Fortinet, Inc. (NASDAQ:FTNT) Updates Q3 Earnings Guidance
Fortinet, Inc. (NASDAQ:FTNT) issued an update on its third quarter earnings guidance on Wednesday morning. The company provided earnings per share guidance of $0.22-0.23 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.22. The company issued revenue guidance of $367-373 million, compared to the consensus revenue estimate of $371.98 million.Fortinet also updated its FY17 guidance to $0.94-0.96 EPS.
Shares of Fortinet, Inc. (NASDAQ FTNT) traded down 5.52% during mid-day trading on Thursday, hitting $38.34. 3,260,451 shares of the stock were exchanged. Fortinet, Inc. has a 12 month low of $28.50 and a 12 month high of $41.56. The company has a 50-day moving average price of $38.74 and a 200-day moving average price of $37.57. The stock has a market cap of $6.74 billion, a price-to-earnings ratio of 166.70 and a beta of 1.02.
Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Wednesday, July 26th. The software maker reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.07. The business had revenue of $363.50 million during the quarter, compared to analysts’ expectations of $361.05 million. Fortinet had a return on equity of 7.34% and a net margin of 3.06%. The company’s revenue was up 16.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.14 EPS. Equities analysts expect that Fortinet, Inc. will post $0.91 earnings per share for the current year.
Fortinet declared that its Board of Directors has approved a share repurchase plan on Wednesday, July 26th that permits the company to buyback $300.00 million in shares. This buyback authorization permits the software maker to repurchase up to 4.2% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
A number of brokerages recently commented on FTNT. Dougherty & Co raised their target price on Fortinet from $46.00 to $48.00 and gave the company a buy rating in a report on Thursday. Robert W. Baird set a $50.00 target price on Fortinet and gave the company a buy rating in a report on Thursday. Evercore ISI set a $38.00 target price on Fortinet and gave the company a hold rating in a report on Thursday. BidaskClub upgraded Fortinet from a sell rating to a hold rating in a report on Thursday, July 13th. Finally, Zacks Investment Research cut Fortinet from a buy rating to a hold rating in a report on Thursday, July 13th. Ten equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. Fortinet has a consensus rating of Buy and a consensus price target of $41.46.
In other Fortinet news, VP John Whittle sold 11,057 shares of Fortinet stock in a transaction that occurred on Tuesday, May 2nd. The stock was sold at an average price of $39.45, for a total transaction of $436,198.65. Following the transaction, the vice president now owns 11,868 shares of the company’s stock, valued at $468,192.60. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Keith Jensen sold 624 shares of Fortinet stock in a transaction that occurred on Wednesday, May 17th. The stock was sold at an average price of $40.73, for a total value of $25,415.52. Following the transaction, the insider now directly owns 978 shares in the company, valued at approximately $39,833.94. The disclosure for this sale can be found here. Insiders have sold a total of 29,857 shares of company stock worth $1,178,454 in the last three months. Corporate insiders own 16.40% of the company’s stock.
Fortinet, Inc is a network security company. The Company provides cyber security solutions to a range of enterprises, service providers and government organizations across the world. Its network security solution consists of FortiGate physical, virtual machine and cloud platforms, which provide integrated security and networking functions to protect data, applications and users from network-and content-level security threats.
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