Fortinet (NASDAQ:FTNT) Updates FY 2019 Earnings Guidance

Fortinet (NASDAQ:FTNT) issued an update on its FY 2019 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 $2.1-2.12 billion, compared to the consensus revenue estimate of $2.09 billion.Fortinet also updated its FY19 guidance to $2.23-$2.26 EPS.

A number of equities research analysts have recently issued reports on the company. Evercore ISI restated a hold rating and set a $80.00 price objective on shares of Fortinet in a report on Tuesday, May 7th. Cowen assumed coverage on Fortinet in a report on Thursday, May 23rd. They set a market perform rating and a $85.00 price objective for the company. OTR Global upgraded Fortinet to a positive rating in a report on Monday, April 15th. BidaskClub cut Fortinet from a strong-buy rating to a buy rating in a report on Thursday, July 25th. Finally, Northland Securities restated a buy rating and set a $100.00 price objective on shares of Fortinet in a report on Friday, May 3rd. Three equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and eleven have issued a buy rating to the company’s stock. Fortinet has a consensus rating of Hold and a consensus target price of $87.57.

Shares of FTNT stock traded up $7.03 during trading on Friday, hitting $86.05. The company had a trading volume of 5,659,449 shares, compared to its average volume of 1,342,531. The company has a market cap of $13.71 billion, a price-to-earnings ratio of 76.15, a P/E/G ratio of 4.08 and a beta of 1.08. The stock’s 50-day simple moving average is $80.78. Fortinet has a one year low of $64.41 and a one year high of $96.96.

Fortinet (NASDAQ:FTNT) last issued 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. The business had revenue of $521.70 million during the quarter, compared to analysts’ expectations of $511.38 million. Fortinet had a return on equity of 22.52% and a net margin of 18.64%. The firm’s revenue for the quarter was up 18.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.41 earnings per share. On average, sell-side analysts anticipate that Fortinet will post 1.31 EPS for the current fiscal year.

In other Fortinet news, Director Christopher B. Paisley sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $81.62, for a total transaction of $81,620.00. Following the completion of the transaction, the director now directly owns 72,621 shares in the company, valued at $5,927,326.02. The sale was disclosed in a document filed 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 Thursday, May 16th. The shares were sold at an average price of $82.88, for a total transaction 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 disclosure for this sale can be found here. Over the last quarter, insiders sold 59,572 shares of company stock valued at $4,416,585. 17.20% of the stock is currently owned by corporate 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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