Trade Report: The Fortinet Inc. (FTNT) Posts Earnings Results, Beats Expectations By $0.03 EPS

The Fortinet Inc. (FTNT) Posts  Earnings Results, Beats Expectations By $0.03 EPS

Fortinet Inc. (NASDAQ:FTNT) issued its quarterly earnings results on Thursday. The company reported $0.18 EPS for the quarter, beating the Zacks’ consensus estimate of $0.15 by $0.03. The company earned $316.60 million during the quarter, compared to the consensus estimate of $314.33 million. Fortinet had a positive return on equity of 1.36% and a negative net margin of 0.09%. Fortinet’s revenue was up 21.7% on a year-over-year basis. During the same period last year, the business posted $0.14 earnings per share.

Fortinet (NASDAQ:FTNT) opened at 31.78 on Monday. Fortinet has a one year low of $23.16 and a one year high of $37.48. The stock has a market cap of $5.51 billion, a P/E ratio of 1222.31 and a beta of 1.62. The company’s 50-day moving average price is $34.11 and its 200-day moving average price is $33.67.

In other Fortinet news, CFO Matto Andrew H. Del sold 3,250 shares of the stock in a transaction on Thursday, September 1st. The stock was sold at an average price of $36.29, for a total value of $117,942.50. Following the completion of the sale, the chief financial officer now owns 9,686 shares in the company, valued at approximately $351,504.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Christopher B. Paisley sold 6,000 shares of the stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $34.07, for a total value of $204,420.00. Following the completion of the sale, the director now owns 60,648 shares of the company’s stock, valued at approximately $2,066,277.36. The disclosure for this sale can be found here. 16.40% of the stock is owned by company insiders.

A number of large investors have recently modified their holdings of the company. World Asset Management Inc increased its position in Fortinet by 34.0% in the third quarter. World Asset Management Inc now owns 9,546 shares of the company’s stock valued at $353,000 after buying an additional 2,420 shares during the period. First Citizens Bank & Trust Co. increased its position in Fortinet by 116.6% in the third quarter. First Citizens Bank & Trust Co. now owns 32,065 shares of the company’s stock valued at $1,184,000 after buying an additional 17,260 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in Fortinet by 1.9% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 21,167 shares of the company’s stock valued at $782,000 after buying an additional 393 shares during the period. Great West Life Assurance Co. Can increased its position in Fortinet by 4.3% in the third quarter. Great West Life Assurance Co. Can now owns 111,500 shares of the company’s stock valued at $4,115,000 after buying an additional 4,561 shares during the period. Finally, Concert Wealth Management Inc. increased its position in Fortinet by 1.2% in the third quarter. Concert Wealth Management Inc. now owns 18,425 shares of the company’s stock valued at $682,000 after buying an additional 213 shares during the period. Institutional investors and hedge funds own 71.04% of the company’s stock.

A number of brokerages recently commented on FTNT. First Analysis began coverage on Fortinet in a research report on Friday, October 21st. They set an “equal weight” rating and a $32.00 price target for the company. Oppenheimer Holdings Inc. decreased their price target on Fortinet from $45.00 to $40.00 and set an “outperform” rating for the company in a research report on Wednesday, October 12th. Piper Jaffray Cos. set a $30.00 price target on Fortinet and gave the company a “hold” rating in a research report on Wednesday, October 12th. JMP Securities decreased their price target on Fortinet from $40.00 to $34.00 and set a “market outperform” rating for the company in a research report on Wednesday, October 12th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $41.00 price target (down from $42.00) on shares of Fortinet in a research report on Wednesday, October 12th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and seventeen have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $35.81.

About Fortinet

Related posts

Leave a Comment