Fortinet Inc (FTNT) Expected to Post Quarterly Sales of $451.02 Million

Wall Street brokerages expect that Fortinet Inc (NASDAQ:FTNT) will report $451.02 million in sales for the current quarter, Zacks reports. Eight analysts have issued estimates for Fortinet’s earnings. The lowest sales estimate is $449.70 million and the highest is $453.00 million. Fortinet reported sales of $374.22 million in the same quarter last year, which indicates a positive year over year growth rate of 20.5%. The business is expected to report its next earnings report after the market closes on Thursday, November 1st.

According to Zacks, analysts expect that Fortinet will report full year sales of $1.78 billion for the current year, with estimates ranging from $1.78 billion to $1.79 billion. For the next financial year, analysts forecast that the business will post sales of $2.04 billion, with estimates ranging from $2.00 billion to $2.10 billion. Zacks’ sales averages are an average based on a survey of analysts that follow Fortinet.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Wednesday, August 1st. The software maker reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.22. The firm had revenue of $441.30 million for the quarter, compared to the consensus estimate of $425.66 million. Fortinet had a net margin of 5.43% and a return on equity of 17.51%. The firm’s revenue was up 21.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.27 earnings per share.

FTNT has been the topic of a number of research analyst reports. BidaskClub downgraded shares of Fortinet from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 23rd. Bank of America boosted their price objective on shares of Fortinet from $64.00 to $70.00 and gave the stock a “buy” rating in a report on Monday, June 11th. Zacks Investment Research raised shares of Fortinet from a “hold” rating to a “strong-buy” rating and set a $74.00 price objective on the stock in a report on Friday, August 3rd. Royal Bank of Canada upped their price target on shares of Fortinet to $69.00 and gave the company a “sector perform” rating in a report on Thursday, August 2nd. Finally, Cleveland Research raised shares of Fortinet from a “neutral” rating to a “buy” rating in a report on Thursday, July 19th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. Fortinet currently has a consensus rating of “Hold” and an average price target of $71.29.

In related news, CFO Keith Jensen sold 2,150 shares of the company’s stock in a transaction that occurred on Wednesday, August 8th. The shares were sold at an average price of $72.97, for a total transaction of $156,885.50. Following the transaction, the chief financial officer now owns 585 shares of the company’s stock, valued at $42,687.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP John Whittle sold 1,250 shares of the company’s stock in a transaction that occurred on Wednesday, August 1st. The shares were sold at an average price of $62.23, for a total transaction of $77,787.50. Following the transaction, the vice president now directly owns 9,309 shares in the company, valued at approximately $579,299.07. The disclosure for this sale can be found here. Insiders sold 180,570 shares of company stock worth $13,358,587 in the last ninety days. Insiders own 17.70% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Blue Harbour Group L.P. acquired a new position in Fortinet during the first quarter worth approximately $146,798,000. Schroder Investment Management Group increased its position in Fortinet by 411.0% during the second quarter. Schroder Investment Management Group now owns 1,370,987 shares of the software maker’s stock worth $36,654,000 after purchasing an additional 1,102,708 shares during the last quarter. Altshuler Shaham Ltd acquired a new position in Fortinet during the second quarter worth approximately $66,610,000. Bank of Montreal Can increased its position in Fortinet by 51.0% during the second quarter. Bank of Montreal Can now owns 2,031,225 shares of the software maker’s stock worth $126,808,000 after purchasing an additional 685,767 shares during the last quarter. Finally, Contour Asset Management LLC acquired a new position in Fortinet during the first quarter worth approximately $35,733,000. 71.18% of the stock is currently owned by institutional investors and hedge funds.

FTNT stock traded down $2.40 during trading on Wednesday, reaching $83.70. 3,673,200 shares of the company were exchanged, compared to its average volume of 1,639,942. The company has a market cap of $15.61 billion, a P/E ratio of 164.88, a P/E/G ratio of 5.71 and a beta of 0.63. Fortinet has a 52-week low of $37.15 and a 52-week high of $94.37.

About Fortinet

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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