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

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Brokerages predict that Fortinet Inc (NASDAQ:FTNT) will post $451.02 million in sales for the current quarter, Zacks Investment Research reports. Eight analysts have provided estimates for Fortinet’s earnings. The lowest sales estimate is $449.70 million and the highest is $453.00 million. Fortinet posted sales of $374.22 million during the same quarter last year, which would indicate a positive year over year growth rate of 20.5%. The company is expected to issue its next quarterly earnings report after the market closes on Thursday, November 1st.

On average, analysts expect that Fortinet will report full-year sales of $1.78 billion for the current financial year, with estimates ranging from $1.78 billion to $1.79 billion. For the next financial year, analysts expect that the business will report sales of $2.04 billion, with estimates ranging from $2.00 billion to $2.10 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover Fortinet.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Wednesday, August 1st. The software maker reported $0.41 earnings per share 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 analyst estimates of $425.66 million. Fortinet had a return on equity of 17.51% and a net margin of 5.43%. The company’s revenue was up 21.4% on a year-over-year basis. During the same quarter last year, the business posted $0.27 EPS.

A number of equities analysts have weighed in on the company. Zacks Investment Research lowered Fortinet from a “buy” rating to a “hold” rating in a research note on Monday, July 2nd. JPMorgan Chase & Co. lifted their price objective on Fortinet to $76.00 and gave the company a “neutral” rating in a research note on Thursday, August 2nd. Bank of America lifted their price objective on Fortinet from $70.00 to $77.00 and gave the company a “buy” rating in a research note on Thursday, August 2nd. Cowen lowered Fortinet from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 19th. They noted that the move was a valuation call. Finally, Susquehanna Bancshares lifted their price objective on Fortinet from $61.00 to $68.00 and gave the company a “neutral” rating in a research note on Thursday, August 2nd. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $71.29.

In other Fortinet news, CFO Keith Jensen sold 1,875 shares of the business’s stock in a transaction that occurred on Wednesday, August 22nd. The stock was sold at an average price of $77.05, for a total transaction of $144,468.75. Following the completion of the sale, the chief financial officer now directly owns 1,210 shares in the company, valued at approximately $93,230.50. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, VP John Whittle sold 1,250 shares of the business’s stock in a transaction that occurred on Wednesday, August 1st. The stock was sold at an average price of $62.23, for a total value of $77,787.50. Following the sale, the vice president now owns 9,309 shares of the company’s stock, valued at $579,299.07. The disclosure for this sale can be found here. In the last 90 days, insiders sold 180,570 shares of company stock valued at $13,358,587. 17.70% of the stock is owned by company insiders.

A number of large investors have recently bought and sold shares of FTNT. Neuberger Berman Group LLC purchased a new stake in Fortinet during the 1st quarter worth approximately $231,000. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Fortinet during the 1st quarter worth approximately $243,000. Toronto Dominion Bank boosted its holdings in shares of Fortinet by 14.9% during the 1st quarter. Toronto Dominion Bank now owns 10,118 shares of the software maker’s stock worth $542,000 after purchasing an additional 1,309 shares during the last quarter. Natixis Advisors L.P. acquired a new position in shares of Fortinet during the 1st quarter worth approximately $1,365,000. Finally, New York State Common Retirement Fund lifted its holdings in Fortinet by 0.8% in the first quarter. New York State Common Retirement Fund now owns 544,023 shares of the software maker’s stock valued at $29,149,000 after acquiring an additional 4,430 shares during the last quarter. Institutional investors own 71.18% of the company’s stock.

Shares of NASDAQ FTNT traded down $3.19 during trading on Wednesday, reaching $86.10. 3,949,735 shares of the company traded hands, compared to its average volume of 1,629,405. The firm has a market capitalization of $15.61 billion, a P/E ratio of 165.58, a PEG ratio of 5.71 and a beta of 0.63. Fortinet has a 12-month low of $37.15 and a 12-month high of $94.37.

Fortinet Company Profile

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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