Fortinet (NASDAQ:FTNT) Releases FY 2024 Earnings Guidance

Fortinet (NASDAQ:FTNT) issued an update on its FY 2024 earnings guidance on Friday morning. The company provided earnings per share (EPS) guidance of 1.730-1.790 for the period, compared to the consensus estimate of 1.710. The company issued revenue guidance of $5.7 billion-$5.8 billion, compared to the consensus revenue estimate of $5.8 billion. Fortinet also updated its Q2 2024 guidance to 0.390-0.410 EPS.

Fortinet Stock Down 0.1 %

NASDAQ FTNT traded down $0.07 during trading on Monday, hitting $58.81. The company’s stock had a trading volume of 14,471,403 shares, compared to its average volume of 5,978,481. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.20 and a quick ratio of 1.08. The company has a market cap of $44.89 billion, a PE ratio of 38.48, a P/E/G ratio of 2.60 and a beta of 1.08. The business’s 50 day simple moving average is $67.53 and its 200-day simple moving average is $61.95. Fortinet has a fifty-two week low of $44.12 and a fifty-two week high of $81.24.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.05. The business had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The company’s quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter last year, the company earned $0.29 earnings per share. On average, equities analysts anticipate that Fortinet will post 1.4 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

FTNT has been the subject of several research analyst reports. Susquehanna reduced their price objective on Fortinet from $80.00 to $65.00 and set a neutral rating for the company in a research note on Monday. HSBC reduced their price objective on Fortinet from $57.00 to $54.00 and set a reduce rating for the company in a research note on Friday. Capital One Financial cut Fortinet from an overweight rating to an equal weight rating in a research note on Wednesday, January 17th. Stifel Nicolaus raised their price objective on Fortinet from $52.00 to $78.00 and gave the stock a hold rating in a research note on Wednesday, February 7th. Finally, 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. Two research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Fortinet presently has a consensus rating of Hold and an average target price of $70.37.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 23,694 shares of Fortinet stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total value of $1,691,751.60. Following the sale, the chief executive officer now directly owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Fortinet news, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the transaction, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Michael Xie sold 24,710 shares of the business’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total value of $1,593,300.80. Following the transaction, the vice president now directly owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The disclosure for this sale can be found here. Insiders have sold 118,480 shares of company stock valued at $8,021,556 over the last ninety days. Insiders own 17.54% 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.