Fortinet (NASDAQ:FTNT) Issues FY 2024 Earnings Guidance

Fortinet (NASDAQ:FTNT) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 2.200-2.280 for the period, compared to the consensus EPS estimate of 2.040. The company issued revenue guidance of $5.9 billion-$5.9 billion, compared to the consensus revenue estimate of $5.9 billion. Fortinet also updated its Q4 guidance to $0.58-0.62 EPS.

Fortinet Stock Performance

NASDAQ:FTNT traded up $8.36 during mid-day trading on Friday, hitting $92.04. The company’s stock had a trading volume of 13,790,376 shares, compared to its average volume of 3,707,677. Fortinet has a 1 year low of $49.63 and a 1 year high of $92.53. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. The stock has a market cap of $70.40 billion, a price-to-earnings ratio of 54.46, a PEG ratio of 2.85 and a beta of 1.00. The business’s fifty day moving average is $78.74 and its two-hundred day moving average is $68.15.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Rosenblatt Securities increased their target price on shares of Fortinet from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research note on Wednesday, August 7th. Wedbush increased their target price on shares of Fortinet from $78.00 to $90.00 and gave the stock an “outperform” rating in a research note on Friday. Cantor Fitzgerald increased their target price on shares of Fortinet from $65.00 to $88.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 29th. Finally, Mizuho lowered shares of Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 target price on the stock. in a research note on Thursday, October 17th. One analyst has rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $77.72.

Insider Buying and Selling at Fortinet

In related news, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the sale, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Over the last three months, insiders have sold 70,538 shares of company stock worth $5,403,559. 18.00% of the stock is owned by company 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.