Fortinet, Inc. (NASDAQ:FTNT) to Post FY2024 Earnings of $1.36 Per Share, Cantor Fitzgerald Forecasts

Fortinet, Inc. (NASDAQ:FTNTFree Report) – Stock analysts at Cantor Fitzgerald lifted their FY2024 EPS estimates for Fortinet in a research note issued to investors on Wednesday, February 7th. Cantor Fitzgerald analyst J. Ruykhaver now forecasts that the software maker will earn $1.36 per share for the year, up from their previous forecast of $1.31. Cantor Fitzgerald has a “Neutral” rating and a $75.00 price target on the stock. The consensus estimate for Fortinet’s current full-year earnings is $1.35 per share.

Several other research firms also recently weighed in on FTNT. Barclays reaffirmed an “equal weight” rating and issued a $63.00 price objective (down previously from $71.00) on shares of Fortinet in a report on Friday, October 13th. Citigroup downgraded Fortinet from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $60.00 to $62.00 in a report on Tuesday, January 9th. Needham & Company LLC began coverage on Fortinet in a report on Wednesday, October 25th. They issued a “hold” rating on the stock. UBS Group increased their price objective on Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a report on Wednesday, January 10th. Finally, JPMorgan Chase & Co. increased their price objective on Fortinet from $52.00 to $56.00 and gave the stock a “neutral” rating in a report on Monday, December 11th. Two research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $71.13.

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Fortinet Stock Up 3.8 %

Fortinet stock opened at $70.44 on Friday. The firm has a market capitalization of $54.09 billion, a P/E ratio of 48.58, a P/E/G ratio of 2.88 and a beta of 1.09. The company has a 50-day simple moving average of $60.53 and a 200-day simple moving average of $59.49. Fortinet has a one year low of $44.12 and a one year high of $81.24. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.17 and a current ratio of 1.19.

Fortinet (NASDAQ:FTNTGet Free Report) last released its earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.08. The firm had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.41 billion. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The firm’s revenue for the quarter was up 10.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.38 earnings per share.

Insider Buying and Selling

In related news, CFO Keith Jensen sold 5,100 shares of the firm’s stock in a transaction on Friday, November 17th. The stock was sold at an average price of $51.00, for a total value of $260,100.00. Following the completion of the transaction, the chief financial officer now directly owns 4,586 shares of the company’s stock, valued at $233,886. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Fortinet news, CFO Keith Jensen sold 5,100 shares of the stock in a transaction on Friday, November 17th. The stock was sold at an average price of $51.00, for a total transaction of $260,100.00. Following the completion of the transaction, the chief financial officer now directly owns 4,586 shares in the company, valued at $233,886. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Michael Xie sold 25,885 shares of the stock in a transaction on Friday, December 8th. The stock was sold at an average price of $51.29, for a total value of $1,327,641.65. Following the transaction, the vice president now owns 29,907,018 shares of the company’s stock, valued at $1,533,930,953.22. The disclosure for this sale can be found here. Insiders sold a total of 148,332 shares of company stock valued at $8,704,410 over the last ninety days. 17.54% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Headinvest LLC acquired a new position in Fortinet during the third quarter worth $29,000. Atwood & Palmer Inc. acquired a new stake in shares of Fortinet in the fourth quarter valued at $29,000. GeoWealth Management LLC acquired a new stake in shares of Fortinet in the second quarter valued at $30,000. Retirement Group LLC acquired a new stake in shares of Fortinet in the fourth quarter valued at $30,000. Finally, Resurgent Financial Advisors LLC acquired a new stake in shares of Fortinet in the fourth quarter valued at $31,000. 65.00% of the stock is currently owned by institutional investors and hedge funds.

About Fortinet

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Fortinet, Inc provides cybersecurity and networking solutions worldwide. 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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