Gabelli Weighs in on Fortinet Inc’s Q4 2018 Earnings (FTNT)

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Fortinet Inc (NASDAQ:FTNT) – Analysts at Gabelli issued their Q4 2018 EPS estimates for Fortinet in a note issued to investors on Monday, November 5th. Gabelli analyst H. Susanto anticipates that the software maker will post earnings per share of $0.31 for the quarter.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, November 1st. The software maker reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.04. Fortinet had a net margin of 7.05% and a return on equity of 20.52%. The business had revenue of $453.90 million for the quarter, compared to analyst estimates of $450.84 million. During the same quarter last year, the firm earned $0.28 EPS. Fortinet’s quarterly revenue was up 21.3% compared to the same quarter last year.

Several other research analysts have also weighed in on FTNT. Robert W. Baird reissued a “neutral” rating on shares of Fortinet in a research note on Thursday, October 18th. Royal Bank of Canada lifted their price objective on shares of Fortinet to $69.00 and gave the stock a “sector perform” rating in a research note on Thursday, August 2nd. Barclays reissued a “hold” rating and set a $90.00 price objective on shares of Fortinet in a research note on Sunday. Monness Crespi & Hardt lifted their price objective on shares of Fortinet from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, July 31st. Finally, ValuEngine lowered shares of Fortinet from a “strong-buy” rating to a “buy” rating in a research note on Friday, November 2nd. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Hold” and an average target price of $78.32.

Fortinet stock opened at $74.75 on Wednesday. Fortinet has a fifty-two week low of $38.84 and a fifty-two week high of $94.37. The company has a market cap of $12.27 billion, a P/E ratio of 143.75, a PEG ratio of 4.49 and a beta of 0.81.

Institutional investors and hedge funds have recently made changes to their positions in the business. Schroder Investment Management Group lifted its position in shares of Fortinet by 411.0% in the second quarter. Schroder Investment Management Group now owns 1,370,987 shares of the software maker’s stock worth $36,654,000 after purchasing an additional 1,102,708 shares in the last quarter. Altshuler Shaham Ltd bought a new stake in shares of Fortinet in the second quarter worth $66,610,000. Bank of Montreal Can lifted its position in shares of Fortinet by 51.0% in the second quarter. Bank of Montreal Can now owns 2,031,225 shares of the software maker’s stock worth $126,808,000 after purchasing an additional 685,767 shares in the last quarter. Janus Henderson Group PLC lifted its position in shares of Fortinet by 655.2% in the second quarter. Janus Henderson Group PLC now owns 611,465 shares of the software maker’s stock worth $38,174,000 after purchasing an additional 530,500 shares in the last quarter. Finally, KBC Group NV lifted its position in shares of Fortinet by 306.3% in the second quarter. KBC Group NV now owns 665,249 shares of the software maker’s stock worth $41,531,000 after purchasing an additional 501,529 shares in the last quarter. 71.41% of the stock is currently owned by hedge funds and other institutional investors.

In other Fortinet news, VP John Whittle sold 1,250 shares of Fortinet stock in a transaction that occurred on Thursday, August 16th. The shares were sold at an average price of $76.50, for a total value of $95,625.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Michael Xie sold 73,780 shares of Fortinet stock in a transaction that occurred on Friday, November 2nd. The shares were sold at an average price of $81.71, for a total transaction of $6,028,563.80. Following the completion of the transaction, the vice president now directly owns 9,309 shares in the company, valued at approximately $760,638.39. The disclosure for this sale can be found here. In the last ninety days, insiders sold 89,255 shares of company stock worth $7,288,283. Insiders own 17.70% of the company’s stock.

About Fortinet

Fortinet, Inc provides broad, automated, and integrated 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 WAN acceleration; and FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of products, which offers a cloud-ready security information and event management solution for enterprises and service providers.

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