Fortinet, Inc. (NASDAQ:FTNT – Get Rating) – Jefferies Financial Group issued their Q1 2023 earnings per share estimates for shares of Fortinet in a report issued on Wednesday, April 19th. Jefferies Financial Group analyst J. Gallo forecasts that the software maker will post earnings of $0.22 per share for the quarter. Jefferies Financial Group has a “Buy” rating and a $80.00 price target on the stock. The consensus estimate for Fortinet’s current full-year earnings is $1.14 per share. Jefferies Financial Group also issued estimates for Fortinet’s Q2 2023 earnings at $0.25 EPS, Q3 2023 earnings at $0.30 EPS, Q4 2023 earnings at $0.33 EPS, FY2023 earnings at $1.12 EPS and FY2024 earnings at $1.38 EPS.
Fortinet (NASDAQ:FTNT – Get Rating) last issued its quarterly earnings results on Tuesday, February 7th. The software maker reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.05. Fortinet had a negative return on equity of 309.63% and a net margin of 19.41%. The firm had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same period last year, the company earned $0.19 EPS. The firm’s quarterly revenue was up 33.1% on a year-over-year basis.
Fortinet Trading Down 0.2 %
Shares of FTNT opened at $66.78 on Monday. The business’s 50-day moving average price is $62.99 and its 200 day moving average price is $55.73. The stock has a market capitalization of $52.36 billion, a P/E ratio of 62.53, a P/E/G ratio of 3.27 and a beta of 1.16. Fortinet has a 1-year low of $42.61 and a 1-year high of $69.07.
Insider Buying and Selling at Fortinet
In related news, VP Michael Xie sold 240,046 shares of the stock in a transaction that occurred on Thursday, February 2nd. The stock was sold at an average price of $53.72, for a total value of $12,895,271.12. Following the completion of the sale, the vice president now owns 29,727,018 shares of the company’s stock, valued at $1,596,935,406.96. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, VP Michael Xie sold 240,046 shares of the firm’s stock in a transaction that occurred on Thursday, February 2nd. The shares were sold at an average price of $53.72, for a total transaction of $12,895,271.12. Following the transaction, the vice president now directly owns 29,727,018 shares in the company, valued at $1,596,935,406.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Patrice Perche sold 11,035 shares of the firm’s stock in a transaction dated Tuesday, February 21st. The stock was sold at an average price of $59.75, for a total value of $659,341.25. Following the transaction, the executive vice president now directly owns 25,730 shares in the company, valued at approximately $1,537,367.50. The disclosure for this sale can be found here. Over the last quarter, insiders sold 932,484 shares of company stock valued at $53,877,379. Corporate insiders own 18.60% of the company’s stock.
Institutional Inflows and Outflows
Several large investors have recently added to or reduced their stakes in the company. Moneta Group Investment Advisors LLC boosted its holdings in Fortinet by 125,937.5% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 14,597,668 shares of the software maker’s stock worth $713,680,000 after buying an additional 14,586,086 shares in the last quarter. Norges Bank purchased a new position in Fortinet during the 4th quarter valued at about $312,964,000. Alphinity Investment Management Pty Ltd purchased a new position in Fortinet during the 4th quarter valued at about $196,373,000. Alliancebernstein L.P. increased its holdings in Fortinet by 15.0% during the 4th quarter. Alliancebernstein L.P. now owns 26,607,677 shares of the software maker’s stock valued at $1,300,849,000 after acquiring an additional 3,467,035 shares in the last quarter. Finally, First Trust Advisors LP grew its holdings in Fortinet by 44.5% during the 4th quarter. First Trust Advisors LP now owns 7,155,601 shares of the software maker’s stock valued at $350,010,000 after buying an additional 2,205,127 shares during the last quarter. 64.35% of the stock is owned by hedge funds and other institutional investors.
About Fortinet
Fortinet, Inc provides cybersecurity solutions to a variety of businesses, such as enterprises, communication service providers and small businesses. It operates through the following segments: Network Security, Infrastructure Security, Cloud Security, and Endpoint Protection, Internet of Things and Operational Technology.
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