Cantor Fitzgerald Weighs in on Fortinet FY2024 Earnings

Fortinet, Inc. (NASDAQ:FTNT) – Research analysts at Cantor Fitzgerald issued their FY2024 earnings per share (EPS) estimates for shares of Fortinet in a research note issued to investors on Tuesday, October 29th. Cantor Fitzgerald analyst J. Ruykhaver expects that the software maker will post earnings per share of $1.83 for the year. Cantor Fitzgerald has a “Neutral” rating and a $88.00 price target on the stock. The consensus estimate for Fortinet’s current full-year earnings is $1.74 per share.

FTNT has been the subject of a number of other reports. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Citigroup lifted their price objective on Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a research note on Friday, September 13th. Royal Bank of Canada lifted their target price on Fortinet from $68.00 to $72.00 and gave the stock a “sector perform” rating in a report on Wednesday, August 7th. Truist Financial lifted their target price on Fortinet from $70.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Finally, Mizuho lowered Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 target price on the stock. in a report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, twenty-two have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $74.68.

Fortinet Stock Down 0.1 %

Shares of Fortinet stock opened at $78.66 on Friday. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45. Fortinet has a 12 month low of $44.12 and a 12 month high of $83.77. The business has a fifty day simple moving average of $77.98 and a 200 day simple moving average of $67.38. The stock has a market cap of $60.17 billion, a PE ratio of 46.54, a price-to-earnings-growth ratio of 2.78 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last released its earnings results 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 company had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The business’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same period last year, the firm earned $0.31 EPS.

Institutional Investors Weigh In On Fortinet

Several institutional investors and hedge funds have recently added to or reduced their stakes in FTNT. Vanguard Group Inc. increased its holdings in shares of Fortinet by 1.2% during the first quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker’s stock worth $4,648,665,000 after buying an additional 779,271 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Fortinet by 664.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock valued at $2,400,215,000 after purchasing an additional 30,542,551 shares during the period. Swedbank AB increased its holdings in Fortinet by 1.7% in the second quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock valued at $491,610,000 after purchasing an additional 134,366 shares during the period. Marshall Wace LLP grew its holdings in Fortinet by 198.5% during the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after acquiring an additional 4,148,520 shares during the period. Finally, Van ECK Associates Corp grew its holdings in Fortinet by 94.9% during the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock worth $346,890,000 after acquiring an additional 2,802,446 shares during the period. 83.71% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the sale, the chief executive officer now directly owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Over the last quarter, insiders have sold 70,538 shares of company stock valued at $5,403,559. 18.00% of the stock is owned by insiders.

Fortinet Company Profile

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.