Fortinet (NASDAQ:FTNT) Issues FY 2021 Earnings Guidance

Fortinet (NASDAQ:FTNT) issued an update on its FY 2021 earnings guidance on Thursday morning. The company provided earnings per share guidance of $3.850-$3.950 for the period, compared to the Thomson Reuters consensus earnings per share 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.

Shares of Fortinet stock traded up $5.76 during trading hours on Thursday, reaching $333.24. 589,163 shares of the stock traded hands, compared to its average volume of 1,035,280. The company has a 50 day moving average price of $320.99 and a 200 day moving average price of $281.97. The firm has a market capitalization of $54.48 billion, a price-to-earnings ratio of 100.37, a P/E/G ratio of 8.00 and a beta of 1.13. Fortinet has a one year low of $119.00 and a one year high of $355.35. The company has a quick ratio of 1.72, a current ratio of 1.80 and a debt-to-equity ratio of 0.87.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, November 4th. The software maker reported $0.99 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.94 by $0.05. The business had revenue of $867.20 million during the quarter, compared to the consensus estimate of $812.21 million. Fortinet had a return on equity of 47.46% and a net margin of 17.74%. The business’s quarterly revenue was up 33.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.58 EPS. Sell-side analysts anticipate that Fortinet will post 2.85 earnings per share for the current year.

A number of research analysts recently issued reports on the company. The Goldman Sachs Group boosted their price objective on Fortinet from $335.00 to $380.00 and gave the company a buy rating in a research note on Friday, November 5th. Wedbush boosted their price objective on Fortinet from $310.00 to $350.00 and gave the company an outperform rating in a research note on Monday, August 30th. Morgan Stanley boosted their price objective on Fortinet from $230.00 to $295.00 and gave the company an equal weight rating in a research note on Tuesday, October 12th. Cowen boosted their price objective on Fortinet from $385.00 to $425.00 and gave the company an outperform rating in a research note on Friday, November 5th. Finally, Barclays boosted their price objective on Fortinet from $320.00 to $355.00 and gave the company an equal weight rating in a research note on Friday, November 5th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of Hold and a consensus price target of $308.09.

In related news, CFO Keith Jensen sold 1,550 shares of the stock in a transaction on Tuesday, November 16th. The stock was sold at an average price of $339.84, for a total transaction of $526,752.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP John Whittle sold 2,410 shares of the stock in a transaction on Thursday, October 21st. The shares were sold at an average price of $331.47, for a total value of $798,842.70. The disclosure for this sale can be found here. Insiders have sold a total of 10,870 shares of company stock worth $3,546,234 over the last ninety days. 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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