Fortinet Inc (FTNT) Expected to Announce Quarterly Sales of $511.08 Million

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Brokerages forecast that Fortinet Inc (NASDAQ:FTNT) will announce sales of $511.08 million for the current quarter, Zacks Investment Research reports. Ten analysts have made estimates for Fortinet’s earnings. The highest sales estimate is $515.00 million and the lowest is $509.33 million. Fortinet posted sales of $441.30 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 15.8%. The business is scheduled to announce its next quarterly earnings results on Wednesday, August 7th.

On average, analysts expect that Fortinet will report full year sales of $2.09 billion for the current year, with estimates ranging from $2.06 billion to $2.10 billion. For the next year, analysts forecast that the company will post sales of $2.37 billion, with estimates ranging from $2.31 billion to $2.41 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover Fortinet.

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

A number of equities research analysts have weighed in on FTNT shares. BMO Capital Markets lowered shares of Fortinet from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $90.00 to $78.00 in a report on Tuesday, January 22nd. They noted that the move was a valuation call. Zacks Investment Research raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $83.00 target price on the stock in a report on Tuesday, January 29th. BidaskClub raised shares of Fortinet from a “hold” rating to a “buy” rating in a report on Wednesday, January 30th. Gabelli lowered shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday, February 7th. Finally, Oppenheimer upped their price objective on shares of Fortinet from $88.00 to $97.00 and gave the company an “outperform” rating in a research note on Thursday, February 7th. Three equities research 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’s stock. Fortinet currently has an average rating of “Hold” and a consensus target price of $85.13.

In related news, VP Michael Xie sold 60,000 shares of the business’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $84.06, for a total transaction of $5,043,600.00. Following the transaction, the vice president now owns 6,444,644 shares in the company, valued at approximately $541,736,774.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP John Whittle sold 1,250 shares of the business’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $92.44, for a total transaction of $115,550.00. Following the transaction, the vice president now owns 10,559 shares in the company, valued at approximately $976,073.96. The disclosure for this sale can be found here. Insiders have sold a total of 95,263 shares of company stock worth $8,072,549 in the last quarter. 17.70% of the stock is owned by corporate insiders.

Several institutional investors have recently added to or reduced their stakes in FTNT. JPMorgan Chase & Co. lifted its position in shares of Fortinet by 6.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,202,619 shares of the software maker’s stock valued at $110,966,000 after acquiring an additional 74,061 shares during the period. TIAA CREF Investment Management LLC raised its holdings in Fortinet by 23.9% during the third quarter. TIAA CREF Investment Management LLC now owns 957,238 shares of the software maker’s stock worth $88,324,000 after buying an additional 184,765 shares during the last quarter. Nordea Investment Management AB raised its holdings 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 buying an additional 5,512 shares during the last quarter. Vanguard Group Inc raised its holdings 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 buying an additional 394,636 shares during the last quarter. Finally, State of Alaska Department of Revenue raised its holdings 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 buying an additional 9,851 shares during the last quarter. Institutional investors own 70.88% of the company’s stock.

Shares of Fortinet stock traded down $0.58 during midday trading on Friday, hitting $81.98. 39,491 shares of the company traded hands, compared to its average volume of 1,852,921. The firm has a market capitalization of $13.89 billion, a PE ratio of 72.67, a price-to-earnings-growth ratio of 4.20 and a beta of 0.93. Fortinet has a 12 month low of $58.10 and a 12 month high of $96.96.

About Fortinet

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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