FY2025 EPS Estimates for Fortinet Reduced by Analyst

Fortinet, Inc. (NASDAQ:FTNT) – Equities research analysts at Capital One Financial decreased their FY2025 earnings per share (EPS) estimates for Fortinet in a research report issued to clients and investors on Monday, November 18th. Capital One Financial analyst C. Murphy now forecasts that the software maker will post earnings per share of $2.01 for the year, down from their previous forecast of $2.17. The consensus estimate for Fortinet’s current full-year earnings is $1.89 per share.

Other research analysts also recently issued reports about the stock. UBS Group increased their price objective on shares of Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Robert W. Baird lifted their price target on Fortinet from $95.00 to $100.00 and gave the stock an “outperform” rating in a research note on Tuesday. JPMorgan Chase & Co. upped their price objective on Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Cantor Fitzgerald lifted their target price on Fortinet from $88.00 to $95.00 and gave the stock a “neutral” rating in a research report on Tuesday. Finally, Guggenheim cut Fortinet from a “buy” rating to a “neutral” rating in a research note on Monday, July 29th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Fortinet has an average rating of “Hold” and a consensus price target of $88.93.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $92.45 on Thursday. The firm has a market cap of $70.86 billion, a PE ratio of 46.69, a price-to-earnings-growth ratio of 2.71 and a beta of 1.00. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The business has a 50 day moving average price of $81.71 and a two-hundred day moving average price of $69.89. Fortinet has a fifty-two week low of $50.65 and a fifty-two week high of $100.59.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FTNT. Price T Rowe Associates Inc. MD increased its stake in shares of Fortinet by 664.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock worth $2,400,215,000 after acquiring an additional 30,542,551 shares during the last quarter. State Street Corp raised its stake in shares of Fortinet by 2.9% during the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after purchasing an additional 766,135 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Fortinet by 2.4% during the 3rd quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock valued at $1,151,097,000 after buying an additional 354,692 shares during the last quarter. Swedbank AB raised its position in Fortinet by 1.7% during the second quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock valued at $491,610,000 after acquiring an additional 134,366 shares in the last quarter. Finally, Marshall Wace LLP grew its position in Fortinet by 198.5% in the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after acquiring an additional 4,148,520 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Fortinet

In other news, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the sale, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total value of $1,763,937.72. Following the transaction, the chief executive officer now directly owns 48,878,806 shares in the company, valued at $3,662,977,721.64. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 51,095 shares of company stock worth $4,058,575. 18.00% of the stock is owned by corporate insiders.

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.