Fortinet (NASDAQ:FTNT – Get Free Report) 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 – Get Free Report) 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
Get Our Latest Analysis on FTNT
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.
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