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.
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.
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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