Fortinet (NASDAQ:FTNT) Releases FY 2024 Earnings Guidance

Fortinet (NASDAQ:FTNT) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 2.130-2.190 for the period, compared to the consensus earnings per share 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 Trading Up 1.7 %

FTNT stock traded up $1.14 during midday trading on Friday, hitting $69.82. 2,974,717 shares of the company’s stock were exchanged, compared to its average volume of 5,899,910. Fortinet has a 12-month low of $44.12 and a 12-month high of $73.91. The stock has a market capitalization of $53.34 billion, a price-to-earnings ratio of 44.89, a price-to-earnings-growth ratio of 2.79 and a beta of 0.98. The firm has a 50 day moving average price of $59.38 and a 200-day moving average price of $63.70.

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

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Cantor Fitzgerald lifted their price target on Fortinet from $55.00 to $65.00 and gave the company a neutral rating in a report on Wednesday. Mizuho reduced their price target on Fortinet from $70.00 to $66.00 and set a neutral rating for the company in a research report on Friday, May 3rd. Guggenheim lowered shares of Fortinet from a buy rating to a neutral rating in a research report on Monday, July 29th. Truist Financial reduced their price objective on Fortinet from $80.00 to $70.00 and set a buy rating for the company in a research note on Friday, May 3rd. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on Fortinet from $71.00 to $75.00 and gave the company a hold rating in a research note on Wednesday. Twenty-three research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Fortinet has an average rating of Hold and an average price target of $71.31.

Insider Transactions at Fortinet

In related 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 sale, the vice president now directly owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Fortinet news, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction that occurred 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 sale, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Keith Jensen sold 18,701 shares of Fortinet stock in a transaction dated 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 transaction, the chief financial officer now directly owns 4,663 shares of the company’s stock, valued at approximately $278,287.84. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 91,915 shares of company stock worth $5,401,638. Company 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.