Fortinet (FTNT) Set to Announce Quarterly Earnings on Thursday

Fortinet (NASDAQ:FTNT) will announce its earnings results after the market closes on Thursday, November 7th. Analysts expect the company to announce earnings of $0.43 per share for the quarter. Persons interested in listening to the company’s earnings conference call can do so using this link.

Fortinet (NASDAQ:FTNT) last released its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.16. The business had revenue of $1.43 billion during the quarter, compared to the consensus estimate 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 revenue for the quarter was up 10.9% compared to the same quarter last year. During the same period last year, the company earned $0.31 earnings per share. On average, analysts expect Fortinet to post $2 EPS for the current fiscal year and $2 EPS for the next fiscal year.

Fortinet Trading Down 1.2 %

Shares of FTNT opened at $77.92 on Wednesday. The firm has a market capitalization of $59.60 billion, a price-to-earnings ratio of 46.37, a PEG ratio of 2.77 and a beta of 1.00. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. Fortinet has a 1-year low of $47.66 and a 1-year high of $83.77. The company has a 50-day moving average of $78.14 and a 200 day moving average of $67.62.

Analyst Ratings Changes

FTNT has been the subject of several research analyst reports. Wells Fargo & Company lifted their price target on shares of Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 7th. Citigroup upped their target price on Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a report on Friday, September 13th. Cantor Fitzgerald increased their price target on Fortinet from $65.00 to $88.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 29th. Wedbush restated an “outperform” rating and issued a $78.00 price objective on shares of Fortinet in a report on Wednesday, August 7th. Finally, Hsbc Global Res upgraded shares of Fortinet from a “moderate sell” rating to a “hold” rating in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $74.68.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 23,693 shares of the stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the sale, the chief executive officer now directly owns 48,842,522 shares of the company’s stock, valued at $3,568,434,657.32. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Over the last ninety days, insiders sold 70,538 shares of company stock worth $5,403,559. Company insiders own 18.00% of the company’s stock.

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.