Brokers Issue Forecasts for Fortinet Inc’s Q2 2018 Earnings (FTNT)

Fortinet Inc (NASDAQ:FTNT) – Equities research analysts at William Blair upped their Q2 2018 EPS estimates for Fortinet in a research report issued on Tuesday, Zacks Investment Research reports. William Blair analyst J. Ho now expects that the software maker will post earnings per share of $0.18 for the quarter, up from their previous forecast of $0.12. William Blair also issued estimates for Fortinet’s Q3 2018 earnings at $0.21 EPS and FY2018 earnings at $0.77 EPS.

A number of other brokerages also recently weighed in on FTNT. KeyCorp reissued a “buy” rating and issued a $46.00 price target on shares of Fortinet in a report on Tuesday, October 24th. Zacks Investment Research downgraded shares of Fortinet from a “buy” rating to a “hold” rating in a report on Wednesday. Robert W. Baird upped their price objective on shares of Fortinet from $50.00 to $56.00 and gave the company an “outperform” rating in a research note on Thursday, January 11th. Credit Suisse Group upped their price objective on shares of Fortinet from $33.00 to $37.00 and gave the company an “underperform” rating in a research note on Tuesday, February 6th. Finally, Barclays lowered shares of Fortinet from an “overweight” rating to an “equal weight” rating and upped their price objective for the company from $45.00 to $48.00 in a research note on Tuesday, January 9th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. Fortinet currently has a consensus rating of “Buy” and a consensus price target of $47.67.

Shares of Fortinet (FTNT) traded down $0.33 during midday trading on Friday, reaching $48.95. 1,310,000 shares of the company’s stock were exchanged, compared to its average volume of 1,980,000. Fortinet has a 52 week low of $35.44 and a 52 week high of $49.58. The firm has a market cap of $8,510.00, a P/E ratio of 287.94, a price-to-earnings-growth ratio of 3.96 and a beta of 0.86.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Monday, February 5th. The software maker reported $0.32 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.29 by $0.03. Fortinet had a net margin of 2.10% and a return on equity of 11.77%. The company had revenue of $416.70 million during the quarter, compared to the consensus estimate of $409.04 million. During the same period in the prior year, the company earned $0.30 EPS. Fortinet’s revenue was up 14.9% on a year-over-year basis.

Fortinet announced that its Board of Directors has initiated a share repurchase program on Thursday, October 26th that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the software maker to reacquire shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

In related news, CEO Ken Xie sold 89,423 shares of the stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $45.08, for a total value of $4,031,188.84. Following the transaction, the chief executive officer now owns 12,608,811 shares in the company, valued at $568,405,199.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Michael Xie sold 40,000 shares of the stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $41.95, for a total value of $1,678,000.00. Following the completion of the transaction, the vice president now owns 6,692,200 shares in the company, valued at approximately $280,737,790. The disclosure for this sale can be found here. Insiders sold a total of 209,646 shares of company stock worth $9,390,651 in the last quarter. 16.40% of the stock is owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in FTNT. SeaCrest Wealth Management LLC acquired a new position in Fortinet in the fourth quarter worth approximately $109,000. Cerebellum GP LLC acquired a new position in Fortinet in the fourth quarter worth approximately $125,000. First Mercantile Trust Co. acquired a new position in Fortinet in the fourth quarter worth approximately $135,000. First Republic Investment Management Inc. acquired a new position in Fortinet in the fourth quarter worth approximately $208,000. Finally, Ropes Wealth Advisors LLC increased its holdings in Fortinet by 28.7% in the third quarter. Ropes Wealth Advisors LLC now owns 5,935 shares of the software maker’s stock worth $213,000 after buying an additional 1,325 shares during the last quarter. Hedge funds and other institutional investors own 70.68% 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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