Fortinet (FTNT) Set to Announce Earnings on Thursday

Fortinet (NASDAQ:FTNT) will post its quarterly earnings results after the market closes on Thursday, November 7th. Analysts expect Fortinet to post earnings of $0.43 per share for the quarter. Individual that are interested in participating in the company’s earnings conference call can do so using this link.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter last year, the company earned $0.31 earnings per share. The company’s revenue for the quarter was up 10.9% on a year-over-year basis. On average, analysts expect Fortinet to post $2 EPS for the current fiscal year and $2 EPS for the next fiscal year.

Fortinet Stock Up 0.1 %

FTNT stock opened at $78.84 on Tuesday. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45. The firm has a market capitalization of $60.31 billion, a PE ratio of 46.65, a P/E/G ratio of 2.77 and a beta of 1.00. The stock’s 50 day moving average is $78.06 and its 200-day moving average is $67.52. Fortinet has a twelve month low of $47.66 and a twelve month high of $83.77.

Analysts Set New Price Targets

A number of brokerages recently commented on FTNT. TD Cowen increased their price target on Fortinet from $75.00 to $90.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Susquehanna increased their price target on Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. Morgan Stanley decreased their price target on Fortinet from $73.00 to $69.00 and set an “overweight” rating for the company in a research report on Wednesday, July 17th. Barclays raised their target price on Fortinet from $74.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Finally, Cantor Fitzgerald raised their target price on Fortinet from $65.00 to $88.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Fortinet currently has an average rating of “Hold” and an average target price of $74.68.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 23,693 shares of Fortinet stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the completion of the sale, the chief executive officer now owns 48,842,522 shares of the company’s stock, valued at approximately $3,568,434,657.32. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last quarter, insiders sold 70,538 shares of company stock valued at $5,403,559. Company insiders own 18.00% of the company’s stock.

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.