Fortinet (NASDAQ:FTNT) Issues FY 2024 Earnings Guidance

Fortinet (NASDAQ:FTNTGet Free Report) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 1.650-1.700 for the period, compared to the consensus estimate of 1.670. The company issued revenue guidance of $5.7 billion-$5.8 billion, compared to the consensus revenue estimate of $5.9 billion. Fortinet also updated its FY24 guidance to $1.65-1.70 EPS.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on FTNT. HSBC reissued a hold rating and issued a $49.00 price objective (down from $75.00) on shares of Fortinet in a report on Monday, November 6th. The Goldman Sachs Group decreased their price objective on Fortinet from $70.00 to $60.00 and set a buy rating for the company in a report on Monday, November 6th. Royal Bank of Canada decreased their price objective on Fortinet from $68.00 to $55.00 and set a sector perform rating for the company in a report on Friday, November 3rd. JPMorgan Chase & Co. increased their price objective on Fortinet from $52.00 to $56.00 and gave the stock a neutral rating in a report on Monday, December 11th. Finally, Wells Fargo & Company lowered Fortinet from an overweight rating to an equal weight rating and increased their price objective for the stock from $60.00 to $65.00 in a report on Tuesday, January 16th. Twenty-four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, Fortinet presently has an average rating of Hold and a consensus target price of $64.64.

Get Our Latest Research Report on Fortinet

Fortinet Price Performance

FTNT traded up $1.39 during midday trading on Tuesday, reaching $67.48. 12,710,842 shares of the company’s stock were exchanged, compared to its average volume of 7,043,470. The firm has a market capitalization of $51.82 billion, a price-to-earnings ratio of 46.01, a price-to-earnings-growth ratio of 2.73 and a beta of 1.09. The business has a 50-day simple moving average of $59.25 and a two-hundred day simple moving average of $59.48. The company has a quick ratio of 1.17, a current ratio of 1.30 and a debt-to-equity ratio of 13.38. Fortinet has a one year low of $44.12 and a one year high of $81.24.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 46,733 shares of the firm’s stock in a transaction that occurred on Tuesday, January 9th. The shares were sold at an average price of $60.12, for a total transaction of $2,809,587.96. Following the completion of the sale, the chief executive officer now owns 51,701,091 shares of the company’s stock, valued at $3,108,269,590.92. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, Director William H. Neukom purchased 664 shares of the stock in a transaction that occurred on Wednesday, December 6th. The stock was acquired at an average price of $52.62 per share, with a total value of $34,939.68. Following the completion of the acquisition, the director now directly owns 293,041 shares in the company, valued at approximately $15,419,817.42. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ken Xie sold 46,733 shares of the firm’s stock in a transaction that occurred on Tuesday, January 9th. The shares were sold at an average price of $60.12, for a total transaction of $2,809,587.96. Following the completion of the sale, the chief executive officer now directly owns 51,701,091 shares of the company’s stock, valued at approximately $3,108,269,590.92. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 148,332 shares of company stock valued at $8,704,410. Corporate insiders own 17.54% of the company’s stock.

Hedge Funds Weigh In On Fortinet

A number of hedge funds and other institutional investors have recently bought and sold shares of FTNT. Townsquare Capital LLC boosted its position in shares of Fortinet by 89.3% during the third quarter. Townsquare Capital LLC now owns 9,662 shares of the software maker’s stock worth $567,000 after purchasing an additional 4,557 shares in the last quarter. Mercer Global Advisors Inc. ADV bought a new position in shares of Fortinet during the third quarter worth $1,843,000. Orion Portfolio Solutions LLC boosted its position in shares of Fortinet by 164.5% during the second quarter. Orion Portfolio Solutions LLC now owns 39,906 shares of the software maker’s stock worth $3,016,000 after purchasing an additional 24,818 shares in the last quarter. Coppell Advisory Solutions LLC bought a new position in shares of Fortinet during the second quarter worth $91,000. Finally, Nuveen Asset Management LLC boosted its position in shares of Fortinet by 3.2% during the second quarter. Nuveen Asset Management LLC now owns 1,890,434 shares of the software maker’s stock worth $142,898,000 after purchasing an additional 58,113 shares in the last quarter. 65.00% of the stock is owned by institutional investors.

Fortinet Company Profile

(Get Free Report)

Fortinet, Inc provides cybersecurity and networking solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration.

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