Fortinet (NASDAQ:FTNT) Releases FY24 Earnings Guidance

Fortinet (NASDAQ:FTNT) issued an update on its FY24 earnings guidance on Thursday morning. The company provided EPS guidance of $1.73 to $1.79 for the period, compared to the consensus EPS 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

A number of equities analysts have commented on the stock. Wedbush reiterated an outperform rating and issued a $86.00 target price on shares of Fortinet in a report on Wednesday. Wells Fargo & Company decreased their target price on shares of Fortinet from $70.00 to $62.00 and set an equal weight rating for the company in a research report on Friday. Barclays cut their price target on shares of Fortinet from $80.00 to $75.00 and set an equal weight rating on the stock in a report on Friday. Scotiabank reduced their price target on Fortinet from $90.00 to $80.00 and set a sector outperform rating on the stock in a research report on Friday. Finally, Sanford C. Bernstein assumed coverage on Fortinet in a research report on Thursday, January 18th. They issued a market perform rating and a $65.00 price objective for the company. 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. Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus price target of $70.68.

Fortinet Price Performance

Shares of Fortinet stock traded down $6.32 on Friday, hitting $58.88. The company’s stock had a trading volume of 15,896,615 shares, compared to its average volume of 4,338,557. The company has a market capitalization of $44.94 billion, a price-to-earnings ratio of 38.48, a price-to-earnings-growth ratio of 2.61 and a beta of 1.08. The firm has a fifty day moving average price of $67.53 and a 200-day moving average price of $61.92. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19. Fortinet has a 1 year low of $44.12 and a 1 year high of $81.24.

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

Insiders Place Their Bets

In other news, CEO Ken Xie sold 46,084 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total value of $3,183,021.88. Following the transaction, the chief executive officer now owns 51,813,638 shares in the company, valued at $3,578,767,976.66. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CEO Ken Xie sold 46,084 shares of the stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total value of $3,183,021.88. Following the completion of the sale, the chief executive officer now directly owns 51,813,638 shares in the company, valued at $3,578,767,976.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Michael Xie sold 24,710 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the vice president now directly owns 10,867,018 shares in the company, valued at $700,705,320.64. The disclosure for this sale can be found here. In the last three months, insiders sold 118,480 shares of company stock worth $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.