What is Scotiabank's Forecast for Fortinet FY2025 Earnings?

Fortinet, Inc. (NASDAQ:FTNT - Free Report) - Scotiabank upped their FY2025 earnings per share estimates for shares of Fortinet in a report issued on Wednesday, March 19th. Scotiabank analyst P. Colville now anticipates that the software maker will earn $2.10 per share for the year, up from their prior forecast of $1.96. Scotiabank has a "Sector Outperform" rating and a $135.00 price objective on the stock. The consensus estimate for Fortinet's current full-year earnings is $2.09 per share.

Other equities analysts also recently issued research reports about the stock. Wells Fargo & Company boosted their target price on shares of Fortinet from $85.00 to $105.00 and gave the stock an "equal weight" rating in a report on Friday, February 7th. The Goldman Sachs Group boosted their target price on Fortinet from $114.00 to $130.00 and gave the company a "buy" rating in a research report on Friday, February 7th. Citigroup increased their price target on Fortinet from $100.00 to $101.00 and gave the stock a "neutral" rating in a report on Friday, January 17th. Rosenblatt Securities boosted their price objective on shares of Fortinet from $115.00 to $125.00 and gave the company a "buy" rating in a research report on Friday, February 7th. Finally, Cantor Fitzgerald lifted their target price on Fortinet from $95.00 to $110.00 and gave the company a "neutral" rating in a research report on Tuesday, February 4th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Fortinet presently has an average rating of "Hold" and a consensus price target of $105.69.

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Fortinet Stock Performance

Fortinet stock traded up $2.02 during trading on Monday, reaching $101.81. The company had a trading volume of 1,352,211 shares, compared to its average volume of 4,631,432. The firm's 50-day simple moving average is $102.46 and its 200 day simple moving average is $92.70. The firm has a market capitalization of $78.29 billion, a price-to-earnings ratio of 45.01, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. Fortinet has a 52 week low of $54.57 and a 52 week high of $114.82. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%.

Institutional Investors Weigh In On Fortinet

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Norges Bank acquired a new position in Fortinet in the fourth quarter valued at approximately $724,048,000. Schroder Investment Management Group acquired a new stake in Fortinet during the 4th quarter worth approximately $389,867,000. FMR LLC grew its holdings in Fortinet by 77.2% during the 4th quarter. FMR LLC now owns 6,531,705 shares of the software maker's stock worth $617,115,000 after acquiring an additional 2,846,475 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of Fortinet by 39.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock worth $720,150,000 after acquiring an additional 2,151,811 shares in the last quarter. Finally, Bessemer Group Inc. increased its stake in Fortinet by 72.6% in the fourth quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker's stock valued at $463,561,000 after purchasing an additional 2,064,016 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Insider Activity

In other news, CEO Ken Xie sold 206,000 shares of the stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $96.93, for a total value of $19,967,580.00. Following the completion of the sale, the chief executive officer now directly owns 51,391,879 shares in the company, valued at $4,981,414,831.47. This represents a 0.40 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Kenneth A. Goldman sold 2,000 shares of the business's stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total transaction of $200,000.00. Following the transaction, the director now owns 18,612 shares in the company, valued at $1,861,200. The trade was a 9.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 599,988 shares of company stock worth $59,094,530 in the last ninety days. 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.