Q3 2024 Earnings Forecast for Fortinet, Inc. Issued By Wedbush (NASDAQ:FTNT)

Fortinet, Inc. (NASDAQ:FTNTFree Report) – Equities researchers at Wedbush decreased their Q3 2024 earnings estimates for shares of Fortinet in a research report issued to clients and investors on Wednesday, February 7th. Wedbush analyst D. Ives now forecasts that the software maker will post earnings per share of $0.35 for the quarter, down from their prior forecast of $0.36. Wedbush has a “Outperform” rating and a $86.00 price target on the stock. The consensus estimate for Fortinet’s current full-year earnings is $1.39 per share. Wedbush also issued estimates for Fortinet’s Q1 2025 earnings at $0.34 EPS, Q2 2025 earnings at $0.38 EPS and Q3 2025 earnings at $0.42 EPS.

A number of other equities research analysts have also weighed in on FTNT. Cantor Fitzgerald reissued a “neutral” rating and set a $75.00 target price (up from $50.00) on shares of Fortinet in a report on Wednesday, February 7th. Needham & Company LLC started coverage on shares of Fortinet in a report on Wednesday, October 25th. They set a “hold” rating on the stock. Rosenblatt Securities upped their price objective on shares of Fortinet from $65.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, February 7th. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Wednesday, February 7th. Finally, Stifel Nicolaus upped their price objective on shares of Fortinet from $52.00 to $78.00 and gave the company a “hold” rating in a research note on Wednesday, February 7th. Two research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $71.13.

Get Our Latest Stock Report on Fortinet

Fortinet Trading Down 0.3 %

FTNT opened at $70.26 on Monday. Fortinet has a fifty-two week low of $44.12 and a fifty-two week high of $81.24. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06. The firm has a market capitalization of $53.95 billion, a price-to-earnings ratio of 48.46, a PEG ratio of 3.14 and a beta of 1.09. The company’s 50 day moving average price is $60.89 and its two-hundred day moving average price is $59.19.

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

Hedge Funds Weigh In On Fortinet

Several institutional investors have recently added to or reduced their stakes in FTNT. Moneta Group Investment Advisors LLC grew its position in Fortinet by 125,937.5% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 14,597,668 shares of the software maker’s stock valued at $713,680,000 after buying an additional 14,586,086 shares during the period. Norges Bank bought a new position in Fortinet during the fourth quarter worth about $312,964,000. Nordea Investment Management AB increased its stake in shares of Fortinet by 156.8% in the third quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock worth $554,945,000 after purchasing an additional 5,765,174 shares in the last quarter. Bank of Montreal Can bought a new stake in shares of Fortinet in the second quarter valued at approximately $175,298,000. Finally, Robeco Institutional Asset Management B.V. lifted its stake in shares of Fortinet by 79.6% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 3,576,224 shares of the software maker’s stock valued at $209,853,000 after buying an additional 1,585,236 shares in the last quarter. Institutional investors own 65.00% of the company’s stock.

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 25,885 shares of the company’s stock in a transaction on Friday, December 8th. The shares were sold at an average price of $51.29, for a total transaction of $1,327,641.65. Following the transaction, the vice president now owns 29,907,018 shares in the company, valued at $1,533,930,953.22. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, VP Michael Xie sold 25,885 shares of the stock in a transaction dated Friday, December 8th. The shares were sold at an average price of $51.29, for a total value of $1,327,641.65. Following the completion of the sale, the vice president now owns 29,907,018 shares in the company, valued at $1,533,930,953.22. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Ken Xie sold 46,733 shares of the stock in a transaction dated Tuesday, January 9th. The shares were sold at an average price of $60.12, for a total transaction of $2,809,587.96. Following the completion of the sale, the chief executive officer now owns 51,701,091 shares of the company’s stock, valued at approximately $3,108,269,590.92. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 148,332 shares of company stock worth $8,704,410. Insiders own 17.54% of the company’s stock.

About Fortinet

(Get Free Report)

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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