Fortinet (FTNT) to Release Quarterly Earnings on Tuesday

Fortinet (NASDAQ:FTNT) is scheduled to announce its earnings results after the market closes on Tuesday, August 6th. Analysts expect the company to announce earnings of $0.41 per share for the quarter. Persons interested in participating in the company’s earnings conference call can do so using this link.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, beating the consensus estimate of $0.38 by $0.05. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The business had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter in the prior year, the firm earned $0.29 EPS. The business’s revenue was up 7.2% on a year-over-year basis. On average, analysts expect Fortinet to post $1 EPS for the current fiscal year and $2 EPS for the next fiscal year.

Fortinet Trading Down 1.2 %

Shares of FTNT stock opened at $56.51 on Monday. The stock’s 50-day moving average price is $59.16 and its 200-day moving average price is $63.69. Fortinet has a 12-month low of $44.12 and a 12-month high of $76.00. The stock has a market capitalization of $43.17 billion, a price-to-earnings ratio of 36.93, a price-to-earnings-growth ratio of 2.79 and a beta of 0.98.

Insider Activity

In related news, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the completion of the transaction, the vice president now owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CFO Keith Jensen sold 18,701 shares of the business’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $59.68, for a total value of $1,116,075.68. Following the completion of the transaction, the chief financial officer now directly owns 4,663 shares in the company, valued at approximately $278,287.84. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the sale, the vice president now owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The disclosure for this sale can be found here. Insiders have sold 91,915 shares of company stock valued at $5,401,638 in the last ninety days. Insiders own 18.00% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Cantor Fitzgerald decreased their price objective on Fortinet from $65.00 to $55.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Susquehanna decreased their price target on shares of Fortinet from $80.00 to $65.00 and set a “neutral” rating on the stock in a research note on Monday, May 6th. Piper Sandler dropped their price objective on shares of Fortinet from $75.00 to $70.00 and set a “neutral” rating for the company in a research note on Friday, May 3rd. Truist Financial decreased their target price on shares of Fortinet from $80.00 to $70.00 and set a “buy” rating on the stock in a research report on Friday, May 3rd. Finally, TD Cowen upgraded Fortinet from a “hold” rating to a “buy” rating and set a $75.00 price target for the company in a research report on Thursday, July 18th. Two research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $70.00.

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.