Brokerages Expect Fortinet Inc (FTNT) Will Announce Quarterly Sales of $390.33 Million

Equities analysts predict that Fortinet Inc (NASDAQ:FTNT) will announce $390.33 million in sales for the current quarter, according to Zacks Investment Research. Nine analysts have provided estimates for Fortinet’s earnings, with the lowest sales estimate coming in at $387.68 million and the highest estimate coming in at $393.00 million. Fortinet reported sales of $340.58 million in the same quarter last year, which indicates a positive year over year growth rate of 14.6%. The firm is expected to issue its next quarterly earnings results on Thursday, April 26th.

On average, analysts expect that Fortinet will report full year sales of $390.33 million for the current financial year, with estimates ranging from $1.70 billion to $1.71 billion. For the next year, analysts forecast that the firm will report sales of $1.92 billion per share, with estimates ranging from $1.88 billion to $1.95 billion. Zacks’ sales averages are an average based on a survey of sell-side analysts that that provide coverage for Fortinet.

Fortinet (NASDAQ:FTNT) last released its earnings results on Monday, February 5th. The software maker reported $0.32 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.29 by $0.03. The firm had revenue of $416.70 million during the quarter, compared to analyst estimates of $409.04 million. Fortinet had a return on equity of 11.77% and a net margin of 2.10%. Fortinet’s revenue was up 14.9% compared to the same quarter last year. During the same period last year, the business posted $0.30 earnings per share.

A number of research analysts recently issued reports on FTNT shares. Monness Crespi & Hardt reiterated a “buy” rating and issued a $50.00 target price (up from $45.00) on shares of Fortinet in a report on Friday, January 19th. BidaskClub cut Fortinet from a “strong-buy” rating to a “buy” rating in a research note on Thursday, December 7th. Robert W. Baird restated a “buy” rating and issued a $56.00 price target on shares of Fortinet in a research note on Tuesday, February 6th. Bank of America raised their price target on Fortinet from $48.00 to $49.00 and gave the company a “buy” rating in a research note on Tuesday, February 6th. Finally, Zacks Investment Research upgraded Fortinet from a “hold” rating to a “buy” rating and set a $52.00 price target on the stock in a research note on Tuesday, February 13th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the stock. Fortinet has a consensus rating of “Buy” and a consensus target price of $50.13.

NASDAQ:FTNT traded down $1.15 during midday trading on Wednesday, reaching $52.43. The company had a trading volume of 954,334 shares, compared to its average volume of 1,716,610. The firm has a market cap of $9,002.74, a PE ratio of 100.83, a price-to-earnings-growth ratio of 4.30 and a beta of 0.71. Fortinet has a 12-month low of $35.44 and a 12-month high of $55.34.

In related news, CEO Ken Xie sold 89,423 shares of the business’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $45.08, for a total value of $4,031,188.84. Following the transaction, the chief executive officer now owns 12,608,811 shares in the company, valued at approximately $568,405,199.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP John Whittle sold 624 shares of the business’s stock in a transaction dated Monday, March 12th. The shares were sold at an average price of $54.44, for a total value of $33,970.56. The disclosure for this sale can be found here. Insiders have sold 156,190 shares of company stock worth $7,114,541 in the last quarter. Insiders own 17.00% of the company’s stock.

A number of hedge funds have recently modified their holdings of the stock. Renaissance Technologies LLC increased its position in Fortinet by 0.5% in the 4th quarter. Renaissance Technologies LLC now owns 4,418,500 shares of the software maker’s stock valued at $193,044,000 after acquiring an additional 22,700 shares during the period. Clearbridge Investments LLC increased its position in Fortinet by 0.6% in the 4th quarter. Clearbridge Investments LLC now owns 3,785,633 shares of the software maker’s stock valued at $165,394,000 after acquiring an additional 24,088 shares during the period. Global Thematic Partners LLC increased its position in Fortinet by 16.9% in the 4th quarter. Global Thematic Partners LLC now owns 1,379,731 shares of the software maker’s stock valued at $60,280,000 after acquiring an additional 199,227 shares during the period. Champlain Investment Partners LLC increased its position in Fortinet by 1.5% in the 4th quarter. Champlain Investment Partners LLC now owns 1,308,670 shares of the software maker’s stock valued at $57,176,000 after acquiring an additional 18,705 shares during the period. Finally, Geode Capital Management LLC increased its position in Fortinet by 1.5% in the 4th quarter. Geode Capital Management LLC now owns 1,298,717 shares of the software maker’s stock valued at $56,706,000 after acquiring an additional 18,743 shares during the period. Hedge funds and other institutional investors own 68.76% of the company’s stock.

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Fortinet Company Profile

Fortinet, Inc is a network security company. The Company provides cyber security solutions to a range of enterprises, service providers and government organizations across the world. Its network security solution consists of FortiGate physical, virtual machine and cloud platforms, which provide integrated security and networking functions to protect data, applications and users from network-and content-level security threats.

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