Cantor Fitzgerald Predicts Fortinet FY2024 Earnings

Fortinet, Inc. (NASDAQ:FTNT) – Cantor Fitzgerald issued their FY2024 EPS estimates for shares of Fortinet in a report released on Tuesday, October 29th. Cantor Fitzgerald analyst J. Ruykhaver forecasts that the software maker will post earnings per share of $1.83 for the year. Cantor Fitzgerald has a “Neutral” rating and a $88.00 price objective on the stock. The consensus estimate for Fortinet’s current full-year earnings is $1.74 per share.

A number of other equities research analysts also recently commented on the stock. BMO Capital Markets increased their price objective on shares of Fortinet from $70.00 to $76.00 and gave the company a “market perform” rating in a research report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft raised their price target on Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. Morgan Stanley lowered their price objective on Fortinet from $73.00 to $69.00 and set an “overweight” rating for the company in a research report on Wednesday, July 17th. TD Cowen raised their target price on Fortinet from $75.00 to $90.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Finally, Scotiabank upped their price target on Fortinet from $61.00 to $75.00 and gave the company a “sector outperform” rating in a report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $74.68.

Fortinet Stock Up 0.2 %

FTNT stock opened at $78.80 on Friday. The company’s 50 day moving average price is $78.06 and its 200 day moving average price is $67.48. The firm has a market capitalization of $60.27 billion, a price-to-earnings ratio of 46.63, a PEG ratio of 2.78 and a beta of 1.00. Fortinet has a fifty-two week low of $44.12 and a fifty-two week high of $83.77. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32.

Fortinet (NASDAQ:FTNT) last released its earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping the consensus estimate of $0.41 by $0.16. The firm had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. Fortinet’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.31 EPS.

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the sale, the chief executive officer now owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold a total of 70,538 shares of company stock worth $5,403,559 in the last three months. Insiders own 18.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Sarasin & Partners LLP increased its holdings in shares of Fortinet by 22.4% in the 2nd quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock valued at $130,370,000 after purchasing an additional 395,477 shares in the last quarter. Forsta AP Fonden boosted its stake in shares of Fortinet by 11.8% during the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after acquiring an additional 14,300 shares in the last quarter. PDS Planning Inc acquired a new stake in shares of Fortinet in the 1st quarter worth approximately $200,000. Cetera Investment Advisers increased its stake in Fortinet by 543.5% in the 1st quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock valued at $10,765,000 after purchasing an additional 132,871 shares in the last quarter. Finally, Sei Investments Co. raised its holdings in Fortinet by 10.5% during the first quarter. Sei Investments Co. now owns 138,893 shares of the software maker’s stock worth $9,488,000 after purchasing an additional 13,178 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

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.