Brokerages expect Fortinet Inc (NASDAQ:FTNT) to post $471.57 million in sales for the current fiscal quarter, according to Zacks Investment Research. Ten analysts have provided estimates for Fortinet’s earnings, with estimates ranging from $470.00 million to $475.00 million. Fortinet posted sales of $399.00 million in the same quarter last year, which suggests a positive year-over-year growth rate of 18.2%. The firm is expected to announce its next quarterly earnings results on Thursday, May 2nd.
On average, analysts expect that Fortinet will report full-year sales of $2.08 billion for the current year, with estimates ranging from $2.08 billion to $2.10 billion. For the next fiscal year, analysts forecast that the firm will report sales of $2.35 billion, with estimates ranging from $2.31 billion to $2.41 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that follow Fortinet.
Fortinet (NASDAQ:FTNT) last posted its quarterly 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. The business had revenue of $507.00 million for the quarter, compared to the consensus estimate of $496.33 million. Fortinet had a return on equity of 22.72% and a net margin of 18.44%. The company’s quarterly revenue was up 21.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.32 EPS.
In related news, CEO Ken Xie sold 80,000 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now owns 12,613,240 shares of the company’s stock, valued at approximately $1,029,744,913.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP John Whittle sold 1,250 shares of the company’s stock in a transaction dated Friday, November 16th. The stock was sold at an average price of $72.28, for a total value of $90,350.00. Following the completion of the transaction, the vice president now directly owns 9,309 shares of the company’s stock, valued at approximately $672,854.52. The disclosure for this sale can be found here. Insiders sold a total of 104,143 shares of company stock valued at $8,405,132 in the last ninety days. 17.70% of the stock is currently owned by insiders.
Institutional investors have recently made changes to their positions in the business. Delta Investment Management LLC acquired a new position in shares of Fortinet during the fourth quarter valued at approximately $563,000. Cooper Financial Group acquired a new position in shares of Fortinet during the fourth quarter valued at approximately $209,000. First Mercantile Trust Co. acquired a new position in shares of Fortinet during the fourth quarter valued at approximately $580,000. Cim LLC acquired a new position in shares of Fortinet during the fourth quarter valued at approximately $487,000. Finally, Navellier & Associates Inc raised its holdings in shares of Fortinet by 13.8% during the fourth quarter. Navellier & Associates Inc now owns 74,759 shares of the software maker’s stock valued at $5,265,000 after acquiring an additional 9,085 shares during the last quarter. 71.30% of the stock is owned by institutional investors and hedge funds.
Shares of FTNT stock opened at $82.42 on Thursday. The stock has a market capitalization of $14.14 billion, a PE ratio of 72.94, a P/E/G ratio of 4.22 and a beta of 0.90. Fortinet has a 52-week low of $47.68 and a 52-week 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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