Fortinet (NASDAQ:FTNT) Releases FY 2024 Earnings Guidance

Fortinet (NASDAQ:FTNT) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 2.200-2.280 for the period, compared to the consensus earnings per share estimate of 2.040. The company issued revenue guidance of $5.9 billion-$5.9 billion, compared to the consensus revenue estimate of $5.9 billion. Fortinet also updated its Q4 guidance to $0.58-0.62 EPS.

Fortinet Stock Performance

NASDAQ FTNT traded up $2.81 during trading hours on Thursday, hitting $83.68. 6,010,774 shares of the company’s stock traded hands, compared to its average volume of 5,422,708. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. Fortinet has a 52 week low of $49.44 and a 52 week high of $83.83. The firm has a market capitalization of $64.01 billion, a P/E ratio of 47.85, a P/E/G ratio of 2.78 and a beta of 1.00. The business’s fifty day moving average price is $78.28 and its two-hundred day moving average price is $67.82.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data 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 negative return on equity of 2,160.10% and a net margin of 23.71%. The firm had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same period in the prior year, the business posted $0.31 EPS. Fortinet’s revenue was up 10.9% on a year-over-year basis. Equities research analysts predict that Fortinet will post 1.75 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Scotiabank upped their price target on shares of Fortinet from $61.00 to $75.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, August 7th. Wedbush reaffirmed an “outperform” rating and issued a $78.00 target price on shares of Fortinet in a report on Wednesday, August 7th. HSBC raised Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price target on the stock in a report on Wednesday, August 7th. Hsbc Global Res raised Fortinet from a “moderate sell” rating to a “hold” rating in a research note on Wednesday, August 7th. Finally, DZ Bank raised Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price target on the stock in a report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $74.68.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 23,693 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the completion of the sale, the chief executive officer now directly owns 48,842,522 shares of the company’s stock, valued at approximately $3,568,434,657.32. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last ninety days, insiders have sold 70,538 shares of company stock worth $5,403,559. 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.