Fortinet (NASDAQ:FTNT) Updates Q4 2024 Earnings Guidance

Fortinet (NASDAQ:FTNT) updated its fourth quarter 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 0.580-0.620 for the period, compared to the consensus earnings per share estimate of 0.520. The company issued revenue guidance of $1.6 billion-$1.6 billion, compared to the consensus revenue estimate of $1.6 billion. Fortinet also updated its FY 2024 guidance to 2.200-2.280 EPS.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on FTNT. TD Cowen raised their price target on Fortinet from $75.00 to $90.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Mizuho downgraded Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price target on the stock. in a report on Thursday, October 17th. UBS Group raised their price target on Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a report on Friday. Rosenblatt Securities raised their price target on Fortinet from $85.00 to $90.00 and gave the stock a “buy” rating in a report on Friday. Finally, Guggenheim downgraded Fortinet from a “buy” rating to a “neutral” rating in a research note on Monday, July 29th. One investment 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. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $77.72.

Fortinet Stock Performance

Shares of NASDAQ FTNT traded up $8.36 during trading hours on Friday, hitting $92.04. 13,790,376 shares of the company’s stock were exchanged, compared to its average volume of 3,707,677. Fortinet has a 1-year low of $49.63 and a 1-year high of $92.53. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. The stock has a market capitalization of $70.40 billion, a price-to-earnings ratio of 54.46, a PEG ratio of 2.85 and a beta of 1.00. The company’s 50-day moving average price is $78.74 and its 200-day moving average price is $68.15.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,307 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the transaction, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders sold a total of 70,538 shares of company stock valued at $5,403,559 in the last quarter. 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.