Fortinet (NASDAQ:FTNT) Issues FY24 Earnings Guidance

Fortinet (NASDAQ:FTNT) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $1.73 to $1.79 for the period, compared to the consensus earnings per share estimate of $1.70. The company issued revenue guidance of $5.745 billion to $5.845 billion, compared to the consensus revenue estimate of $5.78 billion. Fortinet also updated its Q2 guidance to $0.39-0.41 EPS.

Fortinet Stock Performance

FTNT stock traded down $6.32 during midday trading on Friday, reaching $58.88. 15,896,615 shares of the company’s stock traded hands, compared to its average volume of 4,338,557. Fortinet has a 52 week low of $44.12 and a 52 week high of $81.24. The company has a 50-day moving average price of $67.53 and a two-hundred day moving average price of $61.92. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19. The firm has a market capitalization of $44.94 billion, a PE ratio of 38.48, a price-to-earnings-growth ratio of 2.61 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. Fortinet had a negative return on equity of 5,061.85% and a net margin of 22.23%. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same quarter in the previous year, the firm earned $0.29 EPS. The company’s quarterly revenue was up 7.2% compared to the same quarter last year. As a group, equities analysts anticipate that Fortinet will post 1.4 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on FTNT shares. Evercore ISI dropped their price objective on Fortinet from $72.00 to $67.00 and set an in-line rating for the company in a research note on Friday. Truist Financial cut their price target on shares of Fortinet from $80.00 to $70.00 and set a buy rating for the company in a research note on Friday. UBS Group lifted their price objective on shares of Fortinet from $55.00 to $65.00 and gave the stock a neutral rating in a report on Wednesday, January 10th. StockNews.com raised Fortinet from a hold rating to a buy rating in a research note on Friday. Finally, Susquehanna restated a neutral rating and issued a $80.00 target price on shares of Fortinet in a research report on Wednesday, April 3rd. Two equities research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Fortinet has a consensus rating of Hold and an average price target of $70.68.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,694 shares of Fortinet stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the completion of the transaction, the chief executive officer now owns 48,625,005 shares in the company, valued at $3,471,825,357. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Fortinet news, VP Michael Xie sold 24,710 shares of the firm’s stock in a transaction dated 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 directly owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Ken Xie sold 23,694 shares of Fortinet stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the completion of the transaction, the chief executive officer now directly owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. 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 in the last ninety days. 17.54% of the stock is currently owned by corporate 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.