Fortinet (NASDAQ:FTNT) Issues Q3 2019 Earnings Guidance

Fortinet (NASDAQ:FTNT) updated its third quarter 2019 earnings guidance on Thursday. The company provided EPS guidance of $0.55-0.57 for the period, compared to the Thomson Reuters consensus EPS 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 analysts have recently commented on the company. Citigroup raised their target price on Fortinet from $78.00 to $80.00 and gave the stock a sell rating in a research report on Friday. Cowen assumed coverage on Fortinet in a research report on Thursday, May 23rd. They issued a market perform rating and a $85.00 target price for the company. Bank of America raised Fortinet from a neutral rating to a buy rating in a research report on Friday. OTR Global raised Fortinet to a positive rating in a research report on Monday, April 15th. Finally, JPMorgan Chase & Co. raised Fortinet from a neutral rating to an overweight rating and set a $93.00 target price for the company in a research report on Monday, June 24th. Three investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and eleven have assigned a buy rating to the stock. The stock has an average rating of Hold and an average price target of $87.57.

FTNT traded up $7.03 during trading on Friday, reaching $86.05. 5,659,449 shares of the stock traded hands, compared to its average volume of 1,342,531. Fortinet has a fifty-two week low of $64.41 and a fifty-two week high of $96.96. The firm’s 50-day moving average price is $80.78. The stock has a market cap of $13.71 billion, a PE ratio of 76.15, a price-to-earnings-growth ratio of 4.08 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, August 1st. The software maker reported $0.58 earnings per share for the quarter, beating the Thomson Reuters’ 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 company had revenue of $521.70 million for the quarter, compared to analyst estimates of $511.38 million. During the same period last year, the company earned $0.41 earnings per share. The business’s revenue was up 18.2% compared to the same quarter last year. Equities research analysts predict that Fortinet will post 1.31 earnings per share for the current fiscal year.

In other Fortinet news, CEO Ken Xie sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $82.58, for a total transaction of $660,640.00. Following the transaction, the chief executive officer now directly owns 12,521,600 shares in the company, valued at $1,034,033,728. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP John Whittle sold 1,250 shares of the firm’s stock in a transaction dated Thursday, May 16th. The shares were 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 in the company, valued at $771,529.92. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 59,572 shares of company stock worth $4,416,585. 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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