Fortinet (NASDAQ:FTNT) Releases 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 equities research analysts recently commented on the company. Piper Sandler dropped their price objective on Fortinet from $75.00 to $70.00 and set a neutral rating on the stock in a research report on Friday. Sanford C. Bernstein assumed coverage on Fortinet in a research report on Thursday, January 18th. They set a market perform rating and a $65.00 price objective on the stock. Mizuho dropped their price objective on Fortinet from $70.00 to $66.00 and set a neutral rating on the stock in a research report on Friday. Wedbush reaffirmed an outperform rating and set a $86.00 price objective on shares of Fortinet in a research report on Wednesday, May 1st. Finally, Daiwa Capital Markets raised Fortinet from a neutral rating to an outperform rating and set a $75.00 price objective on the stock in a research report on Tuesday, February 13th. Two equities research analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, 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 on Monday, hitting $58.81. 14,471,403 shares of the company’s stock traded hands, compared to its average volume of 5,978,481. The company has a current ratio of 1.20, a quick ratio of 1.08 and a debt-to-equity ratio of 13.38. Fortinet has a one year low of $44.12 and a one year high of $81.24. The company’s 50 day simple moving average is $67.53 and its 200-day simple moving average is $61.95. The firm has a market cap 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 (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The business had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter in the previous year, the company posted $0.29 EPS. The company’s revenue was up 7.2% compared to the same quarter last year. As a group, research analysts anticipate that Fortinet will post 1.4 EPS for the current year.

Insider Transactions at Fortinet

In other Fortinet news, VP Michael Xie sold 24,710 shares of the company’s 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 transaction, the vice president now directly owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, VP Michael Xie sold 24,710 shares of the stock in a transaction 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 transaction, the vice president now owns 10,867,018 shares of the company’s stock, valued at approximately $700,705,320.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Ken Xie sold 23,694 shares of Fortinet stock in a transaction dated 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 sale, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 118,480 shares of company stock worth $8,021,556. 17.54% of the stock is currently owned by insiders.

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.