Fortinet (NASDAQ:FTNT) Updates Q2 Earnings Guidance

Fortinet (NASDAQ:FTNT) issued an update on its second quarter earnings guidance on Thursday morning. The company provided EPS guidance of $0.39-0.41 for the period, compared to the consensus EPS estimate of $0.39. The company issued revenue guidance of $1.375-1.435 billion, compared to the consensus revenue estimate of $1.39 billion. Fortinet also updated its FY24 guidance to $1.73 to $1.79 EPS.

Analyst Ratings Changes

FTNT has been the subject of a number of research analyst reports. Cantor Fitzgerald restated a neutral rating and issued a $65.00 target price on shares of Fortinet in a research note on Wednesday, April 17th. The Goldman Sachs Group lifted their price target on Fortinet from $60.00 to $85.00 and gave the company a buy rating in a report on Thursday, February 8th. Capital One Financial lowered shares of Fortinet from an overweight rating to an equal weight rating in a research report on Wednesday, January 17th. Stifel Nicolaus boosted their price objective on shares of Fortinet from $52.00 to $78.00 and gave the company a hold rating in a research report on Wednesday, February 7th. Finally, Citigroup lowered shares of Fortinet from a buy rating to a neutral rating and boosted their price objective for the stock from $60.00 to $62.00 in a research report on Tuesday, January 9th. Two research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $72.19.

Fortinet Price Performance

FTNT stock traded up $1.67 during trading hours on Thursday, hitting $65.20. 8,129,880 shares of the stock traded hands, compared to its average volume of 5,755,887. The company has a current ratio of 1.19, a quick ratio of 1.06 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. The stock has a 50-day simple moving average of $67.74 and a 200 day simple moving average of $61.88. The company has a market cap of $49.77 billion, a P/E ratio of 43.81, a P/E/G ratio of 2.80 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.08. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The company had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same quarter in the previous year, the firm posted $0.38 earnings per share. The company’s quarterly revenue was up 10.3% compared to the same quarter last year. Equities analysts forecast that Fortinet will post 1.39 earnings per share for the current year.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 46,084 shares of the business’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total value of $3,183,021.88. Following the transaction, the chief executive officer now owns 51,813,638 shares in the company, valued at $3,578,767,976.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Ken Xie sold 46,084 shares of the business’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the transaction, the chief executive officer now directly owns 51,813,638 shares of the company’s stock, valued at approximately $3,578,767,976.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Michael Xie sold 38,369 shares of the stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the transaction, the vice president now directly owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The disclosure for this sale can be found here. Insiders have sold 132,139 shares of company stock valued at $8,977,876 in the last quarter. 17.54% of the stock is currently owned by corporate insiders.

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.