Fortinet Inc (FTNT) Expected to Post Quarterly Sales of $471.57 Million

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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.

Several equities analysts have recently issued reports on the company. ValuEngine cut Fortinet from a “strong-buy” rating to a “buy” rating in a report on Friday, November 2nd. Oppenheimer decreased their price objective on Fortinet from $97.00 to $88.00 in a report on Monday, January 7th. Royal Bank of Canada boosted their price objective on Fortinet to $76.00 and gave the company a “sector perform” rating in a report on Friday, November 2nd. Zacks Investment Research raised Fortinet from a “hold” rating to a “buy” rating and set a $83.00 price objective for the company in a report on Tuesday, January 29th. Finally, Raymond James raised Fortinet from a “market perform” rating to an “outperform” rating in a report on Monday, November 26th. Two research analysts have rated the stock with a sell rating, sixteen have issued a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $80.86.

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.

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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