Fortinet (FTNT) Scheduled to Post Quarterly Earnings on Thursday

Posted by Defense World Staff on Oct 26th, 2023

Fortinet (NASDAQ:FTNT – Get Free Report) is set to announce its earnings results after the market closes on Thursday, November 2nd. Analysts expect the company to announce earnings of $0.30 per share for the quarter. Investors interested in listening to the company’s conference call can do so using this link.

Fortinet (NASDAQ:FTNT – Get Free Report) last announced its quarterly earnings results on Thursday, August 3rd. The software maker reported $0.38 EPS for the quarter, beating the consensus estimate of $0.34 by $0.04. Fortinet had a negative return on equity of 698.28% and a net margin of 21.24%. The business had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same quarter in the prior year, the company posted $0.18 EPS. The company’s quarterly revenue was up 25.5% on a year-over-year basis. On average, analysts expect Fortinet to post $1 EPS for the current fiscal year and $1 EPS for the next fiscal year.

Fortinet Stock Performance

Shares of Fortinet stock opened at $55.94 on Thursday. The company has a quick ratio of 1.29, a current ratio of 1.39 and a debt-to-equity ratio of 3.09. The firm has a market cap of $43.93 billion, a PE ratio of 42.06, a price-to-earnings-growth ratio of 2.47 and a beta of 1.16. Fortinet has a 52 week low of $42.61 and a 52 week high of $81.24. The business’s fifty day simple moving average is $59.42 and its 200-day simple moving average is $66.05.

Wall Street Analyst Weigh In

Several research firms recently issued reports on FTNT. Raymond James cut their price objective on Fortinet from $75.00 to $70.00 and set an “outperform” rating on the stock in a report on Friday, August 4th. The Goldman Sachs Group cut their price objective on Fortinet from $78.00 to $70.00 and set a “buy” rating on the stock in a report on Tuesday. Citigroup cut their price objective on Fortinet from $73.00 to $70.00 and set a “buy” rating on the stock in a report on Tuesday, August 29th. Guggenheim upgraded Fortinet from a “neutral” rating to a “buy” rating and set a $70.00 price objective on the stock in a report on Monday, August 7th. Finally, Stifel Nicolaus cut their price objective on Fortinet from $72.00 to $69.00 and set a “buy” rating on the stock in a report on Thursday, October 19th. Twelve analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $70.81.

Read Our Latest Stock Report on FTNT

Insider Activity at Fortinet

In other Fortinet news, Director William H. Neukom purchased 552 shares of the firm’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 completion of the purchase, the director now directly owns 291,551 shares in the company, valued at $18,449,347.28. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CFO Keith Jensen sold 24,715 shares of Fortinet stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $58.99, for a total transaction of $1,457,937.85. Following the completion of the transaction, the chief financial officer now directly owns 4,583 shares of the company’s stock, valued at $270,351.17. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director William H. Neukom acquired 552 shares of Fortinet stock in a transaction that occurred on Friday, September 8th. The shares were purchased at an average cost of $63.28 per share, with a total value of $34,930.56. Following the completion of the acquisition, the director now owns 291,551 shares of the company’s stock, valued at approximately $18,449,347.28. The disclosure for this purchase can be found here. Insiders have sold a total of 67,223 shares of company stock worth $4,170,585 over the last three months. 17.54% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Fortinet

A number of institutional investors have recently made changes to their positions in FTNT. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Fortinet by 24.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 391,345 shares of the software maker’s stock worth $133,738,000 after acquiring an additional 76,027 shares during the last quarter. Raymond James Trust N.A. raised its holdings in shares of Fortinet by 24.0% in the first quarter. Raymond James Trust N.A. now owns 2,280 shares of the software maker’s stock worth $779,000 after acquiring an additional 441 shares during the last quarter. Zions Bancorporation N.A. increased its stake in Fortinet by 20.4% in the first quarter. Zions Bancorporation N.A. now owns 430 shares of the software maker’s stock valued at $147,000 after purchasing an additional 73 shares during the last quarter. Brown Brothers Harriman & Co. increased its stake in Fortinet by 209.4% in the first quarter. Brown Brothers Harriman & Co. now owns 1,550 shares of the software maker’s stock valued at $530,000 after purchasing an additional 1,049 shares during the last quarter. Finally, Covestor Ltd increased its stake in Fortinet by 53.3% in the first quarter. Covestor Ltd now owns 164 shares of the software maker’s stock valued at $56,000 after purchasing an additional 57 shares during the last quarter. 65.00% of the stock is owned by institutional investors and hedge funds.

About Fortinet

(Get Free Report)

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.