Fortinet (FTNT) to Release Quarterly Earnings on Thursday

Fortinet (NASDAQ:FTNT) is projected to announce its earnings results after the market closes on Thursday, February 6th. Analysts expect the company to announce earnings of $0.60 per share and revenue of $1.60 billion for the quarter. Parties that wish to listen to the company’s conference call can do so using this link.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, topping the consensus estimate of $0.43 by $0.13. The firm had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.48 billion. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. During the same quarter in the previous year, the business earned $0.35 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 Up 0.0 %

Shares of FTNT stock opened at $100.90 on Tuesday. The business has a 50-day moving average of $96.57 and a 200 day moving average of $83.61. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. Fortinet has a 1-year low of $54.57 and a 1-year high of $102.87. The stock has a market capitalization of $77.34 billion, a PE ratio of 50.96, a P/E/G ratio of 2.65 and a beta of 1.00.

Analyst Upgrades and Downgrades

Several research analysts recently commented on FTNT shares. Mizuho lifted their target price on shares of Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research note on Friday, December 13th. KeyCorp raised shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price objective for the company in a research note on Thursday, December 19th. Rosenblatt Securities increased their target price on shares of Fortinet from $100.00 to $115.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Wells Fargo & Company boosted their price target on Fortinet from $80.00 to $85.00 and gave the company an “equal weight” rating in a report on Tuesday, November 19th. Finally, HSBC upgraded Fortinet from a “hold” rating to a “buy” rating and increased their price objective for the stock from $83.00 to $111.00 in a report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, eighteen have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $97.23.

Insider Buying and Selling at Fortinet

In other news, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at $425,901.87. The trade was a 47.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Ken Xie sold 23,044 shares of the stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the transaction, the chief executive officer now owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 67,860 shares of company stock worth $6,469,056. 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.