Fortinet (NASDAQ:FTNT) Updates Q3 2019 Earnings Guidance

Fortinet (NASDAQ:FTNT) updated its third quarter 2019 earnings guidance on Thursday. The company provided earnings per share guidance of $0.55-0.57 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.53. The company issued revenue guidance of $525-540 million, compared to the consensus revenue estimate of $523.85 million.Fortinet also updated its FY 2019 guidance to $2.23-2.26 EPS.

Several brokerages have recently commented on FTNT. Citigroup increased their target price on Fortinet from $78.00 to $80.00 and gave the stock a sell rating in a report on Friday. JPMorgan Chase & Co. upgraded Fortinet from a neutral rating to an overweight rating and set a $93.00 target price on the stock in a report on Monday, June 24th. BidaskClub cut Fortinet from a strong-buy rating to a buy rating in a report on Thursday, July 25th. Robert W. Baird restated a hold rating and set a $100.00 target price on shares of Fortinet in a report on Friday. Finally, Bank of America upgraded Fortinet from a neutral rating to a buy rating in a report on Friday. Three investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and eleven have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average target price of $87.57.

Fortinet stock traded up $7.03 during mid-day trading on Friday, hitting $86.05. The stock had a trading volume of 5,659,449 shares, compared to its average volume of 1,342,531. The firm’s 50-day moving average is $80.78. The firm has a market cap of $13.71 billion, a PE ratio of 76.15, a PEG ratio of 4.08 and a beta of 1.08. Fortinet has a 12 month low of $64.41 and a 12 month high of $96.96.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, August 1st. The software maker reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.28. Fortinet had a return on equity of 22.52% and a net margin of 18.64%. The business had revenue of $521.70 million for the quarter, compared to analysts’ expectations of $511.38 million. During the same quarter last year, the business earned $0.41 earnings per share. The firm’s quarterly revenue was up 18.2% compared to the same quarter last year. Research analysts expect that Fortinet will post 1.31 earnings per share for the current year.

In other Fortinet news, VP John Whittle sold 1,250 shares of the stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $82.88, for a total value of $103,600.00. Following the transaction, the vice president now owns 9,309 shares of the company’s stock, valued at $771,529.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Ken Xie sold 8,000 shares of the stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $82.58, for a total value of $660,640.00. Following the completion of the transaction, the chief executive officer now directly owns 12,521,600 shares in the company, valued at approximately $1,034,033,728. The disclosure for this sale can be found here. Insiders sold 59,572 shares of company stock worth $4,416,585 in the last three months. Insiders own 17.20% of the company’s stock.

About Fortinet

Fortinet, Inc provides broad, integrated, and automated 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 wide area network acceleration; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.

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