Fortinet (NASDAQ:FTNT) Updates Q2 2024 Earnings Guidance

Fortinet (NASDAQ:FTNT) issued an update on its second quarter 2024 earnings guidance on Friday morning. The company provided earnings per share guidance of 0.390-0.410 for the period, compared to the consensus earnings per share 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.

Fortinet Stock Performance

FTNT traded down $0.07 during midday trading on Monday, reaching $58.81. The company had a trading volume of 14,471,403 shares, compared to its average volume of 5,978,481. The company has a quick ratio of 1.08, a current ratio of 1.20 and a debt-to-equity ratio of 13.38. The business has a 50-day moving average of $67.53 and a two-hundred day moving average of $61.95. The company 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 1 year low of $44.12 and a 1 year high of $81.24.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. The business had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.34 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The business’s quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.29 earnings per share. As a group, equities research analysts predict that Fortinet will post 1.4 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on FTNT. Robert W. Baird dropped their price objective on Fortinet from $81.00 to $75.00 and set an outperform rating for the company in a research note on Friday. Scotiabank dropped 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. HSBC dropped their price objective on Fortinet from $57.00 to $54.00 and set a reduce rating for the company in a research note on Friday. Royal Bank of Canada dropped their price objective on Fortinet from $71.00 to $68.00 and set a sector perform rating for the company in a research note on Friday. Finally, Evercore ISI dropped their price objective on Fortinet from $72.00 to $67.00 and set an in-line rating for the company in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, twenty have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus target price of $70.37.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,694 shares of the firm’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the transaction, the chief executive officer now directly owns 48,625,005 shares in the company, valued at approximately $3,471,825,357. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Fortinet news, CEO Ken Xie sold 23,694 shares of the firm’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the transaction, the chief executive officer now directly owns 48,625,005 shares in the company, valued at approximately $3,471,825,357. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 24,710 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total value of $1,593,300.80. Following the transaction, the vice president now owns 10,867,018 shares in the company, valued at $700,705,320.64. The disclosure for this sale can be found here. Over the last three months, insiders have sold 118,480 shares of company stock worth $8,021,556. 17.54% of the stock is currently owned by company 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.