Fortinet (NASDAQ:FTNT) Issues Earnings Results

Fortinet (NASDAQ:FTNT) posted its earnings results on Tuesday. The software maker reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16, Briefing.com reports. The company had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The firm’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same period last year, the business posted $0.31 earnings per share. Fortinet updated its Q3 guidance to $0.56 to $0.58 EPS and its FY24 guidance to $2.13 to $2.19 EPS.

Fortinet Trading Up 0.8 %

NASDAQ:FTNT traded up $0.42 on Tuesday, hitting $55.81. 8,631,101 shares of the company’s stock traded hands, compared to its average volume of 5,762,789. Fortinet has a 1 year low of $44.12 and a 1 year high of $73.91. The firm has a 50-day moving average price of $59.04 and a 200-day moving average price of $63.65. The company has a market cap of $42.64 billion, a PE ratio of 36.70, a price-to-earnings-growth ratio of 2.79 and a beta of 0.98.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on FTNT shares. HSBC cut their price objective on shares of Fortinet from $57.00 to $54.00 and set a “reduce” rating on the stock in a research note on Friday, May 3rd. Jefferies Financial Group cut their price objective on shares of Fortinet from $75.00 to $70.00 and set a “hold” rating on the stock in a research note on Thursday, April 18th. Piper Sandler cut their price objective on shares of Fortinet from $75.00 to $70.00 and set a “neutral” rating on the stock in a research note on Friday, May 3rd. JPMorgan Chase & Co. cut their price objective on shares of Fortinet from $67.00 to $63.00 and set a “neutral” rating on the stock in a research note on Friday, May 3rd. Finally, Scotiabank cut their price objective on shares of Fortinet from $90.00 to $80.00 and set a “sector outperform” rating on the stock in a research note on Friday, May 3rd. Two analysts have rated the stock with a sell rating, twenty-one have given a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and an average target price of $69.39.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 24,267 shares of Fortinet stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the transaction, the chief executive officer now owns 48,777,294 shares of the company’s stock, valued at approximately $2,927,125,412.94. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CEO Ken Xie sold 24,267 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $60.01, for a total value of $1,456,262.67. Following the completion of the sale, the chief executive officer now directly owns 48,777,294 shares in the company, valued at approximately $2,927,125,412.94. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Keith Jensen sold 18,701 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $59.68, for a total value of $1,116,075.68. Following the completion of the sale, the chief financial officer now owns 4,663 shares of the company’s stock, valued at $278,287.84. The disclosure for this sale can be found here. Insiders have sold a total of 91,915 shares of company stock valued at $5,401,638 in the last 90 days. 18.00% 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.