Fortinet (NASDAQ:FTNT) Releases Q4 2024 Earnings Guidance

Fortinet (NASDAQ:FTNT) issued an update on its fourth quarter 2024 earnings guidance on Thursday morning. 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.

Fortinet Trading Up 10.0 %

Shares of FTNT traded up $8.36 during mid-day trading on Friday, reaching $92.04. 13,790,376 shares of the company’s stock traded hands, compared to its average volume of 3,707,677. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. The stock’s 50-day moving average is $78.74 and its two-hundred day moving average is $68.15. Fortinet has a 12 month low of $49.63 and a 12 month high of $92.53. The stock has a market cap of $70.40 billion, a P/E ratio of 54.46, a P/E/G ratio of 2.85 and a beta of 1.00.

Wall Street Analysts Forecast Growth

FTNT has been the topic of a number of recent analyst reports. TD Cowen increased their target price on Fortinet from $75.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Truist Financial raised their price target on shares of Fortinet from $70.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. BMO Capital Markets lifted their price objective on shares of Fortinet from $70.00 to $76.00 and gave the company a “market perform” rating in a report on Wednesday, August 7th. Royal Bank of Canada upped their target price on shares of Fortinet from $68.00 to $72.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 7th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, Fortinet currently has an average rating of “Hold” and a consensus target price of $77.72.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,693 shares of the stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total value of $1,731,010.58. Following the completion of the sale, the chief executive officer now directly owns 48,842,522 shares in the company, valued at approximately $3,568,434,657.32. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders sold 70,538 shares of company stock valued at $5,403,559 in the last quarter. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Company Profile

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.