Fortinet, Inc. (NASDAQ:FTNT – Free Report) – Research analysts at Cantor Fitzgerald increased their FY2023 earnings estimates for Fortinet in a research note issued on Friday, November 3rd. Cantor Fitzgerald analyst J. Ruykhaver now forecasts that the software maker will earn $1.28 per share for the year, up from their previous forecast of $1.23. Cantor Fitzgerald currently has a “Neutral” rating and a $50.00 target price on the stock. The consensus estimate for Fortinet’s current full-year earnings is $1.24 per share.
FTNT has been the topic of several other research reports. Citigroup reduced their price objective on shares of Fortinet from $73.00 to $70.00 and set a “buy” rating on the stock in a research note on Tuesday, August 29th. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Friday. Jefferies Financial Group downgraded shares of Fortinet from a “buy” rating to a “hold” rating and cut their price target for the stock from $85.00 to $65.00 in a research note on Thursday, October 19th. Wells Fargo & Company cut their price target on shares of Fortinet from $90.00 to $85.00 and set an “overweight” rating on the stock in a research note on Friday, August 4th. Finally, Evercore ISI reaffirmed an “inline” rating and set a $51.00 price target (down previously from $78.00) on shares of Fortinet in a research note on Friday. Seventeen investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $66.94.
Fortinet Stock Performance
Shares of FTNT opened at $50.48 on Monday. The company has a debt-to-equity ratio of 3.09, a quick ratio of 1.29 and a current ratio of 1.39. The company has a market capitalization of $39.64 billion, a price-to-earnings ratio of 34.81, a PEG ratio of 2.54 and a beta of 1.14. The company’s 50 day simple moving average is $59.09 and its 200 day simple moving average is $65.46. Fortinet has a 1 year low of $44.12 and a 1 year high of $81.24.
Fortinet (NASDAQ:FTNT – Get Free Report) last released its quarterly earnings results on Thursday, November 2nd. The software maker reported $0.41 EPS for the quarter, beating the consensus estimate of $0.36 by $0.05. The business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.35 billion. Fortinet had a net margin of 21.24% and a negative return on equity of 698.28%. The company’s quarterly revenue was up 15.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.28 earnings per share.
Institutional Trading of Fortinet
A number of hedge funds and other institutional investors have recently made changes to their positions in FTNT. Bank Julius Baer & Co. Ltd Zurich increased its position in shares of Fortinet by 99,008.1% in the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 213,366,900 shares of the software maker’s stock worth $16,128,404,000 after acquiring an additional 213,151,613 shares in the last quarter. BlackRock Inc. boosted its holdings in shares of Fortinet by 1.2% during the 1st quarter. BlackRock Inc. now owns 51,202,733 shares of the software maker’s stock worth $3,402,934,000 after buying an additional 617,369 shares during the period. Alliancebernstein L.P. boosted its holdings in shares of Fortinet by 2.1% during the 2nd quarter. Alliancebernstein L.P. now owns 28,859,057 shares of the software maker’s stock worth $2,181,456,000 after buying an additional 595,952 shares during the period. State Street Corp boosted its holdings in shares of Fortinet by 2.5% during the 2nd quarter. State Street Corp now owns 26,042,793 shares of the software maker’s stock worth $1,968,575,000 after buying an additional 647,200 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in Fortinet by 1.0% in the 1st quarter. Geode Capital Management LLC now owns 15,178,603 shares of the software maker’s stock valued at $1,007,182,000 after purchasing an additional 147,048 shares during the period. 65.00% of the stock is currently owned by institutional investors.
Insiders Place Their Bets
In other news, CFO Keith Jensen sold 5,100 shares of the firm’s stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $57.20, for a total value of $291,720.00. Following the transaction, the chief financial officer now directly owns 4,578 shares in the company, valued at approximately $261,861.60. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director William H. Neukom acquired 552 shares of the business’s stock in a transaction that occurred on Friday, September 8th. The shares were purchased at an average cost of $63.28 per share, for a total transaction of $34,930.56. Following the transaction, the director now directly owns 291,551 shares in the company, valued at approximately $18,449,347.28. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Keith Jensen sold 5,100 shares of the business’s stock in a transaction dated Friday, August 18th. The stock was sold at an average price of $57.20, for a total transaction of $291,720.00. Following the sale, the chief financial officer now owns 4,578 shares in the company, valued at $261,861.60. The disclosure for this sale can be found here. Insiders sold a total of 61,333 shares of company stock valued at $3,505,054 in the last ninety days. Corporate insiders own 17.54% of the company’s stock.
Fortinet, Inc provides cybersecurity and networking solutions worldwide. 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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