Fortinet (NASDAQ:FTNT) Releases Q4 2024 Earnings Guidance

Fortinet (NASDAQ:FTNT) issued an update on its fourth quarter 2024 earnings guidance on Thursday morning. 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 Stock Up 10.0 %

NASDAQ:FTNT traded up $8.36 during trading hours on Friday, reaching $92.04. The company’s stock had a trading volume of 13,790,376 shares, compared to its average volume of 3,707,677. 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 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. Fortinet has a one year low of $49.63 and a one year high of $92.53. The business’s 50-day moving average is $78.74 and its 200-day moving average is $68.15.

Analysts Set New Price Targets

FTNT has been the topic of a number of recent analyst reports. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Scotiabank lifted their price target on shares of Fortinet from $75.00 to $85.00 and gave the company a “sector outperform” rating in a research report on Friday. Guggenheim downgraded shares of Fortinet from a “buy” rating to a “neutral” rating in a report on Monday, July 29th. Wells Fargo & Company raised their target price on shares of Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 7th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Fortinet 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 assigned a buy rating to the company’s stock. According to MarketBeat, Fortinet has a consensus rating of “Hold” and an average price target of $77.72.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total value of $1,908,610.23. Following the sale, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders have sold a total of 70,538 shares of company stock valued at $5,403,559 over the last quarter. 18.00% of the stock is owned by company 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.