Fortinet (NASDAQ:FTNT) Issues Q2 2024 Earnings Guidance

Fortinet (NASDAQ:FTNT) updated its second quarter 2024 earnings guidance on Friday. The company provided EPS guidance of 0.390-0.410 for the period, compared to the consensus EPS 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 Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Mizuho dropped their price objective on shares of Fortinet from $70.00 to $66.00 and set a neutral rating on the stock in a research report on Friday. HSBC dropped their price objective on shares of Fortinet from $57.00 to $54.00 and set a reduce rating on the stock in a research report on Friday. Wells Fargo & Company dropped their price objective on shares of Fortinet from $70.00 to $62.00 and set an equal weight rating on the stock in a research report on Friday. Citigroup lowered shares of Fortinet from a buy rating to a neutral rating and raised their price target for the stock from $60.00 to $62.00 in a research report on Tuesday, January 9th. Finally, Capital One Financial cut shares of Fortinet from an overweight rating to an equal weight rating in a research note on Wednesday, January 17th. 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 company’s stock. Based on data from MarketBeat, Fortinet presently has a consensus rating of Hold and an average price target of $70.37.

Fortinet Trading Down 0.1 %

NASDAQ FTNT traded down $0.07 during trading hours on Monday, reaching $58.81. The company’s stock had a trading volume of 14,471,403 shares, compared to its average volume of 5,978,481. The firm has a fifty day simple moving average of $67.53 and a 200-day simple moving average of $61.95. The stock has a market cap of $44.89 billion, a P/E ratio of 38.48, a P/E/G ratio of 2.60 and a beta of 1.08. Fortinet has a 52 week low of $44.12 and a 52 week high of $81.24. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.20 and a quick ratio of 1.08.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates 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 quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter last year, the business earned $0.29 EPS. Equities analysts forecast that Fortinet will post 1.4 earnings per share for the current fiscal year.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 23,694 shares of the firm’s stock in a transaction that occurred 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 in the company, valued at approximately $3,471,825,357. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Fortinet news, VP Michael Xie sold 24,710 shares of the 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 sale, 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 23,694 shares of the stock in a transaction that occurred on 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 disclosure for this sale can be found here. Insiders sold a total of 118,480 shares of company stock worth $8,021,556 in the last quarter. 17.54% of the stock is owned by insiders.

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.