Fortinet (NASDAQ:FTNT) Issues Quarterly Earnings Results

by · The Markets Daily

Fortinet (NASDAQ:FTNT – Get Free Report) announced its quarterly earnings data on Wednesday. The software maker reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.11, FiscalAI reports. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The company had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.70 billion. The company’s quarterly revenue was up 14.4% on a year-over-year basis. During the same quarter last year, the company earned $0.63 EPS. Fortinet updated its FY 2025 guidance to 2.660-2.700 EPS and its Q4 2025 guidance to 0.730-0.750 EPS.

Fortinet Price Performance

FTNT stock traded up $1.25 during midday trading on Friday, reaching $81.79. 7,147,823 shares of the company’s stock traded hands, compared to its average volume of 5,602,864. The company has a 50-day simple moving average of $83.16 and a two-hundred day simple moving average of $93.11. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. Fortinet has a 1-year low of $70.12 and a 1-year high of $114.82. The company has a market cap of $62.67 billion, a price-to-earnings ratio of 32.59, a PEG ratio of 3.17 and a beta of 1.08.

Insiders Place Their Bets

In other news, VP Michael Xie sold 3,546 shares of the stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $86.53, for a total transaction of $306,835.38. Following the sale, the vice president owned 10,492,018 shares in the company, valued at approximately $907,874,317.54. This represents a 0.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ken Xie sold 158,485 shares of Fortinet stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $86.51, for a total value of $13,710,537.35. Following the completion of the transaction, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at $4,445,911,452.29. This represents a 0.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 17.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Fortinet

Institutional investors have recently modified their holdings of the business. Ameriprise Financial Inc. raised its stake in shares of Fortinet by 16.0% during the second quarter. Ameriprise Financial Inc. now owns 4,190,449 shares of the software maker’s stock worth $437,022,000 after buying an additional 577,248 shares during the last quarter. Man Group plc raised its position in shares of Fortinet by 35.9% during the 2nd quarter. Man Group plc now owns 1,478,148 shares of the software maker’s stock valued at $156,270,000 after acquiring an additional 390,793 shares during the last quarter. Vident Advisory LLC raised its position in shares of Fortinet by 31.2% during the 2nd quarter. Vident Advisory LLC now owns 1,104,957 shares of the software maker’s stock valued at $116,816,000 after acquiring an additional 263,022 shares during the last quarter. Royal London Asset Management Ltd. lifted its stake in shares of Fortinet by 8.1% in the 2nd quarter. Royal London Asset Management Ltd. now owns 982,106 shares of the software maker’s stock valued at $103,828,000 after purchasing an additional 73,672 shares during the period. Finally, CANADA LIFE ASSURANCE Co boosted its position in shares of Fortinet by 4.8% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 815,534 shares of the software maker’s stock worth $86,310,000 after purchasing an additional 37,268 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on FTNT shares. Cowen cut Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday, August 7th. Cantor Fitzgerald lifted their target price on shares of Fortinet from $100.00 to $110.00 and gave the company a “neutral” rating in a research report on Wednesday, July 16th. UBS Group dropped their price target on shares of Fortinet from $90.00 to $80.00 and set a “neutral” rating for the company in a research report on Thursday. Truist Financial decreased their price objective on Fortinet from $125.00 to $95.00 and set a “buy” rating on the stock in a report on Thursday, August 7th. Finally, Barclays lowered their price objective on Fortinet from $90.00 to $88.00 and set an “equal weight” rating on the stock in a research note on Thursday. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, twenty-six have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $92.57.

View Our Latest Analysis on Fortinet

About Fortinet

(Get Free Report)

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.

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