Fortinet, Inc. (NASDAQ:FTNT) issued an update on its third quarter earnings guidance on Wednesday morning. The company provided EPS guidance of $0.22-0.23 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.22. The company issued revenue guidance of $367-373 million, compared to the consensus revenue estimate of $371.98 million.Fortinet also updated its FY17 guidance to $0.94-0.96 EPS.
Fortinet, Inc. (NASDAQ:FTNT) traded down 0.32% during trading on Wednesday, hitting $40.58. 1,936,842 shares of the stock were exchanged. The stock’s 50 day moving average price is $38.66 and its 200 day moving average price is $37.48. The stock has a market cap of $7.13 billion, a P/E ratio of 176.43 and a beta of 1.02. Fortinet, Inc. has a 12 month low of $28.50 and a 12 month high of $41.56.
Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, April 27th. The software maker reported $0.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.05. The business had revenue of $340.60 million for the quarter, compared to the consensus estimate of $334.44 million. Fortinet had a net margin of 3.06% and a return on equity of 7.34%. The business’s revenue was up 19.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.12 EPS. Analysts forecast that Fortinet, Inc. will post $0.91 EPS for the current fiscal year.
Several equities research analysts recently weighed in on FTNT shares. Monness Crespi & Hardt started coverage on shares of Fortinet in a research note on Wednesday, June 14th. They set a buy rating and a $45.00 target price on the stock. Zacks Investment Research raised shares of Fortinet from a hold rating to a buy rating and set a $44.00 target price on the stock in a research note on Wednesday, May 3rd. Robert W. Baird reaffirmed a buy rating on shares of Fortinet in a research note on Friday, April 28th. UBS AG upped their target price on shares of Fortinet from $42.00 to $45.00 and gave the stock a buy rating in a research note on Friday, April 28th. Finally, Dougherty & Co upped their target price on shares of Fortinet from $38.00 to $46.00 and gave the stock a buy rating in a research note on Friday, April 21st. Nine equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. Fortinet has an average rating of Buy and a consensus price target of $41.52.
In other news, Director Christopher B. Paisley sold 6,000 shares of the company’s stock in a transaction on Monday, May 1st. The shares were sold at an average price of $39.04, for a total value of $234,240.00. Following the completion of the transaction, the director now owns 67,949 shares in the company, valued at approximately $2,652,728.96. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, VP John Whittle sold 5,583 shares of the company’s stock in a transaction on Friday, May 5th. The shares were sold at an average price of $40.00, for a total transaction of $223,320.00. Following the completion of the transaction, the vice president now owns 4,681 shares of the company’s stock, valued at approximately $187,240. The disclosure for this sale can be found here. In the last 90 days, insiders sold 29,857 shares of company stock valued at $1,178,454. Company insiders own 17.00% of the company’s stock.
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About Fortinet
Fortinet, Inc is a network security company. The Company provides cyber security solutions to a range of enterprises, service providers and government organizations across the world. Its network security solution consists of FortiGate physical, virtual machine and cloud platforms, which provide integrated security and networking functions to protect data, applications and users from network-and content-level security threats.
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