What is Scotiabank's Forecast for Fortinet FY2024 Earnings?

Fortinet, Inc. (NASDAQ:FTNT - Free Report) - Research analysts at Scotiabank boosted their FY2024 EPS estimates for shares of Fortinet in a research note issued on Wednesday, January 8th. Scotiabank analyst P. Colville now anticipates that the software maker will post earnings per share of $1.95 for the year, up from their prior estimate of $1.75. Scotiabank currently has a "Sector Outperform" rating and a $110.00 target price on the stock. The consensus estimate for Fortinet's current full-year earnings is $1.94 per share.

A number of other brokerages have also commented on FTNT. TD Cowen raised their price target on Fortinet from $90.00 to $105.00 and gave the company a "buy" rating in a report on Tuesday, November 19th. Morgan Stanley raised their target price on shares of Fortinet from $105.00 to $106.00 and gave the company an "overweight" rating in a research note on Tuesday, November 19th. Stifel Nicolaus upped their price target on shares of Fortinet from $90.00 to $103.00 and gave the stock a "hold" rating in a research note on Wednesday, December 18th. Robert W. Baird raised their price objective on shares of Fortinet from $95.00 to $100.00 and gave the company an "outperform" rating in a research note on Tuesday, November 19th. Finally, UBS Group boosted their target price on Fortinet from $70.00 to $83.00 and gave the stock a "neutral" rating in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, eighteen have given a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $94.35.

Fortinet Stock Down 1.5 %

Fortinet stock opened at $94.56 on Monday. The firm has a market capitalization of $72.48 billion, a P/E ratio of 47.76, a P/E/G ratio of 2.76 and a beta of 1.00. The company has a 50-day simple moving average of $94.59 and a 200-day simple moving average of $79.44. Fortinet has a one year low of $54.57 and a one year high of $101.00. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34.

Institutional Trading of Fortinet

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Czech National Bank grew its position in Fortinet by 6.7% in the fourth quarter. Czech National Bank now owns 137,932 shares of the software maker's stock valued at $13,032,000 after acquiring an additional 8,602 shares during the period. Graypoint LLC grew its holdings in shares of Fortinet by 11.1% in the 4th quarter. Graypoint LLC now owns 3,699 shares of the software maker's stock worth $349,000 after purchasing an additional 369 shares during the last quarter. LVM Capital Management Ltd. MI increased its position in shares of Fortinet by 10.7% during the 4th quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker's stock worth $8,487,000 after purchasing an additional 8,707 shares in the last quarter. Harbor Capital Advisors Inc. lifted its holdings in Fortinet by 2.5% during the 4th quarter. Harbor Capital Advisors Inc. now owns 7,262 shares of the software maker's stock valued at $686,000 after purchasing an additional 180 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its position in Fortinet by 2.2% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 76,961 shares of the software maker's stock valued at $7,271,000 after buying an additional 1,638 shares in the last quarter. Institutional investors own 83.71% of the company's stock.

Insider Activity

In related news, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the sale, the chief executive officer now directly owns 48,915,530 shares of the company's stock, valued at $4,005,692,751.70. This trade represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available 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 completion of the transaction, the chief financial officer now directly owns 4,689 shares of the company's stock, valued at approximately $425,901.87. This trade represents a 47.54 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 68,123 shares of company stock valued at $6,227,201. 18.00% of the stock is owned by 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.