Q3 2024 EPS Estimates for Fortinet, Inc. Lifted by Analyst (NASDAQ:FTNT)

Fortinet, Inc. (NASDAQ:FTNT - Free Report) - Equities research analysts at Zacks Research raised their Q3 2024 earnings per share (EPS) estimates for Fortinet in a research report issued to clients and investors on Thursday, August 22nd. Zacks Research analyst R. Department now forecasts that the software maker will earn $0.42 per share for the quarter, up from their prior estimate of $0.35. The consensus estimate for Fortinet's current full-year earnings is $1.47 per share. Zacks Research also issued estimates for Fortinet's Q4 2024 earnings at $0.42 EPS, Q3 2025 earnings at $0.42 EPS, Q4 2025 earnings at $0.45 EPS and Q1 2026 earnings at $0.40 EPS.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping analysts' consensus estimates of $0.41 by $0.16. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same quarter last year, the firm posted $0.31 earnings per share. The firm's revenue was up 10.9% on a year-over-year basis.

A number of other equities analysts also recently issued reports on the company. Wedbush reiterated an "outperform" rating and issued a $78.00 price objective on shares of Fortinet in a report on Wednesday, August 7th. Guggenheim downgraded Fortinet from a "buy" rating to a "neutral" rating in a report on Monday, July 29th. Barclays reduced their price target on Fortinet from $75.00 to $70.00 and set an "equal weight" rating for the company in a report on Thursday, July 11th. Robert W. Baird raised their price target on Fortinet from $75.00 to $80.00 and gave the company an "outperform" rating in a report on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on Fortinet from $71.00 to $75.00 and gave the company a "hold" rating in a report on Wednesday, August 7th. Twenty-three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $71.31.

Fortinet Trading Up 0.6 %

FTNT traded up $0.45 during trading on Monday, reaching $75.18. The stock had a trading volume of 2,750,817 shares, compared to its average volume of 5,846,776. The stock's 50 day moving average is $62.67 and its two-hundred day moving average is $64.28. The company has a market capitalization of $57.43 billion, a price-to-earnings ratio of 49.14, a P/E/G ratio of 2.79 and a beta of 0.98. Fortinet has a one year low of $44.12 and a one year high of $76.31.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,693 shares of the company's 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 completion of the transaction, the chief executive officer now directly owns 48,842,522 shares in the company, valued at approximately $3,568,434,657.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Keith Jensen sold 18,701 shares of the company's stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the sale, the chief financial officer now directly owns 4,663 shares of the company's stock, valued at approximately $278,287.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 23,693 shares of the company's 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 sale, the chief executive officer now directly owns 48,842,522 shares in the company, valued at $3,568,434,657.32. The disclosure for this sale can be found here. Insiders sold 115,608 shares of company stock worth $7,132,649 in the last three months. 18.00% of the stock is owned by company insiders.

Institutional Trading of Fortinet

Hedge funds and other institutional investors have recently bought and sold shares of the stock. TFO Wealth Partners LLC raised its holdings in Fortinet by 72,668.0% during the 4th quarter. TFO Wealth Partners LLC now owns 18,192 shares of the software maker's stock valued at $1,065,000 after buying an additional 18,167 shares during the period. LGT Group Foundation raised its holdings in Fortinet by 14.4% during the 4th quarter. LGT Group Foundation now owns 748,784 shares of the software maker's stock valued at $44,478,000 after buying an additional 94,475 shares during the period. Y.D. More Investments Ltd raised its holdings in Fortinet by 101.4% during the 4th quarter. Y.D. More Investments Ltd now owns 61,964 shares of the software maker's stock valued at $3,627,000 after buying an additional 31,198 shares during the period. Sanibel Captiva Trust Company Inc. purchased a new stake in Fortinet in the fourth quarter worth $10,394,000. Finally, Janney Montgomery Scott LLC increased its stake in Fortinet by 121.4% in the fourth quarter. Janney Montgomery Scott LLC now owns 244,879 shares of the software maker's stock worth $14,333,000 after purchasing an additional 134,265 shares during the period. Hedge funds and other institutional investors 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.