Fortinet (FTNT) Updates Q4 2018 Earnings Guidance

Fortinet (NASDAQ:FTNT) issued an update on its fourth quarter 2018 earnings guidance on Thursday morning. The company provided earnings per share guidance of $0.50-0.52 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.50. The company issued revenue guidance of $490-500 million, compared to the consensus revenue estimate of $491.92 million.Fortinet also updated its FY 2018 guidance to $1.72-1.76 EPS.

Shares of NASDAQ FTNT traded down $11.13 during trading hours on Friday, hitting $72.56. 5,918,487 shares of the stock were exchanged, compared to its average volume of 4,146,278. The company has a market cap of $12.27 billion, a P/E ratio of 83.40, a P/E/G ratio of 4.49 and a beta of 0.81. Fortinet has a one year low of $38.50 and a one year high of $94.37.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, November 1st. The software maker reported $0.28 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.24 by $0.04. The business had revenue of $453.90 million during the quarter, compared to the consensus estimate of $450.84 million. Fortinet had a net margin of 7.05% and a return on equity of 22.04%. Fortinet’s quarterly revenue was up 21.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.28 EPS. As a group, sell-side analysts anticipate that Fortinet will post 0.96 earnings per share for the current fiscal year.

Several equities analysts recently commented on the stock. Monness Crespi & Hardt upped their target price on shares of Fortinet from $76.00 to $91.00 and gave the company a buy rating in a research note on Friday. ValuEngine cut shares of Fortinet from a strong-buy rating to a buy rating in a research note on Friday. Citigroup upped their target price on shares of Fortinet from $71.00 to $84.00 and gave the company a neutral rating in a research note on Friday. JPMorgan Chase & Co. upped their target price on shares of Fortinet from $76.00 to $93.00 and gave the company a neutral rating in a research note on Friday. Finally, BMO Capital Markets upped their target price on shares of Fortinet from $76.00 to $90.00 and gave the company an outperform rating in a research note on Friday. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. Fortinet currently has an average rating of Hold and a consensus price target of $77.29.

In related news, CFO Keith Jensen sold 2,150 shares of the stock in a transaction dated Wednesday, August 8th. The shares were sold at an average price of $72.97, for a total transaction of $156,885.50. Following the completion of the sale, the chief financial officer now owns 585 shares in the company, valued at approximately $42,687.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ming Hsieh sold 7,015 shares of the stock in a transaction dated Friday, September 7th. The stock was sold at an average price of $85.50, for a total transaction of $599,782.50. The disclosure for this sale can be found here. In the last 90 days, insiders sold 13,540 shares of company stock valued at $1,107,574. Corporate insiders own 17.70% of the company’s stock.

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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