Fortinet (NASDAQ:FTNT - Get Free Report) updated its second quarter 2024 earnings guidance on Friday. The company provided earnings per share (EPS) guidance of 0.390-0.410 for the period, compared to the consensus estimate of 0.390. The company issued revenue guidance of $1.4 billion-$1.4 billion, compared to the consensus revenue estimate of $1.4 billion. Fortinet also updated its FY 2024 guidance to 1.730-1.790 EPS.
Analysts Set New Price Targets
A number of research firms have recently weighed in on FTNT. Stifel Nicolaus upped their target price on Fortinet from $52.00 to $78.00 and gave the company a hold rating in a research report on Wednesday, February 7th. Morgan Stanley reduced their price objective on shares of Fortinet from $81.00 to $73.00 and set an overweight rating on the stock in a research note on Friday. Mizuho cut their price target on shares of Fortinet from $70.00 to $66.00 and set a neutral rating for the company in a report on Friday. Wells Fargo & Company decreased their price objective on shares of Fortinet from $70.00 to $62.00 and set an equal weight rating on the stock in a research note on Friday. Finally, Jefferies Financial Group cut their target price on Fortinet from $75.00 to $70.00 and set a hold rating for the company in a research note on Thursday, April 18th. Two analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of Hold and a consensus target price of $70.68.
Read Our Latest Analysis on FTNT
Fortinet Trading Down 9.7 %
Shares of FTNT stock traded down $6.32 during trading hours on Friday, hitting $58.88. 15,894,899 shares of the company were exchanged, compared to its average volume of 5,879,701. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19. Fortinet has a fifty-two week low of $44.12 and a fifty-two week high of $81.24. The company has a 50 day simple moving average of $67.71 and a two-hundred day simple moving average of $61.90. The firm has a market cap of $44.94 billion, a P/E ratio of 40.61, a P/E/G ratio of 2.82 and a beta of 1.08.
Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.05. The firm had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The business's revenue was up 7.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.29 earnings per share. Equities analysts anticipate that Fortinet will post 1.39 EPS for the current year.
Insiders Place Their Bets
In other Fortinet news, CEO Ken Xie sold 46,084 shares of the company's stock in a transaction dated Tuesday, February 13th. The shares were 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 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Ken Xie sold 46,084 shares of the business's stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total value of $3,183,021.88. Following 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 legal filing with the SEC, which is accessible through the SEC website. Also, VP Michael Xie sold 24,710 shares of the business's stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total value of $1,593,300.80. Following the sale, the vice president now owns 10,867,018 shares in the company, valued at $700,705,320.64. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 118,480 shares of company stock worth $8,021,556. Corporate insiders own 17.54% of the company's stock.
Fortinet Company Profile
(
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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.
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