Fortinet FY2025 EPS Estimate Increased by Cantor Fitzgerald

Fortinet, Inc. (NASDAQ:FTNT) – Investment analysts at Cantor Fitzgerald boosted their FY2025 earnings per share (EPS) estimates for shares of Fortinet in a research note 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 previous estimate of $2.12. Cantor Fitzgerald currently has a “Neutral” rating and a $100.00 target price on the stock. The consensus estimate for Fortinet’s current full-year earnings is $2.09 per share.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.05. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The firm had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.54 billion. The business’s revenue for the quarter was up 13.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.43 earnings per share.

Several other equities research analysts also recently issued reports on FTNT. Wolfe Research began coverage on Fortinet in a report on Monday, May 12th. They issued a “peer perform” rating for the company. BMO Capital Markets decreased their price objective on Fortinet from $122.00 to $110.00 and set a “market perform” rating for the company in a research report on Thursday, May 8th. Morgan Stanley dropped their target price on shares of Fortinet from $123.00 to $105.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Scotiabank reduced their price target on shares of Fortinet from $135.00 to $115.00 and set a “sector outperform” rating for the company in a report on Thursday, May 8th. Finally, Robert W. Baird increased their price objective on shares of Fortinet from $110.00 to $113.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 6th. One analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $104.80.

Fortinet Price Performance

FTNT opened at $101.66 on Wednesday. The stock has a market cap of $77.81 billion, a P/E ratio of 44.98, a P/E/G ratio of 4.19 and a beta of 1.06. Fortinet has a 12 month low of $54.57 and a 12 month high of $114.82. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The company has a fifty day simple moving average of $101.13 and a 200 day simple moving average of $100.03.

Hedge Funds Weigh In On Fortinet

Large investors have recently made changes to their positions in the company. SJS Investment Consulting Inc. grew its holdings in Fortinet by 703.1% in the 1st quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker’s stock valued at $25,000 after buying an additional 225 shares in the last quarter. Saudi Central Bank bought a new stake in shares of Fortinet in the first quarter valued at about $25,000. Edmond DE Rothschild Holding S.A. acquired a new position in shares of Fortinet in the fourth quarter valued at about $27,000. Clearstead Trust LLC bought a new position in Fortinet during the first quarter worth about $28,000. Finally, Caitong International Asset Management Co. Ltd increased its position in Fortinet by 2,184.6% during the first quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock worth $29,000 after acquiring an additional 284 shares during the period. Institutional investors own 83.71% of the company’s stock.

Insider Activity

In other news, CEO Ken Xie sold 158,488 shares of the 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 transaction, the chief executive officer now directly owns 51,391,879 shares of the company’s stock, valued at $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 Securities & Exchange Commission, which can be accessed through this link. Also, Director William H. Neukom purchased 335 shares of the firm’s stock in a transaction that occurred on Friday, June 6th. The stock was bought at an average price of $104.22 per share, for a total transaction of $34,913.70. Following the purchase, the director now owns 301,471 shares in the company, 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.

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.