Brokerages expect Fortinet Inc (NASDAQ:FTNT) to announce $0.42 earnings per share (EPS) for the current fiscal quarter, according to Zacks. Eight analysts have provided estimates for Fortinet’s earnings. The lowest EPS estimate is $0.41 and the highest is $0.43. Fortinet reported earnings per share of $0.28 in the same quarter last year, which would suggest a positive year-over-year growth rate of 50%. The company is expected to issue its next earnings report on Thursday, October 25th.

On average, analysts expect that Fortinet will report full-year earnings of $1.67 per share for the current year, with EPS estimates ranging from $1.65 to $1.69. For the next fiscal year, analysts anticipate that the business will report earnings of $1.92 per share, with EPS estimates ranging from $1.75 to $2.05. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side analysts that follow Fortinet.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Wednesday, August 1st. The software maker reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.22. The business had revenue of $441.30 million for the quarter, compared to analysts’ expectations of $425.66 million. Fortinet had a return on equity of 17.51% and a net margin of 5.43%. The business’s revenue for the quarter was up 21.4% on a year-over-year basis. During the same period last year, the firm posted $0.27 earnings per share.

Several research analysts have issued reports on FTNT shares. BidaskClub raised Fortinet from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, August 14th. Credit Suisse Group lifted their price objective on Fortinet from $43.00 to $52.00 and gave the company an “underperform” rating in a research report on Thursday, August 2nd. ValuEngine raised Fortinet from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, August 14th. BMO Capital Markets reaffirmed an “outperform” rating and set a $76.00 price objective (up from $61.00) on shares of Fortinet in a research report on Thursday, August 2nd. They noted that the move was a valuation call. Finally, Cleveland Research raised Fortinet from a “neutral” rating to a “buy” rating in a research report on Thursday, July 19th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $67.30.

In related news, Director Ming Hsieh sold 7,015 shares of the business’s stock in a transaction that occurred on Friday, September 7th. The stock was sold at an average price of $85.50, for a total value of $599,782.50. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Keith Jensen sold 1,875 shares of the business’s stock in a transaction that occurred on Wednesday, August 22nd. The stock was sold at an average price of $77.05, for a total value of $144,468.75. Following the completion of the transaction, the chief financial officer now directly owns 1,210 shares in the company, valued at $93,230.50. The disclosure for this sale can be found here. Over the last three months, insiders sold 179,320 shares of company stock worth $13,247,775. 17.70% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. lifted its holdings in Fortinet by 2.2% in the 2nd quarter. BlackRock Inc. now owns 14,157,545 shares of the software maker’s stock worth $883,856,000 after purchasing an additional 308,273 shares in the last quarter. Blue Harbour Group L.P. purchased a new position in Fortinet in the 1st quarter worth approximately $146,798,000. Bank of Montreal Can increased its stake in Fortinet by 51.0% in the 2nd quarter. Bank of Montreal Can now owns 2,031,225 shares of the software maker’s stock worth $126,808,000 after acquiring an additional 685,767 shares during the last quarter. Bank of America Corp DE increased its stake in Fortinet by 4.9% in the 2nd quarter. Bank of America Corp DE now owns 1,652,926 shares of the software maker’s stock worth $103,192,000 after acquiring an additional 76,578 shares during the last quarter. Finally, Schroder Investment Management Group increased its stake in Fortinet by 411.0% in the 2nd quarter. Schroder Investment Management Group now owns 1,370,987 shares of the software maker’s stock worth $36,654,000 after acquiring an additional 1,102,708 shares during the last quarter. 71.21% of the stock is currently owned by institutional investors.

Shares of NASDAQ:FTNT opened at $90.35 on Friday. The stock has a market capitalization of $15.01 billion, a price-to-earnings ratio of 173.75, a PEG ratio of 5.49 and a beta of 0.63. Fortinet has a 52-week low of $35.44 and a 52-week high of $91.27.

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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