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.

Several equities analysts recently issued reports on FTNT shares. Raymond James raised Fortinet from a “market perform” rating to an “outperform” rating in a research report on Tuesday, November 20th. BidaskClub raised Fortinet from a “hold” rating to a “buy” rating in a report on Saturday, December 8th. Guggenheim assumed coverage on Fortinet in a report on Monday, December 10th. They set a “neutral” rating and a $72.00 price target on the stock. Zacks Investment Research raised Fortinet from a “hold” rating to a “buy” rating and set a $76.00 price target on the stock in a report on Tuesday, December 18th. Finally, Goldman Sachs Group cut Fortinet from a “buy” rating to a “sell” rating and lowered their price target for the company from $95.00 to $59.00 in a report on Friday, January 4th. Two investment analysts have rated the stock with a sell rating, sixteen have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $80.86.

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.

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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