Equities research analysts expect Fortinet Inc (NASDAQ:FTNT) to announce earnings of $0.39 per share for the current quarter, Zacks Investment Research reports. Ten analysts have provided estimates for Fortinet’s earnings. The lowest EPS estimate is $0.38 and the highest is $0.42. Fortinet reported earnings per share of $0.33 during the same quarter last year, which indicates a positive year-over-year growth rate of 18.2%. The firm is scheduled to issue its next quarterly earnings results on Thursday, May 2nd.
According to Zacks, analysts expect that Fortinet will report full year earnings of $2.07 per share for the current year, with EPS estimates ranging from $2.04 to $2.10. For the next financial year, analysts anticipate that the business will report earnings of $2.36 per share, with EPS estimates ranging from $2.27 to $2.51. Zacks Investment Research’s EPS calculations are an average based on a survey of sell-side research analysts that cover Fortinet.
Get Fortinet alerts:Fortinet (NASDAQ:FTNT) last posted its earnings results on Wednesday, February 6th. The software maker reported $0.42 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.31 by $0.11. Fortinet had a return on equity of 22.72% and a net margin of 18.44%. The business had revenue of $507.00 million during the quarter, compared to the consensus estimate of $496.33 million. During the same period in the previous year, the business earned $0.32 EPS. The business’s quarterly revenue was up 21.7% on a year-over-year basis.
FTNT has been the subject of several research reports. Monness Crespi & Hardt boosted their target price on Fortinet from $76.00 to $91.00 and gave the company a “buy” rating in a report on Friday, November 2nd. Royal Bank of Canada boosted their target price on Fortinet to $76.00 and gave the company a “sector perform” rating in a report on Friday, November 2nd. BMO Capital Markets boosted their price target on Fortinet from $76.00 to $90.00 and gave the company an “outperform” rating in a research report on Friday, November 2nd. Citigroup boosted their price target on Fortinet from $71.00 to $84.00 and gave the company a “neutral” rating in a research report on Friday, November 2nd. Finally, JPMorgan Chase & Co. boosted their price target on Fortinet from $76.00 to $93.00 and gave the company a “neutral” rating in a research report on Friday, November 2nd. Two investment analysts have rated the stock with a sell rating, sixteen have given a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company. The stock has an average rating of “Hold” and an average price target of $80.86.
Shares of Fortinet stock traded up $0.82 on Tuesday, hitting $83.93. The stock had a trading volume of 1,439,294 shares, compared to its average volume of 2,177,512. Fortinet has a 52-week low of $48.42 and a 52-week high of $94.37. The company has a market capitalization of $14.28 billion, a P/E ratio of 74.27, a PEG ratio of 3.92 and a beta of 0.90.
In related news, CFO Keith Jensen sold 1,875 shares of the stock in a transaction on Wednesday, November 21st. The stock was sold at an average price of $68.39, for a total value of $128,231.25. Following the transaction, the chief financial officer now directly owns 1,245 shares of the company’s stock, valued at approximately $85,145.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Ken Xie sold 80,000 shares of the stock in a transaction on Monday, February 11th. The shares were sold at an average price of $81.64, for a total value of $6,531,200.00. Following the completion of the sale, the chief executive officer now owns 12,613,240 shares of the company’s stock, valued at $1,029,744,913.60. The disclosure for this sale can be found here. In the last three months, insiders have sold 108,751 shares of company stock worth $8,819,765. Corporate insiders own 17.70% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Delta Investment Management LLC bought a new position in Fortinet in the fourth quarter worth about $563,000. Cooper Financial Group acquired a new position in Fortinet in the fourth quarter worth approximately $209,000. First Mercantile Trust Co. acquired a new position in Fortinet in the fourth quarter worth approximately $580,000. Cim LLC purchased a new position in Fortinet during the 4th quarter worth approximately $487,000. Finally, Navellier & Associates Inc grew its position in Fortinet by 13.8% during the 4th quarter. Navellier & Associates Inc now owns 74,759 shares of the software maker’s stock worth $5,265,000 after purchasing an additional 9,085 shares in the last quarter. 71.30% of the stock is currently owned by institutional investors and hedge funds.
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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