Zacks: Analysts Expect Fortinet Inc (FTNT) Will Post Earnings of $0.39 Per Share
Wall Street analysts expect that Fortinet Inc (NASDAQ:FTNT) will report earnings of $0.39 per share for the current fiscal quarter, Zacks reports. Ten analysts have issued estimates for Fortinet’s earnings, with estimates ranging from $0.38 to $0.42. Fortinet posted earnings of $0.33 per share in the same quarter last year, which would suggest a positive year-over-year growth rate of 18.2%. The business is expected to report its next quarterly earnings report on Thursday, May 2nd.
On average, analysts expect that Fortinet will report full year earnings of $2.07 per share for the current fiscal year, with EPS estimates ranging from $2.04 to $2.10. For the next financial year, analysts forecast 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 averages are an average based on a survey of analysts that follow Fortinet.
Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Wednesday, February 6th. The software maker reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.11. The business had revenue of $507.00 million for the quarter, compared to analysts’ expectations of $496.33 million. Fortinet had a return on equity of 22.72% and a net margin of 18.44%. The firm’s quarterly revenue was up 21.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.32 EPS.
In other Fortinet news, VP John Whittle sold 1,250 shares of the stock in a transaction on Monday, December 17th. The stock was sold at an average price of $70.51, for a total value of $88,137.50. Following the completion of the sale, the vice president now owns 9,309 shares in the company, valued at approximately $656,377.59. The sale was disclosed in a document filed 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 stock was 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 approximately $1,029,744,913.60. The disclosure for this sale can be found here. Insiders sold a total of 197,127 shares of company stock valued at $16,334,589 over the last 90 days. 17.70% of the stock is currently owned by company insiders.
A number of hedge funds have recently modified their holdings of FTNT. Robeco Institutional Asset Management B.V. increased its stake in Fortinet by 21.3% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 611,582 shares of the software maker’s stock worth $56,431,000 after buying an additional 107,502 shares in the last quarter. Synovus Financial Corp increased its stake in Fortinet by 21.8% in the 3rd quarter. Synovus Financial Corp now owns 3,655 shares of the software maker’s stock worth $337,000 after buying an additional 655 shares in the last quarter. Private Advisor Group LLC increased its stake in Fortinet by 185.8% in the 3rd quarter. Private Advisor Group LLC now owns 10,790 shares of the software maker’s stock worth $996,000 after buying an additional 7,014 shares in the last quarter. Commerce Bank purchased a new stake in Fortinet in the 3rd quarter worth $225,000. Finally, Usca Ria LLC increased its stake in Fortinet by 147.6% in the 3rd quarter. Usca Ria LLC now owns 12,130 shares of the software maker’s stock worth $1,119,000 after buying an additional 7,230 shares in the last quarter. Institutional investors and hedge funds own 73.78% of the company’s stock.
FTNT stock traded up $0.72 during midday trading on Thursday, hitting $84.38. The company’s stock had a trading volume of 726,969 shares, compared to its average volume of 1,938,655. The stock has a market capitalization of $14.27 billion, a PE ratio of 74.67, a price-to-earnings-growth ratio of 3.92 and a beta of 0.92. Fortinet has a 12 month low of $51.97 and a 12 month high of $94.37.
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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