Fortinet FY2025 EPS Estimate Lifted by Cantor Fitzgerald

Fortinet, Inc. (NASDAQ:FTNT - Free Report) - Equities researchers at Cantor Fitzgerald increased their FY2025 earnings per share estimates for Fortinet in a research report issued on Monday, June 9th. Cantor Fitzgerald analyst J. Ruykhaver now anticipates that the software maker will post earnings of $2.14 per share for the year, up from their prior estimate of $2.12. Cantor Fitzgerald has a "Neutral" rating and a $100.00 price objective on the stock. The consensus estimate for Fortinet's current full-year earnings is $2.09 per share.

A number of other equities research analysts have also recently issued reports on FTNT. Stephens initiated coverage on shares of Fortinet in a report on Tuesday, April 1st. They set an "equal weight" rating and a $108.00 target price on the stock. BMO Capital Markets decreased their price objective on Fortinet from $122.00 to $110.00 and set a "market perform" rating on the stock in a research note on Thursday, May 8th. Wall Street Zen upgraded Fortinet from a "hold" rating to a "buy" rating in a research note on Tuesday, May 20th. Roth Capital set a $103.00 target price on Fortinet and gave the company a "neutral" rating in a report on Tuesday, April 22nd. Finally, KeyCorp lowered their price target on shares of Fortinet from $120.00 to $115.00 and set an "overweight" rating on the stock in a report on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Fortinet has an average rating of "Hold" and an average price target of $104.80.

Fortinet Stock Performance

Shares of FTNT stock traded up $0.75 during trading hours on Wednesday, hitting $102.77. 1,034,239 shares of the company were exchanged, compared to its average volume of 4,962,134. 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. The firm has a fifty day simple moving average of $100.85 and a 200 day simple moving average of $99.97. The stock has a market capitalization of $78.66 billion, a price-to-earnings ratio of 45.47, a P/E/G ratio of 4.19 and a beta of 1.06.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, beating analysts' consensus estimates of $0.53 by $0.05. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The company had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same quarter last year, the company earned $0.43 earnings per share. The company's revenue for the quarter was up 13.8% on a year-over-year basis.

Insider Buying and Selling at Fortinet

In related news, CEO Ken Xie sold 158,488 shares of the company's stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $106.10, for a total value of $16,815,576.80. Following the completion of the sale, the chief executive officer now owns 51,391,879 shares of the company's stock, valued at approximately $5,452,678,361.90. This represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director William H. Neukom acquired 335 shares of the business's stock in a transaction that occurred on Friday, June 6th. The shares were purchased at an average price of $104.22 per share, with a total value of $34,913.70. Following the completion of the transaction, the director now owns 301,471 shares of the company's stock, valued at $31,419,307.62. The trade was a 0.11% increase in their position. The disclosure for this purchase can be found here. Insiders own 17.20% of the company's stock.

Institutional Trading of Fortinet

Hedge funds have recently made changes to their positions in the company. First Hawaiian Bank increased its stake in Fortinet by 24.1% during the first quarter. First Hawaiian Bank now owns 8,805 shares of the software maker's stock worth $848,000 after acquiring an additional 1,709 shares during the last quarter. Inspire Investing LLC grew its holdings in shares of Fortinet by 11.7% during the 1st quarter. Inspire Investing LLC now owns 79,129 shares of the software maker's stock worth $7,617,000 after purchasing an additional 8,292 shares during the period. Jones Financial Companies Lllp increased its position in shares of Fortinet by 24.4% during the 1st quarter. Jones Financial Companies Lllp now owns 461,523 shares of the software maker's stock worth $44,552,000 after purchasing an additional 90,456 shares during the last quarter. Strs Ohio purchased a new stake in Fortinet in the 1st quarter valued at about $14,627,000. Finally, Ellsworth Advisors LLC acquired a new position in Fortinet in the first quarter valued at about $4,804,000. 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.