Analysts Issue Forecasts for Fortinet, Inc.’s Q3 2022 Earnings (NASDAQ:FTNT)

Fortinet, Inc. (NASDAQ:FTNTGet Rating) – Investment analysts at Jefferies Financial Group issued their Q3 2022 earnings per share (EPS) estimates for shares of Fortinet in a research report issued to clients and investors on Thursday, September 15th. Jefferies Financial Group analyst J. Gallo expects that the software maker will post earnings per share of $0.21 for the quarter. Jefferies Financial Group currently has a “Buy” rating and a $65.00 target price on the stock. The consensus estimate for Fortinet’s current full-year earnings is $0.78 per share. Jefferies Financial Group also issued estimates for Fortinet’s Q4 2022 earnings at $0.28 EPS, FY2022 earnings at $0.81 EPS, Q1 2023 earnings at $0.20 EPS, Q2 2023 earnings at $0.24 EPS, Q3 2023 earnings at $0.27 EPS, Q4 2023 earnings at $0.34 EPS, FY2023 earnings at $1.06 EPS, Q1 2024 earnings at $0.28 EPS, Q2 2024 earnings at $0.31 EPS and FY2024 earnings at $1.38 EPS.

Several other equities research analysts also recently weighed in on the company. Atlantic Securities started coverage on Fortinet in a report on Friday, September 2nd. They set an “overweight” rating and a $76.00 price objective on the stock. Cantor Fitzgerald started coverage on Fortinet in a report on Wednesday, September 7th. They set an “overweight” rating and a $70.00 price objective on the stock. Wells Fargo & Company cut their price objective on Fortinet from $80.00 to $70.00 and set an “overweight” rating on the stock in a report on Monday, July 18th. Morgan Stanley cut their price objective on Fortinet to $66.00 and set an “equal weight” rating on the stock in a report on Monday, June 27th. Finally, Barclays cut their price objective on Fortinet from $80.00 to $77.00 and set an “overweight” rating on the stock in a report on Thursday, August 4th. Six investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $71.84.

Fortinet Trading Down 0.8 %

Shares of FTNT opened at $50.42 on Monday. The company has a debt-to-equity ratio of 4.24, a quick ratio of 1.05 and a current ratio of 1.12. Fortinet has a 52-week low of $47.37 and a 52-week high of $74.35. The firm has a market cap of $39.76 billion, a price-to-earnings ratio of 62.25, a PEG ratio of 3.58 and a beta of 1.20. The business’s fifty day moving average is $54.43 and its 200-day moving average is $59.68.

Insider Activity

In related news, CFO Keith Jensen sold 6,500 shares of the business’s stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $52.89, for a total value of $343,785.00. Following the completion of the sale, the chief financial officer now directly owns 4,541 shares of the company’s stock, valued at approximately $240,173.49. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CFO Keith Jensen sold 6,500 shares of the business’s stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $52.89, for a total value of $343,785.00. Following the completion of the sale, the chief financial officer now directly owns 4,541 shares of the company’s stock, valued at approximately $240,173.49. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Michael Xie sold 8,267 shares of the business’s stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $60.64, for a total value of $501,310.88. Following the completion of the sale, the vice president now directly owns 29,772,120 shares of the company’s stock, valued at $1,805,381,356.80. The disclosure for this sale can be found here. Insiders have sold 54,207 shares of company stock valued at $2,839,577 in the last ninety days. 18.60% of the stock is owned by company insiders.

Institutional Trading of Fortinet

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Prestige Wealth Management Group LLC increased its holdings in Fortinet by 3.4% during the 4th quarter. Prestige Wealth Management Group LLC now owns 999 shares of the software maker’s stock worth $360,000 after purchasing an additional 33 shares in the last quarter. First United Bank & Trust increased its holdings in Fortinet by 0.7% during the 1st quarter. First United Bank & Trust now owns 4,865 shares of the software maker’s stock worth $1,662,000 after purchasing an additional 35 shares in the last quarter. Ipswich Investment Management Co. Inc. grew its holdings in shares of Fortinet by 5.6% in the first quarter. Ipswich Investment Management Co. Inc. now owns 660 shares of the software maker’s stock valued at $226,000 after acquiring an additional 35 shares in the last quarter. Veracity Capital LLC grew its holdings in shares of Fortinet by 3.9% in the first quarter. Veracity Capital LLC now owns 956 shares of the software maker’s stock valued at $327,000 after acquiring an additional 36 shares in the last quarter. Finally, Intersect Capital LLC grew its holdings in shares of Fortinet by 2.2% in the first quarter. Intersect Capital LLC now owns 1,906 shares of the software maker’s stock valued at $651,000 after acquiring an additional 41 shares in the last quarter. 65.72% of the stock is owned by institutional investors.

Fortinet Company Profile

(Get Rating)

Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration.

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Earnings History and Estimates for Fortinet (NASDAQ:FTNT)

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