Fortinet, Inc. (FTNT) Issues Q4 Earnings Guidance

Fortinet, Inc. (NASDAQ:FTNT) issued an update on its fourth quarter earnings guidance on Thursday morning. The company provided earnings per share guidance of $0.28-0.30 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.28. The company issued revenue guidance of $404-412 million, compared to the consensus revenue estimate of $416.95 million.

Fortinet, Inc. (NASDAQ FTNT) opened at $39.94 on Friday. Fortinet, Inc. has a twelve month low of $28.50 and a twelve month high of $41.56. The stock has a market cap of $6,945.57, a PE ratio of 72.62, a PEG ratio of 4.92 and a beta of 0.91.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, October 26th. The software maker reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.05. The business had revenue of $374.20 million for the quarter, compared to analyst estimates of $370.67 million. Fortinet had a net margin of 5.93% and a return on equity of 10.92%. The firm’s revenue was up 18.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.18 EPS. equities analysts forecast that Fortinet, Inc. will post 0.48 earnings per share for the current year.

Fortinet declared that its board has approved a share buyback plan on Wednesday, July 26th that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the software maker to purchase up to 4.2% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

FTNT has been the topic of a number of recent analyst reports. BMO Capital Markets restated a buy rating and issued a $46.00 price target on shares of Fortinet in a research report on Friday, September 1st. Piper Jaffray Companies set a $50.00 price target on shares of Fortinet and gave the company a buy rating in a research report on Friday, August 25th. Cowen and Company reiterated a buy rating and set a $43.00 target price on shares of Fortinet in a research report on Friday, July 28th. Dougherty & Co upped their target price on shares of Fortinet from $46.00 to $48.00 and gave the stock a buy rating in a research report on Thursday, July 27th. Finally, Robert W. Baird set a $50.00 target price on shares of Fortinet and gave the stock a buy rating in a research report on Thursday, July 27th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus target price of $44.00.

In related news, insider Keith Jensen sold 1,850 shares of the firm’s stock in a transaction dated Wednesday, November 8th. The shares were sold at an average price of $39.20, for a total transaction of $72,520.00. Following the transaction, the insider now directly owns 1,374 shares of the company’s stock, valued at $53,860.80. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP John Whittle sold 3,883 shares of the firm’s stock in a transaction dated Wednesday, November 8th. The stock was sold at an average price of $40.00, for a total transaction of $155,320.00. Following the transaction, the vice president now directly owns 4,681 shares in the company, valued at $187,240. The disclosure for this sale can be found here. In the last quarter, insiders sold 9,985 shares of company stock valued at $390,920. Corporate insiders own 16.40% of the company’s stock.

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Fortinet Company Profile

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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