Fortinet (FTNT) Posts Quarterly Earnings Results, Beats Expectations By $0.04 EPS

Fortinet (NASDAQ:FTNT) released its quarterly earnings results on Thursday. The software maker reported $0.28 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.24 by $0.04, Morningstar.com reports. The firm had revenue of $453.90 million for the quarter, compared to analyst estimates of $450.84 million. Fortinet had a net margin of 5.43% and a return on equity of 17.51%. The business’s revenue for the quarter was up 21.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.28 EPS.

Shares of FTNT stock traded down $11.13 during mid-day trading on Friday, reaching $72.56. The company’s stock had a trading volume of 5,918,487 shares, compared to its average volume of 4,114,909. Fortinet has a 1-year low of $38.50 and a 1-year high of $94.37. The stock has a market cap of $13.90 billion, a price-to-earnings ratio of 139.54, a P/E/G ratio of 5.09 and a beta of 0.81.

In other news, CFO Keith Jensen sold 1,875 shares of the firm’s stock in a transaction dated Wednesday, August 22nd. The shares were sold at an average price of $77.05, for a total value of $144,468.75. Following the transaction, the chief financial officer now owns 1,210 shares of the company’s stock, valued at approximately $93,230.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP John Whittle sold 1,250 shares of the firm’s stock in a transaction dated Monday, September 17th. The shares were sold at an average price of $88.65, for a total transaction of $110,812.50. Following the completion of the transaction, the vice president now directly owns 9,309 shares in the company, valued at approximately $825,242.85. The disclosure for this sale can be found here. In the last ninety days, insiders sold 13,540 shares of company stock worth $1,107,574. 17.70% of the stock is owned by insiders.

Large investors have recently made changes to their positions in the stock. Virginia Retirement Systems ET AL acquired a new stake in Fortinet during the 3rd quarter worth approximately $9,781,000. WINTON GROUP Ltd boosted its position in Fortinet by 4,077.9% during the third quarter. WINTON GROUP Ltd now owns 334,270 shares of the software maker’s stock worth $30,843,000 after purchasing an additional 326,269 shares during the period. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Fortinet by 138.5% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 12,747 shares of the software maker’s stock worth $1,176,000 after buying an additional 7,403 shares in the last quarter. Usca Ria LLC raised its stake in Fortinet by 147.6% in the third quarter. Usca Ria LLC now owns 12,130 shares of the software maker’s stock valued at $1,119,000 after purchasing an additional 7,230 shares in the last quarter. Finally, Smith Asset Management Group LP raised its stake in Fortinet by 41.1% during the third quarter. Smith Asset Management Group LP now owns 923,987 shares of the software maker’s stock worth $85,204,000 after acquiring an additional 269,174 shares in the last quarter. Institutional investors and hedge funds own 71.48% of the company’s stock.

A number of research firms have recently weighed in on FTNT. Bank of America upped their price objective on Fortinet from $70.00 to $77.00 and gave the stock a “buy” rating in a research report on Thursday, August 2nd. Stifel Nicolaus upped their price objective on shares of Fortinet from $60.00 to $72.00 and gave the company a “buy” rating in a research note on Thursday, August 2nd. BidaskClub downgraded shares of Fortinet from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 1st. Monness Crespi & Hardt increased their target price on shares of Fortinet from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, July 31st. Finally, Cleveland Research raised shares of Fortinet from a “neutral” rating to a “buy” rating in a report on Thursday, July 19th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $77.29.

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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Earnings History for Fortinet (NASDAQ:FTNT)

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