Scotiabank Has Bullish Estimate for Fortinet FY2025 Earnings

Fortinet, Inc. (NASDAQ:FTNT) – Investment analysts at Scotiabank raised their FY2025 earnings per share estimates for shares of Fortinet in a research report issued to clients and investors on Wednesday, March 19th. Scotiabank analyst P. Colville now anticipates that the software maker will post earnings per share of $2.10 for the year, up from their previous forecast of $1.96. Scotiabank currently has a “Sector Outperform” rating and a $135.00 target price on the stock. The consensus estimate for Fortinet’s current full-year earnings is $2.09 per share.

Several other analysts also recently commented on FTNT. JPMorgan Chase & Co. raised their target price on shares of Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. Piper Sandler reaffirmed an “overweight” rating and issued a $135.00 price objective (up from $120.00) on shares of Fortinet in a research report on Friday, February 7th. Royal Bank of Canada upped their target price on shares of Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a research note on Friday, February 7th. UBS Group set a $123.00 price target on Fortinet in a research note on Tuesday, March 18th. Finally, Jefferies Financial Group upped their price objective on Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a research report on Thursday, December 19th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and an average price target of $105.69.

Fortinet Stock Up 2.3 %

NASDAQ:FTNT opened at $102.09 on Monday. Fortinet has a 1 year low of $54.57 and a 1 year high of $114.82. The stock has a 50-day moving average price of $102.65 and a two-hundred day moving average price of $92.89. The stock has a market cap of $78.50 billion, a price-to-earnings ratio of 45.17, a PEG ratio of 4.19 and a beta of 0.97. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the sale, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Michael Xie sold 326,784 shares of the firm’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the transaction, the vice president now directly owns 11,000,068 shares of the company’s stock, valued at $1,079,876,675.56. The trade was a 2.89 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 599,988 shares of company stock valued at $59,094,530 over the last ninety days. 18.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of FTNT. Edmond DE Rothschild Holding S.A. bought a new position in shares of Fortinet during the fourth quarter worth about $27,000. Oarsman Capital Inc. raised its holdings in Fortinet by 188.9% during the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock worth $39,000 after purchasing an additional 272 shares during the last quarter. Graney & King LLC acquired a new position in shares of Fortinet in the 4th quarter worth approximately $43,000. Banque Transatlantique SA bought a new stake in shares of Fortinet in the 4th quarter valued at $43,000. Finally, Golden State Wealth Management LLC acquired a new stake in shares of Fortinet during the fourth quarter worth $46,000. 83.71% of the stock is owned by institutional investors.

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.