Fortinet (NASDAQ:FTNT) Releases Q4 2024 Earnings Guidance

Fortinet (NASDAQ:FTNT) updated its fourth quarter 2024 earnings guidance on Thursday. The company provided EPS guidance of 0.580-0.620 for the period, compared to the consensus EPS 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.

Fortinet Price Performance

Shares of FTNT stock traded up $8.36 during mid-day trading on Friday, reaching $92.04. The stock had a trading volume of 13,790,376 shares, compared to its average volume of 3,707,677. Fortinet has a 12-month low of $49.63 and a 12-month high of $92.53. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. The business 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 P/E ratio of 54.46, a price-to-earnings-growth ratio of 2.85 and a beta of 1.00.

Analyst Ratings Changes

A number of brokerages recently weighed in on FTNT. Barclays lifted their target price on Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday. Morgan Stanley reduced their price objective on Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 17th. Cantor Fitzgerald increased their target price 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. Susquehanna lifted their price target on shares of Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. Finally, Truist Financial raised their target price on shares of Fortinet from $70.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $77.72.

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last ninety days, insiders have sold 70,538 shares of company stock valued at $5,403,559. Corporate insiders own 18.00% of the company’s stock.

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.