Fortinet (NASDAQ:FTNT) Releases FY 2021 Earnings Guidance

Fortinet (NASDAQ:FTNT) updated its FY 2021 earnings guidance on Thursday. The company provided EPS guidance of $3.850-$3.950 for the period, compared to the Thomson Reuters consensus EPS estimate of $3.860. The company issued revenue guidance of $3.32 billion-$3.35 billion, compared to the consensus revenue estimate of $3.24 billion.Fortinet also updated its Q4 2021 guidance to $1.100-$1.150 EPS.

FTNT has been the topic of several recent analyst reports. Stifel Nicolaus assumed coverage on shares of Fortinet in a research note on Tuesday, September 21st. They issued a buy rating and a $355.00 target price on the stock. Colliers Securities reaffirmed a buy rating and issued a $350.00 price target on shares of Fortinet in a research note on Tuesday, September 21st. Oppenheimer increased their target price on Fortinet from $345.00 to $400.00 and gave the stock an outperform rating in a research note on Friday, November 5th. Wedbush increased their target price on Fortinet from $310.00 to $350.00 and gave the stock an outperform rating in a research note on Monday, August 30th. Finally, Raymond James raised their price target on shares of Fortinet from $295.00 to $380.00 and gave the stock an outperform rating in a research note on Friday, November 5th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of Hold and an average target price of $308.09.

Fortinet stock traded up $5.76 during midday trading on Thursday, reaching $333.24. The company’s stock had a trading volume of 589,163 shares, compared to its average volume of 1,035,280. The business has a 50-day moving average price of $320.41 and a 200-day moving average price of $281.61. Fortinet has a 52 week low of $119.00 and a 52 week high of $355.35. The stock has a market cap of $54.48 billion, a PE ratio of 100.37, a price-to-earnings-growth ratio of 8.00 and a beta of 1.13. The company has a current ratio of 1.80, a quick ratio of 1.72 and a debt-to-equity ratio of 0.87.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, November 4th. The software maker reported $0.99 EPS for the quarter, beating the Zacks’ consensus estimate of $0.94 by $0.05. The firm had revenue of $867.20 million for the quarter, compared to analyst estimates of $812.21 million. Fortinet had a return on equity of 47.46% and a net margin of 17.74%. The business’s revenue for the quarter was up 33.2% on a year-over-year basis. During the same period last year, the firm posted $0.58 earnings per share. As a group, research analysts predict that Fortinet will post 2.85 EPS for the current fiscal year.

In other news, VP John Whittle sold 2,411 shares of the business’s stock in a transaction that occurred on Tuesday, September 21st. The stock was sold at an average price of $302.00, for a total transaction of $728,122.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Michael Xie sold 2,088 shares of the business’s stock in a transaction that occurred on Tuesday, November 2nd. The shares were sold at an average price of $327.80, for a total value of $684,446.40. The disclosure for this sale can be found here. Over the last three months, insiders sold 10,870 shares of company stock worth $3,546,234. Insiders own 18.60% of the company’s stock.

Fortinet Company Profile

Fortinet, Inc provides cybersecurity solutions to variety of business, such as enterprises, communication service providers and small businesses. It operates through the following segments: Network Security; Infrastructure Security; Cloud Security; and Endpoint Protection, Internet of Things and Operational Technology.

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Earnings History and Estimates for Fortinet (NASDAQ:FTNT)

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