Fortinet (NASDAQ:FTNT) Releases FY24 Earnings Guidance

Fortinet (NASDAQ:FTNT) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $2.13 to $2.19 for the period, compared to the consensus estimate of $1.76. The company issued revenue guidance of $5.800 billion to $5.900 billion, compared to the consensus revenue estimate of $5.79 billion. Fortinet also updated its Q3 guidance to $0.56 to $0.58 EPS.

Fortinet Trading Up 0.8 %

Shares of FTNT stock traded up $0.42 during trading hours on Tuesday, reaching $55.81. 8,487,319 shares of the company’s stock were exchanged, compared to its average volume of 5,761,830. The stock’s 50 day moving average is $59.04 and its 200-day moving average is $63.65. The company has a market cap of $42.64 billion, a price-to-earnings ratio of 36.70, a P/E/G ratio of 2.79 and a beta of 0.98. Fortinet has a fifty-two week low of $44.12 and a fifty-two week high of $73.91.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. StockNews.com downgraded Fortinet from a buy rating to a hold rating in a research report on Tuesday, July 30th. Citigroup cut their target price on Fortinet from $68.00 to $65.00 and set a neutral rating on the stock in a research report on Tuesday, July 30th. Needham & Company LLC reissued a hold rating on shares of Fortinet in a research report on Tuesday, June 11th. Cantor Fitzgerald cut their price target on Fortinet from $65.00 to $55.00 and set a neutral rating on the stock in a research report on Friday, May 3rd. Finally, Evercore ISI cut their price target on Fortinet from $72.00 to $67.00 and set an in-line rating on the stock in a research report on Friday, May 3rd. Two equities research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Fortinet presently has a consensus rating of Hold and an average target price of $69.39.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 24,235 shares of the company’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $59.53, for a total value of $1,442,709.55. Following the transaction, the chief executive officer now owns 48,742,483 shares of the company’s stock, valued at $2,901,640,012.99. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Fortinet news, CFO Keith Jensen sold 18,701 shares of Fortinet stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $59.68, for a total value of $1,116,075.68. Following the completion of the transaction, the chief financial officer now directly owns 4,663 shares of the company’s stock, valued at approximately $278,287.84. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Ken Xie sold 24,235 shares of Fortinet stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $59.53, for a total value of $1,442,709.55. Following the completion of the transaction, the chief executive officer now directly owns 48,742,483 shares of the company’s stock, valued at $2,901,640,012.99. The disclosure for this sale can be found here. Over the last three months, insiders sold 91,915 shares of company stock worth $5,401,638. Company insiders own 18.00% 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.