Fortinet (NASDAQ:FTNT) Issues Q2 2024 Earnings Guidance

Fortinet (NASDAQ:FTNT) updated its second quarter 2024 earnings guidance on Friday. The company provided earnings per share (EPS) guidance of 0.390-0.410 for the period, compared to the consensus estimate of 0.390. The company issued revenue guidance of $1.4 billion-$1.4 billion, compared to the consensus revenue estimate of $1.4 billion. Fortinet also updated its FY 2024 guidance to 1.730-1.790 EPS.

Analyst Ratings Changes

Several research firms have recently issued reports on FTNT. BMO Capital Markets lowered their target price on shares of Fortinet from $82.00 to $70.00 and set a market perform rating on the stock in a research note on Friday. Citigroup lowered Fortinet from a buy rating to a neutral rating and raised their price objective for the company from $60.00 to $62.00 in a report on Tuesday, January 9th. Robert W. Baird cut their target price on shares of Fortinet from $81.00 to $75.00 and set an outperform rating for the company in a research note on Friday. Scotiabank cut their price objective on Fortinet from $90.00 to $80.00 and set a sector outperform rating for the company in a research note on Friday. Finally, Piper Sandler decreased their target price on Fortinet from $75.00 to $70.00 and set a neutral rating on the stock in a research report on Friday. Two investment analysts have rated the stock with a sell rating, twenty have issued a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, Fortinet has a consensus rating of Hold and a consensus target price of $70.37.

Fortinet Trading Down 0.1 %

Shares of FTNT traded down $0.07 during trading on Monday, reaching $58.81. 14,471,403 shares of the company traded hands, compared to its average volume of 5,978,481. The stock has a 50-day simple moving average of $67.53 and a 200-day simple moving average of $61.95. The company has a quick ratio of 1.08, a current ratio of 1.20 and a debt-to-equity ratio of 13.38. Fortinet has a twelve month low of $44.12 and a twelve month high of $81.24. The stock has a market cap of $44.89 billion, a PE ratio of 38.48, a price-to-earnings-growth ratio of 2.60 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last posted its 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. The firm had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The firm’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.29 EPS. On average, analysts anticipate that Fortinet will post 1.4 earnings per share for the current year.

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 24,710 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The shares were 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 owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, 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 sale, the vice president now owns 10,867,018 shares of the company’s stock, valued at approximately $700,705,320.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ken Xie sold 23,992 shares of the company’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total value of $1,553,482.00. Following the completion of the transaction, the chief executive officer now directly owns 48,660,648 shares of the company’s stock, valued at $3,150,776,958. The disclosure for this sale can be found here. Insiders have sold a total of 118,480 shares of company stock worth $8,021,556 in the last ninety days. 17.54% of the stock is owned by corporate 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.