Fortinet (NASDAQ:FTNT) issued an update on its FY19 earnings guidance on Thursday morning. The company provided earnings per share guidance of $2.23-$2.26 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $2.14. The company issued revenue guidance of $2.10-$2.12 billion, compared to the consensus revenue estimate of $2.09 billion.Fortinet also updated its FY 2019 guidance to $2.23-2.26 EPS.
Shares of NASDAQ FTNT traded up $7.03 during trading on Friday, reaching $86.05. The company had a trading volume of 5,659,449 shares, compared to its average volume of 1,433,841. Fortinet has a 52 week low of $64.41 and a 52 week high of $96.96. The stock has a market cap of $13.49 billion, a PE ratio of 76.15, a PEG ratio of 4.01 and a beta of 1.08. The business’s 50 day moving average is $80.78.
Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, August 1st. The software maker reported $0.58 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.30 by $0.28. Fortinet had a net margin of 19.07% and a return on equity of 24.78%. The company had revenue of $521.70 million during the quarter, compared to the consensus estimate of $511.38 million. During the same period in the previous year, the firm posted $0.41 earnings per share. The company’s revenue was up 18.2% on a year-over-year basis. As a group, equities analysts anticipate that Fortinet will post 1.31 earnings per share for the current fiscal year.
A number of equities analysts have weighed in on FTNT shares. Morgan Stanley boosted their target price on shares of Fortinet from $77.00 to $79.00 and gave the stock an equal weight rating in a research note on Friday. Robert W. Baird reissued a hold rating and set a $100.00 price target on shares of Fortinet in a research note on Friday. Cowen assumed coverage on shares of Fortinet in a research note on Thursday, May 23rd. They set a market perform rating and a $85.00 price target for the company. Stifel Nicolaus boosted their price target on shares of Fortinet from $85.00 to $95.00 and gave the stock a hold rating in a research note on Tuesday, April 16th. Finally, Monness Crespi & Hardt reissued a buy rating and set a $102.00 price target (up from $97.00) on shares of Fortinet in a research note on Friday. Three research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and eleven have issued a buy rating to the company. The company presently has a consensus rating of Hold and a consensus target price of $87.57.
In related news, CEO Ken Xie sold 8,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $82.58, for a total transaction of $660,640.00. Following the completion of the transaction, the chief executive officer now owns 12,521,600 shares in the company, valued at $1,034,033,728. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP John Whittle sold 1,250 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $75.23, for a total transaction of $94,037.50. Following the transaction, the vice president now owns 9,309 shares of the company’s stock, valued at approximately $700,316.07. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 59,572 shares of company stock valued at $4,416,585. Corporate insiders own 17.20% of the company’s stock.
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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