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.

Analysts Set New Price Targets

A number of research firms have recently issued reports on FTNT. Cantor Fitzgerald raised their price target on shares of Fortinet from $65.00 to $88.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 29th. Piper Sandler raised their price target on shares of Fortinet from $70.00 to $80.00 and gave the stock a “neutral” rating in a research report on Friday. Guggenheim downgraded shares of Fortinet from a “buy” rating to a “neutral” rating in a research report on Monday, July 29th. Royal Bank of Canada raised their price target on shares of Fortinet from $68.00 to $72.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 7th. Finally, BMO Capital Markets raised their price target on shares of Fortinet from $70.00 to $76.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, twenty-one have given a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, Fortinet presently has an average rating of “Hold” and an average target price of $77.72.

Fortinet Price 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 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 company’s fifty day simple moving average is $78.74 and its two-hundred day simple moving average is $68.15. The company has a market cap of $70.40 billion, a price-to-earnings ratio of 54.46, a price-to-earnings-growth ratio of 2.85 and a beta of 1.00. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32.

Insider Activity

In related news, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the transaction, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold 70,538 shares of company stock worth $5,403,559 over the last 90 days. 18.00% of the stock is owned by company insiders.

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.