Capital One Financial Cuts Earnings Estimates for Fortinet

Fortinet, Inc. (NASDAQ:FTNT) – Investment analysts at Capital One Financial dropped their FY2025 earnings per share estimates for Fortinet in a research note issued to investors on Monday, November 18th. Capital One Financial analyst C. Murphy now anticipates that the software maker will earn $2.01 per share for the year, down from their previous forecast of $2.17. The consensus estimate for Fortinet’s current full-year earnings is $1.89 per share.

A number of other equities analysts have also recently commented on the stock. Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Guggenheim lowered Fortinet from a “buy” rating to a “neutral” rating in a research note on Monday, July 29th. UBS Group increased their target price on Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a report on Friday, November 8th. JPMorgan Chase & Co. lifted their price target on Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Finally, Wells Fargo & Company increased their price objective on Fortinet from $80.00 to $85.00 and gave the company an “equal weight” rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Fortinet has an average rating of “Hold” and a consensus target price of $88.93.

Fortinet Trading Up 1.8 %

FTNT stock opened at $94.13 on Thursday. The company has a market capitalization of $72.15 billion, a PE ratio of 47.54, a price-to-earnings-growth ratio of 2.71 and a beta of 1.00. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. Fortinet has a one year low of $50.65 and a one year high of $100.59. The company’s 50 day moving average price is $82.10 and its two-hundred day moving average price is $70.06.

Insider Activity at Fortinet

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $425,901.87. This trade represents a 47.54 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the transaction, the chief executive officer now directly owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 51,095 shares of company stock valued at $4,058,575 in the last three months. Company insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On Fortinet

Institutional investors and hedge funds have recently made changes to their positions in the company. Eastern Bank bought a new position in Fortinet during the 3rd quarter valued at about $25,000. Ashton Thomas Securities LLC bought a new position in Fortinet during the third quarter valued at approximately $26,000. Private Wealth Management Group LLC boosted its holdings in Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares during the last quarter. City State Bank grew its position in Fortinet by 900.0% in the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after purchasing an additional 450 shares during the period. Finally, Oakworth Capital Inc. purchased a new stake in Fortinet during the 2nd quarter valued at $33,000. Institutional investors 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.