Fortinet (NASDAQ:FTNT – Get Free Report) issued an update on its fourth quarter earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $0.58-0.62 for the period, compared to the consensus estimate of $0.52. The company issued revenue guidance of $1.56-1.62 billion, compared to the consensus revenue estimate of $1.59 billion.
Analyst Ratings Changes
Several research firms have issued reports on FTNT. HSBC raised shares of Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price objective on the stock in a report on Wednesday, August 7th. DZ Bank raised Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price target for the company in a report on Thursday, August 8th. Deutsche Bank Aktiengesellschaft boosted their price objective on Fortinet from $71.00 to $75.00 and gave the stock a “hold” rating in a research note on Wednesday, August 7th. Citigroup lifted their price target on Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a report on Friday, September 13th. Finally, Truist Financial boosted their target price on shares of Fortinet from $70.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and an average price target of $74.68.
Check Out Our Latest Research Report on FTNT
Fortinet Stock Up 3.5 %
Fortinet (NASDAQ:FTNT – Get Free Report) last released its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.16. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The business had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same period in the previous year, the company earned $0.31 EPS. The company’s revenue for the quarter was up 10.9% on a year-over-year basis. As a group, sell-side analysts expect that Fortinet will post 1.75 EPS for the current year.
Insider Transactions at Fortinet
In other news, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the sale, the chief executive officer now owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In the last ninety days, insiders sold 70,538 shares of company stock valued at $5,403,559. 18.00% of the stock is currently owned by corporate insiders.
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.
Further Reading
- Five stocks we like better than Fortinet
- How Can Retail Investors Trade the Toronto Stock Exchange (TSX)?
- Gilead’s Stock Surge: What’s Fueling the Momentum?
- How to Invest in Tech Stocks and Top Tech Stocks to Consider
- Breakout Alert: Qualcomm Just Hit The Rally Button
- 5 discounted opportunities for dividend growth investors
- Mercado Libre Shares Go on Sale: Is Now the Time to Buy?
Receive News & Ratings for Fortinet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortinet and related companies with MarketBeat.com's FREE daily email newsletter.