FY2024 Earnings Estimate for Fortinet, Inc. (NASDAQ:FTNT) Issued By Cantor Fitzgerald

Fortinet, Inc. (NASDAQ:FTNT) – Analysts at Cantor Fitzgerald boosted their FY2024 earnings estimates for Fortinet in a research note issued to investors on Friday, May 3rd. Cantor Fitzgerald analyst J. Ruykhaver now forecasts that the software maker will post earnings of $1.46 per share for the year, up from their previous estimate of $1.36. Cantor Fitzgerald currently has a “Neutral” rating and a $55.00 target price on the stock. The consensus estimate for Fortinet’s current full-year earnings is $1.40 per share.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same period in the previous year, the company posted $0.29 EPS. Fortinet’s revenue was up 7.2% on a year-over-year basis.

A number of other research firms also recently commented on FTNT. Daiwa Capital Markets raised shares of Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 target price on the stock in a research report on Tuesday, February 13th. Wedbush restated an “outperform” rating and set a $86.00 target price on shares of Fortinet in a report on Wednesday, May 1st. Jefferies Financial Group cut their price target on Fortinet from $75.00 to $70.00 and set a “hold” rating on the stock in a report on Thursday, April 18th. Susquehanna decreased their price objective on Fortinet from $80.00 to $65.00 and set a “neutral” rating for the company in a research note on Monday. Finally, Citigroup lowered Fortinet from a “buy” rating to a “neutral” rating and lifted their target price for the company from $60.00 to $62.00 in a research note on Tuesday, January 9th. Two investment analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and a consensus target price of $70.37.

Fortinet Stock Performance

FTNT stock opened at $59.43 on Monday. Fortinet has a 1-year low of $44.12 and a 1-year high of $81.24. The business has a 50-day moving average price of $67.13 and a 200 day moving average price of $61.98. The company has a market capitalization of $45.36 billion, a P/E ratio of 38.84, a PEG ratio of 2.60 and a beta of 1.08. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.20 and a quick ratio of 1.08.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,694 shares of the stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total value of $1,691,751.60. Following the sale, the chief executive officer now owns 48,625,005 shares in the company, valued at $3,471,825,357. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Ken Xie sold 23,694 shares of the firm’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the sale, the chief executive officer now directly owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Michael Xie sold 24,710 shares of Fortinet stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total value of $1,593,300.80. Following the transaction, the vice president now owns 10,867,018 shares of the company’s stock, valued at $700,705,320.64. The disclosure for this sale can be found here. In the last ninety days, insiders sold 118,480 shares of company stock worth $8,021,556. Company insiders own 17.54% of the company’s stock.

Institutional Trading of Fortinet

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Rise Advisors LLC grew its position in shares of Fortinet by 135.6% during the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after acquiring an additional 217 shares during the period. Vima LLC acquired a new position in Fortinet in the 4th quarter worth about $25,000. Atwood & Palmer Inc. acquired a new stake in Fortinet in the fourth quarter valued at approximately $29,000. Headinvest LLC purchased a new stake in shares of Fortinet in the third quarter valued at approximately $29,000. Finally, Creekmur Asset Management LLC acquired a new position in shares of Fortinet during the 4th quarter worth approximately $32,000. Institutional investors and hedge funds own 83.71% 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.