$0.42 EPS Expected for Fortinet Inc (FTNT) This Quarter
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.
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.
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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