Zacks: Brokerages Anticipate Fortinet Inc (FTNT) Will Post Quarterly Sales of $390.33 Million

Equities analysts expect Fortinet Inc (NASDAQ:FTNT) to post $390.33 million in sales for the current fiscal quarter, according to Zacks Investment Research. Nine analysts have made estimates for Fortinet’s earnings, with the highest sales estimate coming in at $393.00 million and the lowest estimate coming in at $387.68 million. Fortinet posted sales of $340.58 million in the same quarter last year, which suggests a positive year-over-year growth rate of 14.6%. The business is expected to report its next quarterly earnings results on Thursday, April 26th.

According to Zacks, analysts expect that Fortinet will report full-year sales of $390.33 million for the current year, with estimates ranging from $1.70 billion to $1.71 billion. For the next fiscal year, analysts forecast that the company will report sales of $1.92 billion per share, with estimates ranging from $1.88 billion to $1.95 billion. Zacks’ sales calculations are an average based on a survey of sell-side research firms that that provide coverage for Fortinet.

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

A number of research analysts have weighed in on the company. Robert W. Baird reissued a “buy” rating and issued a $56.00 target price on shares of Fortinet in a report on Tuesday, February 6th. Morgan Stanley increased their target price on Fortinet from $51.00 to $53.00 and gave the company an “overweight” rating in a report on Tuesday, February 6th. Monness Crespi & Hardt reaffirmed a “buy” rating and issued a $50.00 price objective (up previously from $45.00) on shares of Fortinet in a research note on Friday, January 19th. JMP Securities raised their price objective on Fortinet from $41.00 to $54.00 and gave the stock a “market outperform” rating in a research note on Friday, January 26th. Finally, Stifel Nicolaus raised their price objective on Fortinet from $42.00 to $46.00 and gave the stock a “hold” rating in a research note on Tuesday, February 6th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company. Fortinet currently has a consensus rating of “Buy” and an average target price of $47.67.

Fortinet (NASDAQ FTNT) opened at $49.11 on Thursday. Fortinet has a 1-year low of $35.44 and a 1-year high of $49.97. The firm has a market capitalization of $8,531.54, a PE ratio of 87.61, a price-to-earnings-growth ratio of 3.97 and a beta of 0.86.

Fortinet announced that its Board of Directors has initiated a stock repurchase plan on Thursday, October 26th that allows the company to buyback $400.00 million in outstanding shares. This buyback authorization allows the software maker to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.

In related news, VP John Whittle sold 13,749 shares of Fortinet stock in a transaction that occurred on Tuesday, December 19th. The stock was sold at an average price of $45.00, for a total transaction of $618,705.00. Following the sale, the vice president now owns 18,430 shares of the company’s stock, valued at approximately $829,350. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael Xie sold 40,000 shares of Fortinet stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $41.95, for a total value of $1,678,000.00. Following the sale, the vice president now directly owns 6,692,200 shares in the company, valued at approximately $280,737,790. The disclosure for this sale can be found here. Insiders have sold a total of 209,315 shares of company stock worth $9,377,275 in the last three months. 16.40% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FTNT. Alyeska Investment Group L.P. purchased a new position in Fortinet during the 3rd quarter valued at approximately $14,293,000. Pictet Asset Management Ltd. grew its holdings in Fortinet by 20.8% during the 3rd quarter. Pictet Asset Management Ltd. now owns 1,795,700 shares of the software maker’s stock valued at $64,358,000 after buying an additional 309,000 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Fortinet by 8.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 3,752,012 shares of the software maker’s stock valued at $134,472,000 after buying an additional 296,648 shares in the last quarter. Cornerstone Capital Management Holdings LLC. grew its holdings in Fortinet by 179.4% during the 3rd quarter. Cornerstone Capital Management Holdings LLC. now owns 450,252 shares of the software maker’s stock valued at $16,135,000 after buying an additional 289,086 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its holdings in Fortinet by 7.0% during the 3rd quarter. Ameriprise Financial Inc. now owns 4,400,011 shares of the software maker’s stock valued at $157,693,000 after buying an additional 288,097 shares in the last quarter. Institutional investors and hedge funds own 68.72% of the company’s stock.

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About Fortinet

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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