Fortinet (NASDAQ:FTNT) Issues Q3 Earnings Guidance

Fortinet (NASDAQ:FTNT) updated its third quarter earnings guidance on Tuesday. The company provided EPS guidance of $0.56 to $0.58 for the period, compared to the consensus EPS estimate of $0.43. The company issued revenue guidance of $1.445 billion to $1.505 billion, compared to the consensus revenue estimate of $1.47 billion. Fortinet also updated its FY24 guidance to $2.13 to $2.19 EPS.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Truist Financial dropped their price target on Fortinet from $80.00 to $70.00 and set a buy rating on the stock in a research note on Friday, May 3rd. Jefferies Financial Group decreased their price objective on Fortinet from $75.00 to $70.00 and set a hold rating for the company in a report on Thursday, April 18th. Robert W. Baird decreased their price objective on Fortinet from $81.00 to $75.00 and set an outperform rating for the company in a report on Friday, May 3rd. Barclays decreased their price objective on Fortinet from $75.00 to $70.00 and set an equal weight rating for the company in a report on Thursday, July 11th. Finally, Susquehanna decreased their price objective on Fortinet from $80.00 to $65.00 and set a neutral rating for the company in a report on Monday, May 6th. Two research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Fortinet presently has an average rating of Hold and a consensus target price of $69.39.

Fortinet Stock Performance

Shares of NASDAQ FTNT traded up $0.42 during midday trading on Tuesday, reaching $55.81. The company’s stock had a trading volume of 8,487,319 shares, compared to its average volume of 5,761,830. Fortinet has a fifty-two week low of $44.12 and a fifty-two week high of $73.91. The business’s 50 day moving average price is $59.04 and its two-hundred day moving average price is $63.65. The company has a market cap of $42.64 billion, a P/E ratio of 36.70, a P/E/G ratio of 2.79 and a beta of 0.98.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 24,235 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $59.53, for a total transaction of $1,442,709.55. Following the completion of the transaction, the chief executive officer now directly owns 48,742,483 shares in the company, valued at $2,901,640,012.99. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Fortinet news, CEO Ken Xie sold 24,235 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $59.53, for a total transaction of $1,442,709.55. Following the completion of the transaction, the chief executive officer now directly owns 48,742,483 shares in the company, valued at $2,901,640,012.99. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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 transaction 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. Insiders sold a total of 91,915 shares of company stock worth $5,401,638 over the last three months. Corporate 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.