, with the highest sales estimate coming in at $453.00 million and the lowest estimate coming in at $449.70 million. Fortinet posted sales of $374.22 million in the same quarter last year, which suggests a positive year-over-year growth rate of 20.5%. The company is expected to issue its next earnings results on Thursday, October 25th.

According to Zacks, analysts expect that Fortinet will report full-year sales of $1.78 billion for the current fiscal year, with estimates ranging from $1.73 billion to $1.79 billion. For the next fiscal year, analysts anticipate that the company will report sales of $2.03 billion per share, with estimates ranging from $1.93 billion to $2.10 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Fortinet.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data 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. The business had revenue of $441.30 million during the quarter, compared to analysts’ expectations of $425.66 million. Fortinet had a return on equity of 17.51% and a net margin of 5.43%. The firm’s quarterly revenue was up 21.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.27 earnings per share.

A number of brokerages have issued reports on FTNT. Zacks Investment Research cut Fortinet from a “buy” rating to a “hold” rating in a research note on Monday, July 2nd. Cleveland Research initiated coverage on Fortinet in a research note on Friday, June 29th. They set a “neutral” rating for the company. Royal Bank of Canada lifted their target price on Fortinet to $69.00 and gave the stock a “sector perform” rating in a report on Thursday, August 2nd. UBS Group lifted their target price on Fortinet from $64.00 to $67.00 and gave the stock a “buy” rating in a report on Monday, May 21st. Finally, Monness Crespi & Hardt lifted their target price on Fortinet from $64.00 to $70.00 and gave the stock a “buy” rating in a report on Tuesday, July 31st. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company. Fortinet currently has an average rating of “Buy” and a consensus price target of $67.30.

In related news, VP John Whittle sold 1,250 shares of Fortinet stock in a transaction on Monday, June 18th. The stock was sold at an average price of $64.98, for a total value of $81,225.00. Following the completion of the sale, the vice president now owns 9,309 shares of the company’s stock, valued at $604,898.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Michael Xie sold 165,780 shares of Fortinet stock in a transaction on Friday, August 3rd. The stock was sold at an average price of $73.43, for a total value of $12,173,225.40. Following the completion of the sale, the vice president now directly owns 6,694,500 shares of the company’s stock, valued at approximately $491,577,135. The disclosure for this sale can be found here. Insiders sold 180,570 shares of company stock valued at $13,329,000 in the last ninety days. 17.70% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently modified their holdings of FTNT. Three Peaks Capital Management LLC bought a new stake in shares of Fortinet in the first quarter worth $114,000. Synovus Financial Corp bought a new stake in shares of Fortinet in the first quarter worth $161,000. Smithfield Trust Co. grew its holdings in shares of Fortinet by 4,071.4% in the second quarter. Smithfield Trust Co. now owns 2,920 shares of the software maker’s stock worth $182,000 after acquiring an additional 2,850 shares during the period. TD Asset Management Inc. bought a new stake in shares of Fortinet in the second quarter worth $208,000. Finally, Tocqueville Asset Management L.P. bought a new stake in shares of Fortinet in the second quarter worth $221,000. 71.21% of the stock is owned by institutional investors.

Shares of NASDAQ:FTNT opened at $90.35 on Friday. The firm has a market cap of $15.01 billion, a price-to-earnings ratio of 118.31, a P/E/G ratio of 5.49 and a beta of 0.63. Fortinet has a 12-month low of $35.44 and a 12-month high of $91.27.

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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