Fortinet Inc (FTNT) reported quarterly earnings results on Tuesday, Apr-26-2016. The company said it had a profit of $0.12 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.03. Analysts had a consensus of $0.09. The company posted revenue of $284.60 million in the period, compared to analysts expectations of $273.46 million. The company’s revenue was up 33.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.08 EPS.
Many Wall Street Analysts have commented on Fortinet Inc. Company shares were Reiterated by RBC Capital Mkts on Apr 26, 2016 to “Sector Perform”, Firm has raised the Price Target to $ 35 from a previous price target of $32 .Shares were Reiterated by Topeka Capital Markets on Jan 29, 2016 to “Hold” and Lowered the Price Target to $ 35 from a previous price target of $40 .Shares were Reiterated by Dougherty & Company on Jan 29, 2016 to “Buy” and Lowered the Price Target to $ 38 from a previous price target of $41 .
Fortinet Inc opened for trading at $30.44 and hit $31.22 on the upside on Friday, eventually ending the session at $31.14, with a gain of 1.17% or 0.36 points. The heightened volatility saw the trading volume jump to 14,99,706 shares. Company has a market cap of $5,344 M.
In a different news, on Mar 23, 2016, John Whittle (VP CorpDev&Strat Alliance, GC) sold 1,779 shares at $30.00 per share price. According to the SEC, on Mar 2, 2016, Matto Andrew H Del (Chief Financial Officer) sold 2,250 shares at $28.94 per share price. On Feb 17, 2016, Christopher B Paisley (director) sold 6,000 shares at $24.70 per share price, according to the Form-4 filing with the securities and exchange commission.
Fortinet Inc. provides cyber security solutions to enterprise service providers and government organizations across the world. The Companys network security solution consists of FortiGate physical and virtual appliance products that provide an array of integrated security and networking functions to protect data applications and users from network-and content-level security threats. The Companys FortiGate appliances may be deployed as Next Generation Firewalls (NGFW) Data Center Firewalls (DCFW) Unified Threat Management (UTM) systems Internal Network Firewall (INFW) Virtual Machine Firewalls or Cloud Firewalls. The FortiGate appliances range from the FortiGate-20 series for small businesses and branch offices to the FortiGate-5000 series for enterprises and service providers and are based on its technology platform. Its security services are based on intelligence gathered by its FortiGuard Labs team.