Fortinet (NASDAQ:FTNT) Issues FY 2024 Earnings Guidance

Fortinet (NASDAQ:FTNT) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 2.200-2.280 for the period, compared to the consensus earnings per share estimate of 2.040. The company issued revenue guidance of $5.9 billion-$5.9 billion, compared to the consensus revenue estimate of $5.9 billion. Fortinet also updated its Q4 guidance to $0.58-0.62 EPS.

Analyst Upgrades and Downgrades

A number of brokerages have commented on FTNT. Raymond James increased their price target on shares of Fortinet from $85.00 to $95.00 and gave the company an “outperform” rating in a research report on Friday. Cantor Fitzgerald increased their price target on shares of Fortinet from $65.00 to $88.00 and gave the company a “neutral” rating in a research report on Tuesday, October 29th. Scotiabank increased their price target on shares of Fortinet from $75.00 to $85.00 and gave the company a “sector outperform” rating in a research report on Friday. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Finally, Truist Financial increased their price objective on Fortinet from $70.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $77.72.

Fortinet Stock Up 10.0 %

Shares of NASDAQ:FTNT traded up $8.36 on Friday, hitting $92.04. 13,790,376 shares of the company traded hands, compared to its average volume of 3,707,677. Fortinet has a 52 week low of $49.63 and a 52 week high of $92.53. The stock has a 50 day simple moving average of $78.74 and a 200-day simple moving average of $68.15. The company has a market cap of $70.40 billion, a PE ratio of 54.46, a PEG ratio of 2.85 and a beta of 1.00. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,693 shares of Fortinet stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total value of $1,731,010.58. Following the completion of the sale, the chief executive officer now directly owns 48,842,522 shares in the company, valued at approximately $3,568,434,657.32. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last ninety days, insiders sold 70,538 shares of company stock worth $5,403,559. 18.00% 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.