Fortinet (NASDAQ:FTNT) Updates Q4 2024 Earnings Guidance

Fortinet (NASDAQ:FTNT) updated its fourth quarter 2024 earnings guidance on Thursday. 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 Trading Up 10.0 %

NASDAQ:FTNT traded up $8.36 during midday trading on Friday, hitting $92.04. The stock had a trading volume of 13,790,376 shares, compared to its average volume of 3,707,677. The stock has a 50-day moving average of $78.74 and a 200 day moving average of $68.15. The company has a market capitalization of $70.40 billion, a price-to-earnings ratio of 54.46, a PEG 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 company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45.

Analyst Ratings Changes

FTNT has been the topic of several recent analyst reports. HSBC raised Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 target price on the stock in a research report on Wednesday, August 7th. Robert W. Baird boosted their target price on shares of Fortinet from $80.00 to $88.00 and gave the stock an “outperform” rating in a research report on Friday. Guggenheim cut shares of Fortinet from a “buy” rating to a “neutral” rating in a report on Monday, July 29th. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Finally, Morgan Stanley reduced their target price on Fortinet from $73.00 to $69.00 and set an “overweight” rating for the company in a research note on Wednesday, July 17th. One investment analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $77.72.

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction on 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 completion of the transaction, the chief executive officer now owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders have sold 70,538 shares of company stock valued at $5,403,559 over the last quarter. 18.00% of the stock is owned by 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.