Brokers Set Expectations for Fortinet Inc’s Q3 2019 Earnings (FTNT)

Fortinet Inc (NASDAQ:FTNT) – Equities researchers at Oppenheimer decreased their Q3 2019 earnings per share (EPS) estimates for Fortinet in a note issued to investors on Tuesday, April 16th, Zacks Investment Research reports. Oppenheimer analyst S. Eyal now forecasts that the software maker will earn $0.34 per share for the quarter, down from their prior estimate of $0.35. Oppenheimer has a “Outperform” rating and a $97.00 price target on the stock. Oppenheimer also issued estimates for Fortinet’s Q4 2019 earnings at $0.43 EPS.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.26. The company had revenue of $472.60 million during the quarter, compared to analysts’ expectations of $471.90 million. Fortinet had a return on equity of 22.52% and a net margin of 18.64%. Fortinet’s revenue for the quarter was up 18.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.33 earnings per share.

A number of other brokerages have also recently commented on FTNT. Stifel Nicolaus upped their price target on Fortinet from $85.00 to $95.00 and gave the stock a “hold” rating in a research report on Tuesday, April 16th. OTR Global upgraded Fortinet to a “positive” rating in a report on Monday, April 15th. BidaskClub upgraded Fortinet from a “buy” rating to a “strong-buy” rating in a report on Saturday, April 13th. Northland Securities reiterated a “buy” rating and issued a $100.00 price target on shares of Fortinet in a report on Friday, May 3rd. Finally, Monness Crespi & Hardt reiterated a “buy” rating and issued a $97.00 price target (up from $95.00) on shares of Fortinet in a report on Friday, May 3rd. Three research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and eleven have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $85.13.

FTNT traded up $1.09 during midday trading on Wednesday, reaching $82.90. The company had a trading volume of 1,730,010 shares, compared to its average volume of 1,899,532. The stock has a market cap of $14.54 billion, a price-to-earnings ratio of 73.36, a PEG ratio of 4.39 and a beta of 0.93. Fortinet has a 1 year low of $57.76 and a 1 year high of $96.96.

Several institutional investors have recently modified their holdings of FTNT. Oregon Public Employees Retirement Fund boosted its holdings in shares of Fortinet by 3,990.7% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 3,284,855 shares of the software maker’s stock worth $47,000 after purchasing an additional 3,204,555 shares during the last quarter. Norges Bank acquired a new position in shares of Fortinet during the 4th quarter worth approximately $108,282,000. Millennium Management LLC boosted its holdings in shares of Fortinet by 747.9% during the 4th quarter. Millennium Management LLC now owns 1,689,155 shares of the software maker’s stock worth $118,967,000 after purchasing an additional 1,489,927 shares during the last quarter. MERIAN GLOBAL INVESTORS UK Ltd boosted its holdings in shares of Fortinet by 45.5% during the 4th quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 2,599,009 shares of the software maker’s stock worth $183,048,000 after purchasing an additional 812,206 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of Fortinet by 50.3% during the 4th quarter. Geode Capital Management LLC now owns 2,351,384 shares of the software maker’s stock worth $165,377,000 after purchasing an additional 787,230 shares during the last quarter. Institutional investors and hedge funds own 74.31% of the company’s stock.

In other news, CEO Ken Xie sold 80,000 shares of the business’s stock in a transaction that occurred on Monday, February 11th. The stock was sold at an average price of $81.64, for a total transaction of $6,531,200.00. Following the transaction, the chief executive officer now directly owns 12,613,240 shares in the company, valued at approximately $1,029,744,913.60. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Michael Xie sold 9,124 shares of the business’s stock in a transaction that occurred on Monday, February 11th. The stock was sold at an average price of $81.54, for a total value of $743,970.96. Following the transaction, the vice president now owns 6,460,100 shares in the company, valued at $526,756,554. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 192,422 shares of company stock valued at $16,031,513. 17.70% of the stock is owned by company insiders.

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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