Fortinet (NASDAQ:FTNT) Releases Q3 2024 Earnings Guidance

Fortinet (NASDAQ:FTNT) updated its third quarter 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 0.560-0.580 for the period, compared to the consensus EPS estimate of 0.430. The company issued revenue guidance of $1.4 billion-$1.5 billion, compared to the consensus revenue estimate of $1.5 billion. Fortinet also updated its FY 2024 guidance to 2.130-2.190 EPS.

Fortinet Price Performance

Shares of FTNT traded up $1.14 on Friday, reaching $69.82. 2,974,717 shares of the stock traded hands, compared to its average volume of 5,899,910. The stock’s 50-day moving average price is $59.38 and its 200-day moving average price is $63.70. The firm has a market cap of $53.34 billion, a price-to-earnings ratio of 44.89, a P/E/G ratio of 2.79 and a beta of 0.98. Fortinet has a 12 month low of $44.12 and a 12 month high of $73.91.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.16. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The firm had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter last year, the company posted $0.31 EPS. The company’s quarterly revenue was up 10.9% compared to the same quarter last year. As a group, equities research analysts forecast that Fortinet will post 1.47 earnings per share for the current fiscal year.

Analyst Ratings Changes

FTNT has been the subject of a number of recent research reports. Scotiabank boosted their price target on shares of Fortinet from $61.00 to $75.00 and gave the stock a sector outperform rating in a research note on Wednesday. DZ Bank upgraded shares of Fortinet from a sell rating to a hold rating and set a $65.00 price objective on the stock in a report on Thursday. JPMorgan Chase & Co. increased their price target on Fortinet from $63.00 to $70.00 and gave the company a neutral rating in a research report on Wednesday. Evercore ISI lowered their price objective on shares of Fortinet from $72.00 to $67.00 and set an in-line rating on the stock in a research note on Friday, May 3rd. Finally, TD Cowen raised Fortinet from a hold rating to a buy rating and set a $75.00 price target for the company in a report on Thursday, July 18th. Twenty-three research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of Hold and a consensus target price of $71.31.

Insider Buying and Selling at Fortinet

In other news, CFO Keith Jensen sold 18,701 shares of Fortinet stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $59.68, for a total value of $1,116,075.68. Following the completion of the sale, the chief financial officer now directly owns 4,663 shares in the company, valued at $278,287.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO Keith Jensen sold 18,701 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the completion of the sale, the chief financial officer now directly owns 4,663 shares in the company, valued at $278,287.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the transaction, the vice president now owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The disclosure for this sale can be found here. In the last three months, insiders have sold 91,915 shares of company stock worth $5,401,638. Insiders own 18.00% of the company’s stock.

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.