Analysts Issue Forecasts for Fortinet, Inc.’s Q3 2022 Earnings (NASDAQ:FTNT)

Fortinet, Inc. (NASDAQ:FTNTGet Rating) – Stock analysts at Jefferies Financial Group issued their Q3 2022 earnings estimates for Fortinet in a research report issued on Thursday, September 15th. Jefferies Financial Group analyst J. Gallo forecasts that the software maker will post earnings per share of $0.21 for the quarter. Jefferies Financial Group has a “Buy” rating and a $65.00 price objective on the stock. The consensus estimate for Fortinet’s current full-year earnings is $0.78 per share. Jefferies Financial Group also issued estimates for Fortinet’s Q4 2022 earnings at $0.28 EPS, FY2022 earnings at $0.81 EPS, Q1 2023 earnings at $0.20 EPS, Q2 2023 earnings at $0.24 EPS, Q3 2023 earnings at $0.27 EPS, Q4 2023 earnings at $0.34 EPS, FY2023 earnings at $1.06 EPS, Q1 2024 earnings at $0.28 EPS, Q2 2024 earnings at $0.31 EPS and FY2024 earnings at $1.38 EPS.

FTNT has been the subject of several other reports. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Fortinet from $60.00 to $63.00 in a report on Thursday, August 4th. Barclays lowered their target price on shares of Fortinet from $80.00 to $77.00 and set an “overweight” rating for the company in a report on Thursday, August 4th. MKM Partners assumed coverage on shares of Fortinet in a report on Thursday. They set a “buy” rating and a $70.00 target price for the company. BMO Capital Markets lowered their target price on shares of Fortinet from $70.00 to $68.00 and set an “outperform” rating for the company in a report on Thursday, August 4th. Finally, Oppenheimer reduced their price target on shares of Fortinet to $80.00 and set an “outperform” rating for the company in a research report on Tuesday, June 28th. Six investment analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $71.84.

Fortinet Stock Performance

Shares of FTNT opened at $50.42 on Monday. The company has a debt-to-equity ratio of 4.24, a current ratio of 1.12 and a quick ratio of 1.05. Fortinet has a one year low of $47.37 and a one year high of $74.35. The company has a 50-day simple moving average of $54.43 and a two-hundred day simple moving average of $59.68. The firm has a market capitalization of $39.76 billion, a PE ratio of 62.25, a price-to-earnings-growth ratio of 3.58 and a beta of 1.20.

Insider Activity at Fortinet

In related news, VP Michael Xie sold 8,267 shares of Fortinet stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $60.64, for a total transaction of $501,310.88. Following the transaction, the vice president now owns 29,772,120 shares in the company, valued at approximately $1,805,381,356.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Fortinet news, CFO Keith Jensen sold 39,440 shares of the business’s stock in a transaction on Thursday, August 25th. The shares were sold at an average price of $50.57, for a total value of $1,994,480.80. Following the sale, the chief financial officer now owns 4,541 shares in the company, valued at approximately $229,638.37. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Michael Xie sold 8,267 shares of the business’s stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $60.64, for a total transaction of $501,310.88. Following the completion of the sale, the vice president now owns 29,772,120 shares in the company, valued at approximately $1,805,381,356.80. The disclosure for this sale can be found here. In the last quarter, insiders have sold 54,207 shares of company stock worth $2,839,577. 18.60% of the stock is owned by corporate insiders.

Institutional Trading of Fortinet

Several hedge funds have recently bought and sold shares of the stock. Horizon Investments LLC bought a new stake in shares of Fortinet in the 1st quarter worth about $1,122,000. Merit Financial Group LLC bought a new stake in shares of Fortinet in the 1st quarter worth about $1,258,000. Lord Abbett & CO. LLC bought a new stake in shares of Fortinet in the 1st quarter worth about $79,750,000. Advisor Resource Council bought a new stake in shares of Fortinet in the 4th quarter worth about $221,000. Finally, Amalgamated Bank increased its holdings in shares of Fortinet by 4.5% in the 1st quarter. Amalgamated Bank now owns 36,884 shares of the software maker’s stock worth $12,605,000 after buying an additional 1,589 shares during the last quarter. Hedge funds and other institutional investors own 65.72% of the company’s stock.

About Fortinet

(Get Rating)

Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. 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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