Fortinet (NASDAQ:FTNT) Releases FY 2024 Earnings Guidance

Fortinet (NASDAQ:FTNT) issued an update on its FY 2024 earnings guidance on Friday morning. The company provided earnings per share (EPS) guidance of 1.730-1.790 for the period, compared to the consensus estimate of 1.710. The company issued revenue guidance of $5.7 billion-$5.8 billion, compared to the consensus revenue estimate of $5.8 billion. Fortinet also updated its Q2 2024 guidance to 0.390-0.410 EPS.

Analyst Upgrades and Downgrades

Several equities analysts have commented on FTNT shares. Robert W. Baird cut their price target on Fortinet from $81.00 to $75.00 and set an outperform rating for the company in a report on Friday. Mizuho reduced their target price on Fortinet from $70.00 to $66.00 and set a neutral rating for the company in a research report on Friday. Evercore ISI lowered their price target on shares of Fortinet from $72.00 to $67.00 and set an in-line rating on the stock in a report on Friday. The Goldman Sachs Group increased their price objective on shares of Fortinet from $60.00 to $85.00 and gave the company a buy rating in a research note on Thursday, February 8th. Finally, Susquehanna decreased their target price on shares of Fortinet from $80.00 to $65.00 and set a neutral rating on the stock in a research report on Monday. Two research analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of Hold and an average price target of $70.37.

Fortinet Trading Down 0.1 %

NASDAQ FTNT traded down $0.07 during trading on Monday, reaching $58.81. 14,471,403 shares of the stock traded hands, compared to its average volume of 5,978,481. Fortinet has a fifty-two week low of $44.12 and a fifty-two week high of $81.24. The company has a quick ratio of 1.08, a current ratio of 1.20 and a debt-to-equity ratio of 13.38. The firm has a market cap of $44.89 billion, a price-to-earnings ratio of 38.48, a price-to-earnings-growth ratio of 2.60 and a beta of 1.08. The stock’s 50-day moving average price is $67.53 and its 200 day moving average price is $61.95.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.05. The company had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.34 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The firm’s revenue was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.29 EPS. Analysts predict that Fortinet will post 1.4 EPS for the current year.

Insider Transactions at Fortinet

In other news, VP Michael Xie sold 24,710 shares of the stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the completion of the sale, the vice president now owns 10,867,018 shares of the company’s stock, valued at $700,705,320.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Ken Xie sold 23,992 shares of Fortinet stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total value of $1,553,482.00. Following the sale, the chief executive officer now directly owns 48,660,648 shares in the company, valued at $3,150,776,958. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Michael Xie sold 24,710 shares of the stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the transaction, the vice president now owns 10,867,018 shares of the company’s stock, valued at approximately $700,705,320.64. The disclosure for this sale can be found here. Insiders have sold a total of 118,480 shares of company stock valued at $8,021,556 over the last 90 days. 17.54% of the stock is owned by company 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.