Fortinet (NASDAQ:FTNT – Get Free Report) updated its FY 2024 earnings guidance on Friday. The company provided earnings per share (EPS) guidance of 1.730-1.790 for the period, compared to the consensus estimate of 1.710. The company issued revenue guidance of $5.7 billion-$5.8 billion, compared to the consensus revenue estimate of $5.8 billion. Fortinet also updated its Q2 2024 guidance to 0.390-0.410 EPS.
Fortinet Stock Down 0.1 %
Shares of NASDAQ:FTNT traded down $0.07 during mid-day trading on Monday, hitting $58.81. 14,471,403 shares of the company traded hands, compared to its average volume of 5,978,481. The stock has a market cap of $44.89 billion, a P/E ratio of 38.48, a P/E/G ratio of 2.60 and a beta of 1.08. The stock has a 50-day moving average price of $67.53 and a two-hundred day moving average price of $61.95. Fortinet has a 12-month low of $44.12 and a 12-month high of $81.24. The company has a current ratio of 1.20, a quick ratio of 1.08 and a debt-to-equity ratio of 13.38.
Fortinet (NASDAQ:FTNT – Get Free Report) last posted its earnings results on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, topping the consensus estimate of $0.38 by $0.05. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The firm had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.34 billion. During the same quarter last year, the firm earned $0.29 EPS. The company’s quarterly revenue was up 7.2% compared to the same quarter last year. On average, equities research analysts forecast that Fortinet will post 1.4 earnings per share for the current year.
Analysts Set New Price Targets
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Insider Buying and Selling
In other news, VP Michael Xie sold 24,710 shares of the stock in a transaction dated 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 approximately $700,705,320.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 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 transaction of $3,183,021.88. Following the completion of the sale, the chief executive officer now directly owns 51,813,638 shares in the company, valued at $3,578,767,976.66. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Michael Xie sold 24,710 shares of the firm’s stock in a transaction dated 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 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. Over the last ninety days, insiders sold 118,480 shares of company stock worth $8,021,556. Corporate insiders own 17.54% 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.
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