Fortinet (NASDAQ:FTNT) Releases Q4 Earnings Guidance

Fortinet (NASDAQ:FTNT) issued an update on its fourth quarter earnings guidance on Thursday morning. The company provided EPS guidance of $0.58-0.62 for the period, compared to the consensus EPS estimate of $0.52. The company issued revenue guidance of $1.56-1.62 billion, compared to the consensus revenue estimate of $1.59 billion.

Wall Street Analysts Forecast Growth

FTNT has been the topic of a number of recent research reports. Robert W. Baird upped their price target on shares of Fortinet from $75.00 to $80.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. Guggenheim lowered Fortinet from a “buy” rating to a “neutral” rating in a research report on Monday, July 29th. Barclays lifted their price objective on Fortinet from $74.00 to $85.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Finally, Wells Fargo & Company lifted their price objective on shares of Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Fortinet currently has a consensus rating of “Hold” and a consensus price target of $74.68.

Fortinet Stock Performance

NASDAQ FTNT traded up $2.81 during trading hours on Thursday, reaching $83.68. The stock had a trading volume of 5,920,523 shares, compared to its average volume of 5,421,220. Fortinet has a 52-week low of $49.44 and a 52-week high of $83.83. The stock has a fifty day moving average of $78.28 and a 200 day moving average of $67.82. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. The stock has a market cap of $64.01 billion, a P/E ratio of 47.85, a price-to-earnings-growth ratio of 2.78 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating the consensus estimate of $0.41 by $0.16. The business had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The business’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.31 EPS. Sell-side analysts predict that Fortinet will post 1.75 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the transaction, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In the last three months, insiders have sold 70,538 shares of company stock valued at $5,403,559. Company insiders own 18.00% 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.