Fortinet (FTNT) Scheduled to Post Quarterly Earnings on Thursday

Fortinet (NASDAQ:FTNT) will be issuing its quarterly earnings data after the market closes on Thursday, May 2nd. Analysts expect the company to announce earnings of $0.38 per share 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 results on Monday, February 5th. The software maker reported $0.51 earnings per share (EPS) for the quarter, beating 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 company had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.41 billion. During the same period in the prior year, the company earned $0.38 earnings per share. The business’s quarterly revenue was up 10.3% compared to the same quarter last year. On average, analysts expect Fortinet to post $1 EPS for the current fiscal year and $2 EPS for the next fiscal year.

Fortinet Stock Up 1.0 %

FTNT stock opened at $65.45 on Thursday. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06. Fortinet has a 52-week low of $44.12 and a 52-week high of $81.24. The company has a 50-day moving average of $68.17 and a two-hundred day moving average of $61.70. The stock has a market capitalization of $49.94 billion, a price-to-earnings ratio of 45.14, a price-to-earnings-growth ratio of 2.83 and a beta of 1.08.

Wall Street Analyst Weigh In

FTNT has been the subject of a number of recent analyst reports. Wells Fargo & Company upped their price target on shares of Fortinet from $65.00 to $70.00 and gave the company an “equal weight” rating in a report on Wednesday, February 7th. Truist Financial increased their target price on shares of Fortinet from $60.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, February 7th. StockNews.com cut shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday, April 18th. Stifel Nicolaus increased their target price 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. Finally, Wedbush increased their target price on shares of Fortinet from $75.00 to $86.00 and gave the company an “outperform” rating in a research note on Wednesday, February 7th. Two equities research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $72.19.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 46,084 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total value of $3,183,021.88. Following the completion of the sale, the chief executive officer now owns 51,813,638 shares of the company’s stock, valued at $3,578,767,976.66. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, VP Michael Xie sold 38,369 shares of the firm’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the completion of the sale, the vice president now owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Ken Xie sold 46,084 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the completion of the transaction, the chief executive officer now directly owns 51,813,638 shares in the company, valued at $3,578,767,976.66. The disclosure for this sale can be found here. Insiders sold a total of 132,139 shares of company stock valued at $8,977,876 over the last quarter. Corporate insiders own 17.54% 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.