Fortinet (NASDAQ:FTNT) Issues Q2 Earnings Guidance

Fortinet (NASDAQ:FTNT) issued an update on its second quarter earnings guidance on Thursday morning. The company provided earnings per share guidance of $0.39-0.41 for the period, compared to the consensus earnings per share 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.

Wall Street Analysts Forecast Growth

FTNT has been the subject of a number of recent analyst reports. Cantor Fitzgerald dropped their price target on shares of Fortinet from $65.00 to $55.00 and set a neutral rating for the company in a research report on Friday. Morgan Stanley cut their price objective on Fortinet from $81.00 to $73.00 and set an overweight rating on the stock in a report on Friday. Needham & Company LLC reiterated a hold rating on shares of Fortinet in a research note on Friday. StockNews.com raised shares of Fortinet from a hold rating to a buy rating in a research note on Friday. Finally, Evercore ISI reduced their price objective on Fortinet from $72.00 to $67.00 and set an in-line rating on the stock in a research note on Friday. Two analysts have rated the stock with a sell rating, twenty have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus target price of $70.68.

Fortinet Stock Performance

Shares of FTNT stock traded down $6.32 during midday trading on Friday, hitting $58.88. The company had a trading volume of 15,896,615 shares, compared to its average volume of 4,338,557. The stock has a market cap of $44.94 billion, a price-to-earnings ratio of 38.48, a PEG ratio of 2.61 and a beta of 1.08. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06. The company’s 50 day simple moving average is $67.53 and its 200 day simple moving average is $61.92. Fortinet has a 52-week low of $44.12 and a 52-week high of $81.24.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. The firm had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.34 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 5,061.85%. Fortinet’s quarterly revenue was up 7.2% on a year-over-year basis. During the same period last year, the firm posted $0.29 EPS. Research analysts anticipate that Fortinet will post 1.4 earnings per share for the current fiscal year.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 46,084 shares of the 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 completion of 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 sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Fortinet news, CEO Ken Xie sold 46,084 shares of the firm’s stock in a transaction on 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 completion of the sale, the chief executive officer now owns 51,813,638 shares of the company’s stock, valued at $3,578,767,976.66. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Michael Xie sold 24,710 shares of the company’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the transaction, the vice president now directly owns 10,867,018 shares in the company, valued at $700,705,320.64. The disclosure for this sale can be found here. Insiders have sold a total of 118,480 shares of company stock worth $8,021,556 over the last ninety days. 17.54% of the stock is currently owned by company insiders.

About Fortinet

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.