Fortinet (NASDAQ:FTNT) Releases Q4 2024 Earnings Guidance

Fortinet (NASDAQ:FTNT) updated its fourth quarter 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 0.580-0.620 for the period, compared to the consensus estimate of 0.520. The company issued revenue guidance of $1.6 billion-$1.6 billion, compared to the consensus revenue estimate of $1.6 billion. Fortinet also updated its FY 2024 guidance to 2.200-2.280 EPS.

Wall Street Analysts Forecast Growth

FTNT has been the topic of several research reports. Barclays raised their target price on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday. Wedbush lifted their price objective on Fortinet from $78.00 to $90.00 and gave the stock an “outperform” rating in a report on Friday. Susquehanna upped their price objective on Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Finally, HSBC upgraded shares of Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price objective on the stock in a research note on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, twenty-one have given a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, Fortinet has a consensus rating of “Hold” and a consensus price target of $77.72.

Fortinet Price Performance

Shares of FTNT traded up $8.36 during midday trading on Friday, hitting $92.04. 13,790,376 shares of the company traded hands, compared to its average volume of 3,707,677. Fortinet has a 52 week low of $49.63 and a 52 week high of $92.53. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. The firm has a 50 day moving average of $78.74 and a 200-day moving average of $68.15. The stock has a market cap of $70.40 billion, a price-to-earnings ratio of 54.46, a PEG ratio of 2.85 and a beta of 1.00.

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 23,693 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the sale, the chief executive officer now directly owns 48,842,522 shares of the company’s stock, valued at $3,568,434,657.32. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last three months, insiders sold 70,538 shares of company stock valued at $5,403,559. Insiders own 18.00% of the company’s stock.

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.