What is Scotiabank’s Estimate for Fortinet FY2024 Earnings?

Fortinet, Inc. (NASDAQ:FTNT) – Investment analysts at Scotiabank raised their FY2024 earnings estimates for Fortinet in a research note issued on Wednesday, January 8th. Scotiabank analyst P. Colville now anticipates that the software maker will post earnings of $1.95 per share for the year, up from their previous estimate of $1.75. Scotiabank has a “Sector Outperform” rating and a $110.00 price target on the stock. The consensus estimate for Fortinet’s current full-year earnings is $1.94 per share.

Several other equities research analysts have also issued reports on FTNT. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Jefferies Financial Group lifted their price target on Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a research report on Thursday, December 19th. Truist Financial restated a “buy” rating and issued a $105.00 price objective (up from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. Wells Fargo & Company raised their target price on shares of Fortinet from $80.00 to $85.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 19th. Finally, Raymond James boosted their price target on shares of Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, eighteen have issued a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $94.35.

Fortinet Stock Down 0.8 %

Shares of NASDAQ:FTNT opened at $93.83 on Monday. The company has a market cap of $71.92 billion, a price-to-earnings ratio of 47.39, a PEG ratio of 2.76 and a beta of 1.00. Fortinet has a one year low of $54.57 and a one year high of $101.00. The firm has a fifty day moving average price of $94.89 and a two-hundred day moving average price of $79.68. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in FTNT. Marshall Wace LLP grew its stake in shares of Fortinet by 198.5% in the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after buying an additional 4,148,520 shares during the last quarter. FMR LLC boosted its holdings in Fortinet by 276.3% in the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after acquiring an additional 2,705,767 shares in the last quarter. AQR Capital Management LLC grew its stake in shares of Fortinet by 89.7% in the second quarter. AQR Capital Management LLC now owns 2,675,644 shares of the software maker’s stock worth $161,261,000 after acquiring an additional 1,265,162 shares during the last quarter. Los Angeles Capital Management LLC increased its holdings in shares of Fortinet by 3,155.6% during the third quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock valued at $95,948,000 after acquiring an additional 1,199,241 shares in the last quarter. Finally, State Street Corp raised its position in shares of Fortinet by 2.9% in the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after purchasing an additional 766,135 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling

In related news, CFO Keith Jensen sold 17,650 shares of the business’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the transaction, the chief financial officer now owns 4,689 shares in the company, valued at $448,549.74. The trade was a 79.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ken Xie sold 22,916 shares of the firm’s stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total transaction of $2,244,163.88. Following the completion of the sale, the chief executive officer now owns 48,983,683 shares of the company’s stock, valued at $4,796,972,076.19. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 68,123 shares of company stock valued at $6,227,201 over the last ninety days. 18.00% of the stock is owned by insiders.

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.