Fortinet (NASDAQ:FTNT) Releases FY24 Earnings Guidance

Fortinet (NASDAQ:FTNT) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $2.13 to $2.19 for the period, compared to the consensus EPS estimate of $1.76. The company issued revenue guidance of $5.800 billion to $5.900 billion, compared to the consensus revenue estimate of $5.79 billion. Fortinet also updated its FY 2024 guidance to 2.130-2.190 EPS.

Analyst Upgrades and Downgrades

Several research firms have recently commented on FTNT. Needham & Company LLC restated a hold rating on shares of Fortinet in a research note on Wednesday. Citigroup upped their price objective on shares of Fortinet from $65.00 to $66.00 and gave the stock a neutral rating in a research report on Wednesday. Robert W. Baird lifted their target price on shares of Fortinet from $75.00 to $80.00 and gave the company an outperform rating in a report on Wednesday. BMO Capital Markets increased their price target on shares of Fortinet from $70.00 to $76.00 and gave the stock a market perform rating in a report on Wednesday. Finally, Jefferies Financial Group lowered their price objective on Fortinet from $75.00 to $70.00 and set a hold rating on the stock in a report on Thursday, April 18th. Twenty-three research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of Hold and an average price target of $71.31.

Fortinet Trading Up 1.1 %

Shares of NASDAQ:FTNT traded up $0.76 on Friday, hitting $69.44. The company had a trading volume of 1,599,704 shares, compared to its average volume of 5,888,889. The company has a market cap of $53.05 billion, a PE ratio of 44.89, a PEG ratio of 2.79 and a beta of 0.98. Fortinet has a 52-week low of $44.12 and a 52-week high of $73.91. The business has a 50 day moving average of $59.38 and a 200 day moving average of $63.70.

Fortinet (NASDAQ:FTNT) last released its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 net margin of 22.23% and a negative return on equity of 2,235.48%. The firm’s quarterly revenue was up 10.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.31 EPS. As a group, equities analysts predict that Fortinet will post 1.47 EPS for the current year.

Insider Buying and Selling

In other news, CFO Keith Jensen sold 18,701 shares of Fortinet stock in a transaction on 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 sale, the chief financial officer now owns 4,663 shares of the company’s stock, valued at $278,287.84. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Fortinet news, VP Michael Xie sold 24,712 shares of the stock in a transaction that occurred on 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 transaction, the vice president now owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Keith Jensen sold 18,701 shares of the business’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the sale, the chief financial officer now directly owns 4,663 shares of the company’s stock, valued at $278,287.84. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 91,915 shares of company stock worth $5,401,638. 18.00% of the stock is owned by insiders.

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.