Fortinet (NASDAQ:FTNT) Issues FY24 Earnings Guidance

Fortinet (NASDAQ:FTNT) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $2.13 to $2.19 for the period, compared to the consensus EPS estimate of $1.76. The company issued revenue guidance of $5.800 billion to $5.900 billion, compared to the consensus revenue estimate of $5.79 billion. Fortinet also updated its Q3 guidance to $0.56 to $0.58 EPS.

Fortinet Price Performance

Shares of FTNT traded up $0.42 on Tuesday, hitting $55.81. The company’s stock had a trading volume of 9,367,941 shares, compared to its average volume of 5,765,938. The company has a market capitalization of $42.64 billion, a PE ratio of 36.70, a PEG ratio of 2.79 and a beta of 0.98. Fortinet has a fifty-two week low of $44.12 and a fifty-two week high of $73.91. The company has a 50 day moving average price of $59.04 and a 200 day moving average price of $63.65.

Fortinet (NASDAQ:FTNT) last announced its 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. The business had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. Fortinet’s revenue was up 10.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.31 EPS. On average, equities analysts forecast that Fortinet will post 1.47 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently commented on FTNT shares. Piper Sandler reduced their target price on Fortinet from $75.00 to $70.00 and set a neutral rating on the stock in a report on Friday, May 3rd. HSBC reduced their price objective on Fortinet from $57.00 to $54.00 and set a reduce rating on the stock in a report on Friday, May 3rd. Cantor Fitzgerald reduced their price objective on Fortinet from $65.00 to $55.00 and set a neutral rating on the stock in a report on Friday, May 3rd. Mizuho reduced their price objective on Fortinet from $70.00 to $66.00 and set a neutral rating on the stock in a report on Friday, May 3rd. Finally, Needham & Company LLC reaffirmed a hold rating on shares of Fortinet in a report on Tuesday, June 11th. Two analysts have rated the stock with a sell rating, twenty-one have given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, Fortinet has a consensus rating of Hold and an average price target of $69.39.

Insider Activity at Fortinet

In related news, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction on Friday, August 2nd. The shares were 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 in the company, valued at approximately $608,626,179.98. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Fortinet news, VP Michael Xie sold 24,712 shares of the stock in a transaction dated 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 completion of the transaction, the vice president now owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Ken Xie sold 24,267 shares of the stock in a transaction dated 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 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 disclosure for this sale can be found here. Insiders sold a total of 91,915 shares of company stock worth $5,401,638 in the last quarter. 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.