Fortinet (NASDAQ:FTNT) Issues FY 2024 Earnings Guidance

by · The Markets Daily

Fortinet (NASDAQ:FTNT – Get Free Report) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 2.200-2.280 for the period, compared to the consensus EPS 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.

Wall Street Analyst Weigh In

Several analysts recently issued reports on FTNT shares. HSBC upgraded shares of Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price target on the stock in a research report on Wednesday, August 7th. Royal Bank of Canada raised their target price on Fortinet from $68.00 to $72.00 and gave the company a “sector perform” rating in a report on Wednesday, August 7th. Hsbc Global Res raised Fortinet from a “moderate sell” rating to a “hold” rating in a report on Wednesday, August 7th. TD Cowen raised their price objective on Fortinet from $75.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Finally, Piper Sandler boosted their target price on Fortinet from $70.00 to $80.00 and gave the stock a “neutral” rating in a research note on Friday. One equities research analyst has rated the stock with a sell rating, twenty-one have given a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $77.72.

Get Our Latest Stock Report on Fortinet

Fortinet Stock Up 10.0 %

FTNT stock traded up $8.36 during trading on Friday, reaching $92.04. 13,790,376 shares of the stock were exchanged, compared to its average volume of 3,707,677. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. Fortinet has a twelve month low of $49.63 and a twelve month high of $92.53. The firm’s 50 day moving average is $78.74 and its 200 day moving average is $68.15. The firm has a market cap of $70.40 billion, a P/E ratio of 54.46, a price-to-earnings-growth ratio of 2.85 and a beta of 1.00.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 23,693 shares of the business’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the completion of the sale, the chief executive officer now owns 48,842,522 shares in the company, valued at approximately $3,568,434,657.32. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold a total of 70,538 shares of company stock worth $5,403,559 in the last ninety days. Corporate insiders own 18.00% of the company’s stock.

Fortinet Company Profile

(Get Free Report)

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.

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