Fortinet, Inc. (NASDAQ:FTNT) Expected to Post Quarterly Sales of $960.88 Million

Wall Street analysts forecast that Fortinet, Inc. (NASDAQ:FTNT) will post $960.88 million in sales for the current fiscal quarter, according to Zacks. Nine analysts have provided estimates for Fortinet’s earnings. The lowest sales estimate is $955.00 million and the highest is $970.02 million. Fortinet posted sales of $748.00 million during the same quarter last year, which suggests a positive year over year growth rate of 28.5%. The company is expected to issue its next quarterly earnings report after the market closes on Thursday, February 3rd.

On average, analysts expect that Fortinet will report full year sales of $3.34 billion for the current year, with estimates ranging from $3.33 billion to $3.35 billion. For the next fiscal year, analysts expect that the business will report sales of $3.96 billion, with estimates ranging from $3.79 billion to $4.09 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that that provide coverage for Fortinet.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, November 4th. The software maker reported $0.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.94 by $0.05. The firm had revenue of $867.20 million during the quarter, compared to analysts’ expectations of $812.21 million. Fortinet had a return on equity of 47.46% and a net margin of 17.74%. The company’s revenue was up 33.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.58 earnings per share.

Several research firms have recently weighed in on FTNT. Raymond James increased their price objective on Fortinet from $295.00 to $380.00 and gave the company an “outperform” rating in a research report on Friday, November 5th. Royal Bank of Canada increased their price objective on Fortinet from $248.00 to $347.00 and gave the company a “sector perform” rating in a research report on Friday, November 5th. Cowen upped their target price on Fortinet from $385.00 to $425.00 and gave the company an “outperform” rating in a research note on Friday, November 5th. Stifel Nicolaus began coverage on Fortinet in a research note on Tuesday, September 21st. They issued a “buy” rating and a $355.00 target price for the company. Finally, Colliers Securities restated a “buy” rating and issued a $350.00 target price on shares of Fortinet in a research note on Tuesday, September 21st. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, Fortinet presently has an average rating of “Hold” and an average price target of $315.73.

In other Fortinet news, VP John Whittle sold 2,412 shares of the firm’s stock in a transaction dated Tuesday, December 21st. The stock was sold at an average price of $332.31, for a total transaction of $801,531.72. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Michael Xie sold 2,088 shares of the firm’s stock in a transaction dated Tuesday, November 2nd. The stock was sold at an average price of $327.80, for a total value of $684,446.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,863 shares of company stock worth $6,257,004. Company insiders own 18.60% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. MUFG Americas Holdings Corp acquired a new stake in Fortinet in the 3rd quarter valued at approximately $25,000. Strategic Asset Management LLC acquired a new stake in Fortinet in the 3rd quarter valued at approximately $31,000. Liberty Wealth Management LLC acquired a new stake in Fortinet in the 3rd quarter valued at approximately $29,000. Glassman Wealth Services raised its position in Fortinet by 127.7% in the 3rd quarter. Glassman Wealth Services now owns 107 shares of the software maker’s stock valued at $31,000 after buying an additional 60 shares during the last quarter. Finally, Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. acquired a new stake in Fortinet in the 2nd quarter valued at approximately $33,000. 68.86% of the stock is currently owned by institutional investors.

FTNT opened at $303.49 on Monday. Fortinet has a 1-year low of $137.31 and a 1-year high of $371.77. The company has a current ratio of 1.80, a quick ratio of 1.72 and a debt-to-equity ratio of 0.87. The stock has a market capitalization of $49.62 billion, a price-to-earnings ratio of 91.41, a P/E/G ratio of 8.40 and a beta of 1.16. The business has a 50 day moving average of $334.13 and a 200-day moving average of $305.78.

Fortinet Company Profile

Fortinet, Inc provides cybersecurity solutions to variety of business, such as enterprises, communication service providers and small businesses. It operates through the following segments: Network Security; Infrastructure Security; Cloud Security; and Endpoint Protection, Internet of Things and Operational Technology.

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