Fortinet (NASDAQ:FTNT) Updates 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.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. StockNews.com raised shares of Fortinet from a hold rating to a buy rating in a research report on Wednesday. Evercore ISI cut their price target on shares of Fortinet from $72.00 to $67.00 and set an in-line rating on the stock in a report on Friday, May 3rd. TD Cowen upgraded Fortinet from a hold rating to a buy rating and set a $75.00 price objective for the company in a report on Thursday, July 18th. Susquehanna boosted their target price on Fortinet from $65.00 to $70.00 and gave the stock a neutral rating in a research note on Thursday. Finally, Scotiabank increased their price target on Fortinet from $61.00 to $75.00 and gave the company a sector outperform rating in a research note on Wednesday. Twenty-four research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, Fortinet currently has a consensus rating of Hold and an average price target of $71.31.

Fortinet Stock Down 1.8 %

Shares of FTNT stock traded down $1.25 during mid-day trading on Thursday, hitting $68.68. 10,817,680 shares of the stock were exchanged, compared to its average volume of 5,918,767. Fortinet has a 52-week low of $44.12 and a 52-week high of $73.91. The firm has a fifty day moving average of $59.38 and a 200 day moving average of $63.70. The company has a market cap of $52.47 billion, a PE ratio of 44.89, a price-to-earnings-growth ratio of 2.79 and a beta of 0.98.

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

Insiders Place Their Bets

In related news, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction dated 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 sale, the vice president now directly owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were 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 owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director William H. Neukom bought 586 shares of the firm’s stock in a transaction on Thursday, June 6th. The stock was acquired at an average cost of $59.55 per share, for a total transaction of $34,896.30. Following the completion of the purchase, the director now directly owns 295,778 shares in the company, valued at $17,613,579.90. The disclosure for this purchase can be found here. Over the last ninety days, insiders 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.