Fortinet (NASDAQ:FTNT) Releases FY 2024 Earnings Guidance

Fortinet (NASDAQ:FTNT) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 2.130-2.190 for the period, compared to the consensus estimate of 1.760. The company issued revenue guidance of $5.8 billion-$5.9 billion, compared to the consensus revenue estimate of $5.8 billion. Fortinet also updated its FY24 guidance to $2.13 to $2.19 EPS.

Fortinet Price Performance

Shares of FTNT traded down $1.25 during midday trading on Thursday, reaching $68.68. The stock had a trading volume of 10,817,680 shares, compared to its average volume of 5,918,767. The company has a market capitalization of $52.47 billion, a P/E ratio of 44.89, a P/E/G ratio of 2.79 and a beta of 0.98. The firm’s 50 day moving average price is $59.38 and its 200-day moving average price is $63.70. Fortinet has a 52 week low of $44.12 and a 52 week high of $73.91.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping the consensus estimate of $0.41 by $0.16. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The firm had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same period in the previous year, the business earned $0.31 earnings per share. Fortinet’s revenue for the quarter was up 10.9% compared to the same quarter last year. On average, equities analysts forecast that Fortinet will post 1.47 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Scotiabank raised their target price on shares of Fortinet from $61.00 to $75.00 and gave the stock a sector outperform rating in a report on Wednesday. Cantor Fitzgerald raised their price objective on Fortinet from $55.00 to $65.00 and gave the stock a neutral rating in a research note on Wednesday. Guggenheim lowered Fortinet from a buy rating to a neutral rating in a research report on Monday, July 29th. DZ Bank upgraded Fortinet from a sell rating to a hold rating and set a $65.00 price target for the company in a research report on Thursday. Finally, BMO Capital Markets lifted their price target on Fortinet from $70.00 to $76.00 and gave the stock a market perform rating in a research note on Wednesday. Twenty-four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, Fortinet has an average rating of Hold and a consensus target price of $71.31.

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Ken Xie sold 24,235 shares of the firm’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $59.53, for a total value of $1,442,709.55. Following the transaction, the chief executive officer now directly owns 48,742,483 shares in the company, valued at approximately $2,901,640,012.99. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the transaction, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The disclosure for this sale can be found here. Insiders sold 91,915 shares of company stock valued at $5,401,638 over the last ninety days. Corporate 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.