Fortinet Inc (NASDAQ:FTNT) – Equities research analysts at DA Davidson issued their FY2019 earnings per share (EPS) estimates for Fortinet in a note issued to investors on Tuesday, January 14th. DA Davidson analyst A. Nowinski anticipates that the software maker will post earnings of $1.60 per share for the year. DA Davidson currently has a “Buy” rating and a $130.00 price target on the stock. DA Davidson also issued estimates for Fortinet’s Q4 2019 earnings at $0.47 EPS and FY2020 earnings at $1.81 EPS.
A number of other research analysts have also recently issued reports on FTNT. JPMorgan Chase & Co. set a $111.00 price objective on Fortinet and gave the company a “buy” rating in a research note on Friday, November 1st. Deutsche Bank set a $97.00 price objective on Fortinet and gave the company a “hold” rating in a research note on Friday, November 1st. Royal Bank of Canada reiterated a “neutral” rating and set a $109.00 price objective (up previously from $100.00) on shares of Fortinet in a research note on Tuesday, November 19th. Monness Crespi & Hardt lifted their price objective on Fortinet from $110.00 to $120.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Finally, Cowen lifted their price objective on Fortinet from $88.00 to $105.00 and gave the company a “market perform” rating in a research note on Tuesday, November 19th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Hold” and an average price target of $106.65.
Shares of NASDAQ:FTNT opened at $117.05 on Thursday. The stock has a fifty day simple moving average of $108.01 and a two-hundred day simple moving average of $89.62. The stock has a market capitalization of $19.96 billion, a price-to-earnings ratio of 103.58, a PEG ratio of 4.77 and a beta of 1.18. Fortinet has a 12-month low of $68.15 and a 12-month high of $117.74.
Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, October 31st. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.56 by $0.11. The business had revenue of $547.50 million during the quarter, compared to analysts’ expectations of $533.55 million. Fortinet had a return on equity of 25.46% and a net margin of 19.23%. The firm’s quarterly revenue was up 20.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.49 earnings per share.
Several institutional investors have recently made changes to their positions in the company. AE Wealth Management LLC purchased a new position in shares of Fortinet in the fourth quarter valued at about $231,000. Allred Capital Management LLC purchased a new position in shares of Fortinet in the fourth quarter valued at about $38,000. FLC Capital Advisors purchased a new position in shares of Fortinet in the fourth quarter valued at about $221,000. Carroll Financial Associates Inc. purchased a new position in shares of Fortinet in the fourth quarter valued at about $32,000. Finally, Cooper Financial Group purchased a new position in shares of Fortinet in the fourth quarter valued at about $254,000. Institutional investors and hedge funds own 69.95% of the company’s stock.
In other news, VP Michael Xie sold 100,000 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $103.66, for a total value of $10,366,000.00. Following the transaction, the vice president now directly owns 6,306,828 shares in the company, valued at $653,765,790.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP John Whittle sold 12,280 shares of the business’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $100.00, for a total value of $1,228,000.00. Following the completion of the transaction, the executive vice president now owns 15,442 shares in the company, valued at $1,544,200. The disclosure for this sale can be found here. Insiders have sold 117,961 shares of company stock valued at $12,193,482 in the last three months. 17.20% of the stock is currently owned by corporate insiders.
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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