Fortinet (FTNT) Scheduled to Post Quarterly 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 registering for the company’s earnings conference call can do so using this link.

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

Fortinet Stock Performance

NASDAQ FTNT opened at $78.84 on Tuesday. Fortinet has a fifty-two week low of $47.66 and a fifty-two week high of $83.77. The stock has a market cap of $60.31 billion, a PE ratio of 46.65, a PEG ratio of 2.77 and a beta of 1.00. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. The firm’s fifty day moving average price is $78.06 and its two-hundred day moving average price is $67.52.

Analysts Set New Price Targets

A number of brokerages have issued reports on FTNT. Truist Financial upped their target price on Fortinet from $70.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. UBS Group upped their target price on Fortinet from $69.00 to $70.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft upped their target price on Fortinet from $71.00 to $75.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. Barclays upped their target price on Fortinet from $74.00 to $85.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Finally, Cantor Fitzgerald upped their target price on Fortinet from $65.00 to $88.00 and gave the stock a “neutral” rating in a report on Tuesday, October 29th. One analyst has rated the stock with a sell rating, twenty have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and an average price target of $74.68.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,693 shares of the stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total value of $1,731,010.58. Following the transaction, the chief executive officer now owns 48,842,522 shares in the company, valued at approximately $3,568,434,657.32. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold a total of 70,538 shares of company stock worth $5,403,559 in the last 90 days. Corporate insiders own 18.00% 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.