Q3 2023 EPS Estimates for Fortinet, Inc. Lifted by Analyst (NASDAQ:FTNT)

Fortinet, Inc. (NASDAQ:FTNTGet Rating) – Analysts at Jefferies Financial Group increased their Q3 2023 earnings estimates for shares of Fortinet in a note issued to investors on Thursday, November 3rd. Jefferies Financial Group analyst J. Gallo now forecasts that the software maker will post earnings of $0.35 per share for the quarter, up from their previous forecast of $0.27. Jefferies Financial Group has a “Buy” rating and a $65.00 price target on the stock. The consensus estimate for Fortinet’s current full-year earnings is $0.80 per share.

Fortinet (NASDAQ:FTNTGet Rating) last issued its earnings results on Wednesday, November 2nd. The software maker reported $0.33 EPS for the quarter, beating the consensus estimate of $0.27 by $0.06. The company had revenue of $1.15 billion during the quarter, compared to analysts’ expectations of $1.12 billion. Fortinet had a net margin of 18.12% and a return on equity of 9,183.04%. The business’s revenue for the quarter was up 32.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.15 EPS.

Other analysts have also recently issued research reports about the stock. Deutsche Bank Aktiengesellschaft upped their target price on shares of Fortinet from $60.00 to $63.00 in a research report on Thursday, August 4th. Sumitomo Mitsui Financial Group began coverage on shares of Fortinet in a report on Friday, October 7th. They issued an “outperform” rating and a $70.00 price target for the company. MKM Partners began coverage on shares of Fortinet in a report on Thursday, September 15th. They issued a “buy” rating and a $70.00 price target for the company. BTIG Research decreased their price target on shares of Fortinet from $80.00 to $62.00 and set a “buy” rating for the company in a report on Thursday. Finally, KeyCorp decreased their price target on shares of Fortinet from $68.00 to $63.00 and set an “overweight” rating for the company in a report on Friday. Four analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $67.65.

Fortinet Stock Performance

Shares of Fortinet stock opened at $47.10 on Monday. The firm has a fifty day moving average of $51.18 and a two-hundred day moving average of $56.59. The stock has a market capitalization of $37.14 billion, a price-to-earnings ratio of 51.99, a PEG ratio of 3.22 and a beta of 1.16. Fortinet has a 52 week low of $42.61 and a 52 week high of $74.35. The company has a debt-to-equity ratio of 4.24, a quick ratio of 1.05 and a current ratio of 1.07.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in FTNT. GW&K Investment Management LLC purchased a new position in Fortinet in the first quarter valued at about $25,000. Atwood & Palmer Inc. bought a new stake in shares of Fortinet in the first quarter valued at approximately $26,000. Catalyst Capital Advisors LLC bought a new stake in shares of Fortinet in the first quarter valued at approximately $39,000. Tcwp LLC bought a new stake in shares of Fortinet in the first quarter valued at approximately $50,000. Finally, JFS Wealth Advisors LLC raised its position in shares of Fortinet by 302.7% in the first quarter. JFS Wealth Advisors LLC now owns 149 shares of the software maker’s stock valued at $51,000 after purchasing an additional 112 shares during the period. 65.72% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CFO Keith Jensen sold 39,440 shares of Fortinet stock in a transaction on Thursday, August 25th. The shares were sold at an average price of $50.57, for a total transaction of $1,994,480.80. Following the completion of the transaction, the chief financial officer now owns 4,541 shares of the company’s stock, valued at $229,638.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 18.60% 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.

Further Reading

Earnings History and Estimates for Fortinet (NASDAQ:FTNT)

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