Fortinet (NASDAQ:FTNT) Issues 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.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. DZ Bank lowered shares of Fortinet from a hold rating to a sell rating and set a $60.00 price objective for the company. in a research note on Thursday, February 8th. Sanford C. Bernstein assumed coverage on shares of Fortinet in a report on Thursday, January 18th. They set a market perform rating and a $65.00 price objective for the company. Cantor Fitzgerald dropped their target price on shares of Fortinet from $65.00 to $55.00 and set a neutral rating on the stock in a research note on Friday. BMO Capital Markets decreased their price target on shares of Fortinet from $82.00 to $70.00 and set a market perform rating for the company in a research note on Friday. Finally, Wedbush reissued an outperform rating and issued a $86.00 price objective on shares of Fortinet in a research note on Wednesday, May 1st. Two equities research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Hold and a consensus price target of $70.37.

Fortinet Price Performance

FTNT traded down $0.07 during trading on Monday, reaching $58.81. 14,471,403 shares of the stock were exchanged, 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 capitalization of $44.89 billion, a price-to-earnings ratio of 38.48, a P/E/G ratio of 2.60 and a beta of 1.08. Fortinet has a 1 year low of $44.12 and a 1 year high of $81.24. The business’s 50 day moving average price is $67.53 and its two-hundred day moving average price is $61.95.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, topping the consensus estimate of $0.38 by $0.05. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same period in the previous year, the firm earned $0.29 EPS. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Fortinet will post 1.4 earnings per share for the current year.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 23,694 shares of the company’s stock in a transaction 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 in the company, valued at $3,471,825,357. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total value of $1,691,751.60. Following the completion of 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 document filed with the SEC, which is accessible through this link. Also, VP Michael Xie sold 24,710 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the sale, the vice president now 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 sold a total of 118,480 shares of company stock valued at $8,021,556 in the last ninety days. Corporate 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.