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.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Barclays raised their price target on Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday. BMO Capital Markets lifted their price target on Fortinet from $70.00 to $76.00 and gave the company a “market perform” rating in a research note on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft lifted their target price on Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research report on Wednesday, August 7th. Finally, Scotiabank lifted their target price on Fortinet from $75.00 to $85.00 and gave the company a “sector outperform” rating in a research report on Friday. One research analyst has rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $77.72.

Fortinet Price Performance

Shares of FTNT stock traded up $8.36 during trading on Friday, hitting $92.04. The company 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 quick ratio of 1.22 and a current ratio of 1.32. The firm has a market capitalization 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. The stock’s 50-day moving average price is $78.74 and its 200 day moving average price is $68.15. Fortinet has a one year low of $49.63 and a one year high of $92.53.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the sale, the chief executive officer now directly owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Over the last ninety days, insiders sold 70,538 shares of company stock worth $5,403,559. Company 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.