Fortinet (FTNT) to Release Earnings on Thursday

Fortinet (NASDAQ:FTNT) is scheduled to announce its earnings results after the market closes on Thursday, May 2nd. Analysts expect the company to announce earnings of $0.38 per share for the quarter. Individual interested in registering for the company’s earnings conference call can do so using this link.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.08. The firm had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.41 billion. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The firm’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.38 EPS. On average, analysts expect Fortinet to post $1 EPS for the current fiscal year and $2 EPS for the next fiscal year.

Fortinet Stock Down 1.7 %

Fortinet stock opened at $63.18 on Wednesday. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19. The business’s 50-day simple moving average is $67.88 and its two-hundred day simple moving average is $61.83. The company has a market cap of $48.21 billion, a PE ratio of 43.57, a PEG ratio of 2.85 and a beta of 1.08. Fortinet has a fifty-two week low of $44.12 and a fifty-two week high of $81.24.

Insider Activity

In other news, VP Michael Xie sold 38,369 shares of the stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the completion of the transaction, the vice president now directly owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Ken Xie sold 23,694 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the completion of the sale, the chief executive officer now directly owns 48,625,005 shares in the company, valued at $3,471,825,357. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Michael Xie sold 38,369 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the completion of the sale, the vice president now owns 29,887,018 shares of the company’s stock, valued at approximately $1,985,992,346.10. The disclosure for this sale can be found here. Insiders sold 132,139 shares of company stock worth $8,977,876 over the last three months. Corporate insiders own 17.54% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently commented on FTNT shares. BMO Capital Markets upped their target price on Fortinet from $70.00 to $82.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 7th. HSBC cut Fortinet from a “hold” rating to a “reduce” rating and set a $57.00 price target on the stock. in a research note on Wednesday, February 7th. Capital One Financial cut Fortinet from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, January 17th. Sanford C. Bernstein began coverage on Fortinet in a report on Thursday, January 18th. They set a “market perform” rating and a $65.00 price target on the stock. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $85.00 price objective on shares of Fortinet in a report on Wednesday, April 3rd. Two investment analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $72.19.

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.