Fortinet (FTNT) to Release Earnings on Thursday

Fortinet (NASDAQ:FTNT) is anticipated 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. Individual interested in participating in the company’s earnings conference call can do so using this link.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, topping the consensus estimate of $0.43 by $0.13. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same period in the previous year, the company earned $0.35 EPS. On average, analysts expect Fortinet to post $2 EPS for the current fiscal year and $2 EPS for the next fiscal year.

Fortinet Price Performance

FTNT stock opened at $102.78 on Wednesday. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. Fortinet has a 12-month low of $54.57 and a 12-month high of $102.87. The stock has a 50-day moving average price of $96.70 and a two-hundred day moving average price of $83.92. The company has a market cap of $78.78 billion, a PE ratio of 51.91, a price-to-earnings-growth ratio of 2.65 and a beta of 1.01.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Guggenheim reiterated a “neutral” rating on shares of Fortinet in a report on Friday, January 24th. TD Cowen increased their price target on shares of Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Barclays increased their price objective on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, November 8th. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research report on Friday, November 22nd. Finally, Wells Fargo & Company boosted their price objective on Fortinet from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $97.73.

Insider Buying and Selling at Fortinet

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the sale, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the transaction, the chief executive officer now owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 67,860 shares of company stock worth $6,469,056 over the last 90 days. 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.