Fortinet (NASDAQ:FTNT) Issues FY24 Earnings Guidance

Fortinet (NASDAQ:FTNT) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $1.73 to $1.79 for the period, compared to the consensus estimate of $1.70. The company issued revenue guidance of $5.745 billion to $5.845 billion, compared to the consensus revenue estimate of $5.78 billion. Fortinet also updated its Q2 guidance to $0.39-0.41 EPS.

Analyst Ratings Changes

FTNT has been the topic of a number of research reports. UBS Group raised their target price on shares of Fortinet from $55.00 to $65.00 and gave the company a neutral rating in a research report on Wednesday, January 10th. Mizuho lowered their target price on Fortinet from $70.00 to $66.00 and set a neutral rating for the company in a report on Friday. Daiwa Capital Markets upgraded Fortinet from a neutral rating to an outperform rating and set a $75.00 price target on the stock in a report on Tuesday, February 13th. Stifel Nicolaus upped 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, BMO Capital Markets cut their target price on Fortinet from $82.00 to $70.00 and set a market perform rating on the stock in a research note on Friday. 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 stock. According to MarketBeat.com, the stock has a consensus rating of Hold and a consensus target price of $70.68.

Fortinet Stock Performance

Shares of NASDAQ FTNT traded down $6.32 during trading on Friday, reaching $58.88. 15,896,615 shares of the company traded hands, compared to its average volume of 4,338,557. The stock has a market cap of $44.94 billion, a P/E ratio of 38.48, a PEG ratio of 2.61 and a beta of 1.08. The firm’s fifty day simple moving average is $67.53 and its 200 day simple moving average is $61.92. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38. Fortinet has a 12-month low of $44.12 and a 12-month high of $81.24.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.05. Fortinet had a negative return on equity of 5,061.85% and a net margin of 22.23%. The company had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.34 billion. During the same period last year, the business earned $0.29 earnings per share. Fortinet’s quarterly revenue was up 7.2% on a year-over-year basis. As a group, research analysts anticipate that Fortinet will post 1.4 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 23,694 shares of Fortinet stock in a transaction 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 filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Ken Xie sold 23,694 shares of the stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total transaction 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 approximately $3,471,825,357. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Michael Xie sold 24,710 shares of Fortinet stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total value of $1,593,300.80. Following the completion of the transaction, the vice president now owns 10,867,018 shares of the company’s stock, valued at approximately $700,705,320.64. The disclosure for this sale can be found here. Over the last three months, insiders have sold 118,480 shares of company stock valued at $8,021,556. Corporate insiders own 17.54% 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.