Analysts Set Expectations for Fortinet FY2024 Earnings

Fortinet, Inc. (NASDAQ:FTNT) – Research analysts at Cantor Fitzgerald issued their FY2024 earnings per share (EPS) estimates for Fortinet in a research report issued on Tuesday, October 29th. Cantor Fitzgerald analyst J. Ruykhaver forecasts that the software maker will post earnings per share of $1.83 for the year. Cantor Fitzgerald currently has a “Neutral” rating and a $88.00 price target on the stock. The consensus estimate for Fortinet’s current full-year earnings is $1.74 per share.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.16. The firm had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The business’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same period last year, the company earned $0.31 EPS.

Several other brokerages have also recently issued reports on FTNT. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research report on Wednesday, August 7th. DZ Bank upgraded Fortinet from a “sell” rating to a “hold” rating and set a $65.00 target price on the stock in a report on Thursday, August 8th. Mizuho cut Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 target price for the company. in a research note on Thursday, October 17th. Citigroup upped their price target on Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a research note on Friday, September 13th. Finally, HSBC raised Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price objective for the company in a research report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $74.68.

Fortinet Stock Up 0.2 %

Shares of NASDAQ FTNT opened at $78.80 on Friday. The firm has a fifty day simple moving average of $78.06 and a two-hundred day simple moving average of $67.48. Fortinet has a 12 month low of $44.12 and a 12 month high of $83.77. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. The firm has a market capitalization of $60.27 billion, a PE ratio of 46.63, a price-to-earnings-growth ratio of 2.78 and a beta of 1.00.

Insiders Place Their Bets

In related news, CEO Ken Xie sold 23,693 shares of the firm’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total value of $1,731,010.58. Following the completion of the transaction, the chief executive officer now directly owns 48,842,522 shares of the company’s stock, valued at approximately $3,568,434,657.32. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 70,538 shares of company stock valued at $5,403,559 in the last quarter. 18.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Fortinet

Several large investors have recently added to or reduced their stakes in the stock. Eastern Bank bought a new stake in Fortinet in the third quarter worth $25,000. Winthrop Capital Management LLC purchased a new position in shares of Fortinet during the 1st quarter worth about $25,000. Private Wealth Management Group LLC grew its holdings in Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after purchasing an additional 173 shares during the last quarter. City State Bank raised its position in Fortinet by 900.0% in the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after purchasing an additional 450 shares during the period. Finally, Oakworth Capital Inc. bought a new stake in Fortinet in the second quarter worth about $33,000. 83.71% of the stock is owned by institutional investors.

Fortinet Company Profile

Fortinet, Inc provides cybersecurity and convergence of networking and security solutions worldwide. It offers secure networking solutions focus on the convergence of networking and security; network firewall solutions that consist of FortiGate data centers, hyperscale, and distributed firewalls, as well as encrypted applications; wireless LAN solutions; and secure connectivity solutions, including FortiSwitch secure ethernet switches, FortiAP wireless local area network access points, FortiExtender 5G connectivity gateways, and other products.