Brokerages Expect Fortinet Inc (FTNT) Will Announce Earnings of $0.50 Per Share

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Wall Street analysts forecast that Fortinet Inc (NASDAQ:FTNT) will report earnings per share of $0.50 for the current quarter, according to Zacks Investment Research. Ten analysts have made estimates for Fortinet’s earnings, with the highest EPS estimate coming in at $0.51 and the lowest estimate coming in at $0.50. Fortinet reported earnings per share of $0.41 in the same quarter last year, which would suggest a positive year-over-year growth rate of 22%. The business is scheduled to report its next earnings report on Wednesday, August 7th.

On average, analysts expect that Fortinet will report full-year earnings of $2.13 per share for the current fiscal year, with EPS estimates ranging from $2.12 to $2.16. For the next fiscal year, analysts expect that the company will report earnings of $2.40 per share, with EPS estimates ranging from $2.28 to $2.46. Zacks Investment Research’s earnings per share calculations are an average based on a survey of sell-side research analysts that that provide coverage for Fortinet.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, May 2nd. The software maker reported $0.46 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.26. Fortinet had a return on equity of 22.52% and a net margin of 18.64%. The company had revenue of $472.60 million for the quarter, compared to analyst estimates of $471.90 million. During the same period last year, the company earned $0.33 earnings per share. The business’s revenue was up 18.4% compared to the same quarter last year.

Several equities analysts have weighed in on the company. Zacks Investment Research lowered Fortinet from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 9th. BidaskClub upgraded Fortinet from a “buy” rating to a “strong-buy” rating in a report on Saturday, April 13th. Citigroup lowered Fortinet from a “neutral” rating to a “sell” rating and cut their target price for the company from $84.00 to $78.00 in a report on Friday, May 3rd. Evercore ISI restated a “hold” rating and set a $80.00 target price on shares of Fortinet in a report on Tuesday, May 7th. Finally, Stifel Nicolaus lifted their price objective on Fortinet from $85.00 to $95.00 and gave the stock a “hold” rating in a research note on Tuesday, April 16th. Three analysts have rated the stock with a sell rating, seventeen have issued a hold rating and eleven have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $85.13.

NASDAQ FTNT traded down $1.27 during trading on Wednesday, hitting $81.35. 886,400 shares of the company traded hands, compared to its average volume of 1,862,728. Fortinet has a 12 month low of $58.10 and a 12 month high of $96.96. The firm has a market cap of $13.86 billion, a P/E ratio of 71.99, a price-to-earnings-growth ratio of 4.20 and a beta of 0.93.

In related news, CFO Keith Jensen sold 1,850 shares of the business’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $81.17, for a total transaction of $150,164.50. Following the transaction, the chief financial officer now directly owns 1,607 shares in the company, valued at $130,440.19. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP John Whittle sold 1,580 shares of the business’s stock in a transaction dated Tuesday, February 19th. The shares were sold at an average price of $83.44, for a total value of $131,835.20. The disclosure for this sale can be found here. Insiders sold 104,843 shares of company stock worth $8,875,544 over the last quarter. 17.70% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. increased its stake in Fortinet by 6.6% in the third quarter. JPMorgan Chase & Co. now owns 1,202,619 shares of the software maker’s stock valued at $110,966,000 after purchasing an additional 74,061 shares during the last quarter. TIAA CREF Investment Management LLC increased its stake in Fortinet by 23.9% in the third quarter. TIAA CREF Investment Management LLC now owns 957,238 shares of the software maker’s stock valued at $88,324,000 after purchasing an additional 184,765 shares during the last quarter. Nordea Investment Management AB increased its stake in Fortinet by 28.1% during the third quarter. Nordea Investment Management AB now owns 25,125 shares of the software maker’s stock worth $2,319,000 after acquiring an additional 5,512 shares during the last quarter. Vanguard Group Inc increased its stake in Fortinet by 2.9% during the third quarter. Vanguard Group Inc now owns 13,884,993 shares of the software maker’s stock worth $1,281,168,000 after acquiring an additional 394,636 shares during the last quarter. Finally, State of Alaska Department of Revenue increased its stake in Fortinet by 57.8% during the fourth quarter. State of Alaska Department of Revenue now owns 26,892 shares of the software maker’s stock worth $1,893,000 after acquiring an additional 9,851 shares during the last quarter. Hedge funds and other institutional investors own 70.88% of the company’s stock.

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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