Fortinet (FTNT) Projected to Post Quarterly Earnings on Thursday

Fortinet (NASDAQ:FTNT) is projected to announce its earnings results after the market closes on Thursday, February 6th. Analysts expect the company to announce earnings of $0.60 per share and revenue of $1.60 billion for the quarter. Persons interested in registering for the company’s earnings conference call can do so using this link.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, November 7th. The software maker reported $0.56 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.13. The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.48 billion. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. During the same quarter in the prior year, the business posted $0.35 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 $102.78 on Wednesday. The stock has a market cap of $78.78 billion, a P/E ratio of 51.91, a price-to-earnings-growth ratio of 2.65 and a beta of 1.01. Fortinet has a 1-year low of $54.57 and a 1-year high of $102.87. The stock’s 50-day moving average is $96.70 and its 200-day moving average is $83.92. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on FTNT shares. Mizuho upped their price target on Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research note on Friday, December 13th. Piper Sandler upgraded Fortinet from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $100.00 to $120.00 in a report on Monday, January 6th. HSBC raised shares of Fortinet from a “hold” rating to a “buy” rating and lifted their target price for the stock from $83.00 to $111.00 in a research note on Monday, November 11th. Raymond James restated a “market perform” rating on shares of Fortinet in a report on Tuesday, January 14th. Finally, Jefferies Financial Group raised their price objective on Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a research report on Thursday, December 19th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Fortinet presently has an average rating of “Hold” and a consensus price target of $97.73.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the sale, the chief executive officer now owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the sale, the chief financial officer now owns 4,689 shares in the company, valued at approximately $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 67,860 shares of company stock valued at $6,469,056. 18.00% of the stock is owned by corporate insiders.

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.