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Fortinet, Inc. (FTNT), based in Sunnyvale, California, specializes in network security appliances and unified threat management solutions for enterprises, service providers, and government agencies. Valued at a market cap of $61.4 billion, the company has a global presence across North America, Latin America, EMEA, and the Asia-Pacific regions. It is expected to announce its Q3 earnings after the market closes on Thursday, November 7.
Ahead of the event, analysts expect Fortinet to report a profit of $0.43 per share, up 22.9% from $0.35 per share reported in the year-ago quarter. The company has consistently surpassed Wall Street’s EPS estimates in the past four quarters. Its EPS for the last reported quarter exceeded the consensus estimates by 51.5%.
Looking ahead to fiscal 2024, analysts expect Fortinet to report an EPS of $1.74, up 18.4% from $1.47 in the fiscal year 2023. Its fiscal 2025 EPS is projected to grow 5.8% annually to $1.84.
FTNT stock has surged 43.3% over the past 52 weeks, outperforming the S&P 500 Index’s ($SPX) 37.5% gains and the Technology Select Sector SPDR Fund’s (XLK) 39.2% returns over the same time frame.
On Oct. 21, Fortinet shares closed up more than 1% after Morgan Stanley (MS) named the stock a top pick with an “Overweight” rating and a price target of $105.
However, the stock retreated more than 2% on Oct. 17 after Mizuho Securities downgraded the stock to “Underperform” from “Neutral” with a price target of $68.
The consensus opinion on Fortinet stock is moderately hopeful, with a “Moderate Buy” rating overall. Out of the 37 analysts covering the stock, 12 recommend a “Strong Buy,” one advises a “Moderate Buy,” 23 analysts are playing it safe with a “Hold,” and the remaining analyst appoints it a “Strong Sell” rating.
While FTNT currently trades above its mean price target of $76.22, its Street-high target of $105 indicates an upswing of 30.6% from the prevailing price levels.
On the date of publication, Kritika Sarmah did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
