Fortinet (NASDAQ:FTNT) Releases Q4 2021 Earnings Guidance

Fortinet (NASDAQ:FTNT) issued an update on its fourth quarter 2021 earnings guidance on Thursday morning. The company provided EPS guidance of $1.100-$1.150 for the period, compared to the Thomson Reuters consensus EPS estimate of $1.160. The company issued revenue guidance of $940 million-$970 million, compared to the consensus revenue estimate of $916.51 million.Fortinet also updated its FY 2021 guidance to $3.850-$3.950 EPS.

FTNT traded up $5.76 during trading hours 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. Fortinet has a 52 week low of $119.00 and a 52 week high of $355.35. The company’s 50-day moving average is $320.41 and its 200-day moving average is $281.61. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.72 and a current ratio of 1.80. The firm 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.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, November 4th. The software maker reported $0.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.94 by $0.05. The company 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%. Fortinet’s quarterly revenue was up 33.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.58 EPS. Equities analysts anticipate that Fortinet will post 2.85 earnings per share for the current fiscal year.

A number of brokerages have recently issued reports on FTNT. Stifel Nicolaus assumed coverage on Fortinet in a research report on Tuesday, September 21st. They set a buy rating and a $355.00 price objective for the company. Royal Bank of Canada lifted their target price on Fortinet from $248.00 to $347.00 and gave the stock a sector perform rating in a report on Friday, November 5th. The Goldman Sachs Group lifted their target price on Fortinet from $335.00 to $380.00 and gave the stock a buy rating in a report on Friday, November 5th. Wedbush lifted their target price on Fortinet from $310.00 to $350.00 and gave the stock an outperform rating in a report on Monday, August 30th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on Fortinet from $293.00 to $320.00 and gave the stock a hold rating in a report on Monday, November 8th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, Fortinet currently has a consensus rating of Hold and a consensus price target of $308.09.

In other Fortinet news, VP John Whittle sold 2,411 shares of the company’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 document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Michael Xie sold 2,088 shares of the stock in a transaction that occurred on Tuesday, November 2nd. The stock was 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. Insiders sold a total of 10,870 shares of company stock worth $3,546,234 over the last 90 days. Corporate insiders own 18.60% of the company’s stock.

About Fortinet

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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