Research Analysts Offer Predictions for Fortinet, Inc.’s FY2024 Earnings (NASDAQ:FTNT)

Fortinet, Inc. (NASDAQ:FTNT) – Research analysts at Cantor Fitzgerald raised their FY2024 earnings per share (EPS) estimates for shares of Fortinet in a report released on Friday, May 3rd. Cantor Fitzgerald analyst J. Ruykhaver now forecasts that the software maker will post earnings per share of $1.46 for the year, up from their prior estimate of $1.36. Cantor Fitzgerald currently has a “Neutral” rating and a $55.00 target price on the stock. The consensus estimate for Fortinet’s current full-year earnings is $1.40 per share.

FTNT has been the subject of several other research reports. Wedbush reissued an “outperform” rating and issued a $86.00 price objective on shares of Fortinet in a report on Wednesday, May 1st. Mizuho dropped their price objective on shares of Fortinet from $70.00 to $66.00 and set a “neutral” rating on the stock in a research note on Friday, May 3rd. Robert W. Baird decreased their target price on shares of Fortinet from $81.00 to $75.00 and set an “outperform” rating for the company in a research note on Friday, May 3rd. Evercore ISI dropped their price target on shares of Fortinet from $72.00 to $67.00 and set an “in-line” rating on the stock in a research report on Friday, May 3rd. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research report on Friday, May 3rd. Two research analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and a consensus price target of $70.37.

Fortinet Stock Up 1.1 %

FTNT stock opened at $59.43 on Monday. The company has a market capitalization of $45.36 billion, a P/E ratio of 38.84, a price-to-earnings-growth ratio of 2.60 and a beta of 1.08. Fortinet has a 12 month low of $44.12 and a 12 month high of $81.24. The firm’s fifty day simple moving average is $67.13 and its 200-day simple moving average is $61.98. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.20 and a quick ratio of 1.08.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.05. The company had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.34 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The firm’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.29 EPS.

Hedge Funds Weigh In On Fortinet

Hedge funds have recently modified their holdings of the business. Vima LLC purchased a new position in Fortinet during the fourth quarter worth about $25,000. Rise Advisors LLC boosted its position in shares of Fortinet by 135.6% during the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after purchasing an additional 217 shares during the period. Headinvest LLC acquired a new stake in Fortinet in the 3rd quarter valued at approximately $29,000. Atwood & Palmer Inc. purchased a new stake in Fortinet in the fourth quarter valued at approximately $29,000. Finally, Creekmur Asset Management LLC purchased a new stake in Fortinet in the fourth quarter valued at approximately $32,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 46,084 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now owns 51,813,638 shares of the company’s stock, valued at approximately $3,578,767,976.66. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other 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 transaction of $3,183,021.88. Following the completion of the sale, the chief executive officer now owns 51,813,638 shares in the company, valued at approximately $3,578,767,976.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Michael Xie sold 24,710 shares of Fortinet stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the sale, the vice president now directly owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The disclosure for this sale can be found here. Insiders sold 118,480 shares of company stock valued at $8,021,556 in the last three months. 17.54% of the stock is currently owned by insiders.

About Fortinet

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.