Fortinet (NASDAQ:FTNT) Releases Q3 Earnings Guidance

Fortinet (NASDAQ:FTNT) issued an update on its third quarter earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $0.55-$0.57 for the period, compared to the Thomson Reuters consensus estimate of $0.53. The company issued revenue guidance of $525-$540 million, compared to the consensus revenue estimate of $524.10 million.Fortinet also updated its FY 2019 guidance to $2.23-2.26 EPS.

Shares of FTNT traded up $7.03 during mid-day trading on Friday, hitting $86.05. 5,659,449 shares of the company’s stock traded hands, compared to its average volume of 1,433,841. Fortinet has a 1 year low of $64.41 and a 1 year high of $96.96. The stock has a market cap of $13.49 billion, a price-to-earnings ratio of 76.15, a P/E/G ratio of 4.01 and a beta of 1.08. The business has a 50-day simple moving average of $80.78.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, August 1st. The software maker reported $0.58 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.28. The firm had revenue of $521.70 million for the quarter, compared to analysts’ expectations of $511.38 million. Fortinet had a return on equity of 24.78% and a net margin of 19.07%. The business’s revenue was up 18.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.41 earnings per share. As a group, equities research analysts expect that Fortinet will post 1.31 earnings per share for the current fiscal year.

Several equities research analysts recently weighed in on the company. Cowen assumed coverage on Fortinet in a research note on Thursday, May 23rd. They issued a market perform rating and a $85.00 price target on the stock. Morgan Stanley upped their price target on Fortinet from $77.00 to $79.00 and gave the stock an equal weight rating in a research note on Friday. Bank of America raised Fortinet from a neutral rating to a buy rating in a research note on Friday. ValuEngine cut Fortinet from a buy rating to a hold rating in a research note on Monday, July 29th. Finally, Stifel Nicolaus upped their price target on Fortinet from $85.00 to $95.00 and gave the stock a hold rating in a research note on Tuesday, April 16th. Three investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and eleven have given a buy rating to the company. The stock has a consensus rating of Hold and an average price target of $87.57.

In other Fortinet news, VP Michael Xie sold 40,000 shares of the business’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $70.43, for a total value of $2,817,200.00. Following the sale, the vice president now directly owns 6,388,548 shares of the company’s stock, valued at $449,945,435.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP John Whittle sold 1,250 shares of the company’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $75.23, for a total value of $94,037.50. Following the transaction, the vice president now directly owns 9,309 shares in the company, valued at $700,316.07. The disclosure for this sale can be found here. Insiders sold 59,572 shares of company stock worth $4,416,585 over the last three months. Corporate insiders own 17.20% of the company’s stock.

Fortinet Company Profile

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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