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.
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.
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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