Fortinet (NASDAQ:FTNT) Releases Q3 Earnings Guidance

Fortinet (NASDAQ:FTNT) updated its third quarter earnings guidance on Tuesday. The company provided EPS guidance of $0.56 to $0.58 for the period, compared to the consensus EPS estimate of $0.43. The company issued revenue guidance of $1.445 billion to $1.505 billion, compared to the consensus revenue estimate of $1.47 billion. Fortinet also updated its FY 2024 guidance to 2.130-2.190 EPS.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Jefferies Financial Group dropped their price objective on Fortinet from $75.00 to $70.00 and set a hold rating for the company in a research note on Thursday, April 18th. Wedbush reissued an outperform rating and set a $78.00 price target on shares of Fortinet in a research report on Wednesday. Morgan Stanley decreased their price objective on Fortinet from $73.00 to $69.00 and set an overweight rating on the stock in a research note on Wednesday, July 17th. Scotiabank upped their target price on shares of Fortinet from $61.00 to $75.00 and gave the company a sector outperform rating in a report on Wednesday. Finally, Wells Fargo & Company raised their target price on shares of Fortinet from $62.00 to $64.00 and gave the stock an equal weight rating in a research report on Wednesday. Twenty-three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of Hold and an average target price of $71.31.

Fortinet Stock Performance

Shares of FTNT stock traded up $0.76 on Friday, hitting $69.44. The stock had a trading volume of 1,599,704 shares, compared to its average volume of 5,888,889. Fortinet has a 52-week low of $44.12 and a 52-week high of $73.91. The firm has a market capitalization of $53.05 billion, a price-to-earnings ratio of 44.89, a P/E/G ratio of 2.79 and a beta of 0.98. The stock’s 50 day moving average is $59.38 and its 200-day moving average is $63.70.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. The business had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The company’s revenue for the quarter was up 10.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.31 EPS. Equities analysts expect that Fortinet will post 1.47 earnings per share for the current year.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 24,267 shares of the company’s stock in a transaction on 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 $2,927,125,412.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction that occurred on 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 approximately $608,626,179.98. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Ken Xie sold 24,267 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the transaction, the chief executive officer now owns 48,777,294 shares in the company, valued at approximately $2,927,125,412.94. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 91,915 shares of company stock valued at $5,401,638. Company insiders own 18.00% of the company’s stock.

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.