Fortinet (NASDAQ:FTNT – Get Free Report) updated its FY24 earnings guidance on Thursday. The company provided EPS guidance of $1.73 to $1.79 for the period, compared to the consensus EPS estimate of $1.70. The company issued revenue guidance of $5.745 billion to $5.845 billion, compared to the consensus revenue estimate of $5.78 billion. Fortinet also updated its Q2 guidance to $0.39-0.41 EPS.
Fortinet Stock Performance
Shares of NASDAQ FTNT traded up $1.67 during midday trading on Thursday, reaching $65.20. 8,129,880 shares of the stock were exchanged, compared to its average volume of 5,755,887. The firm has a market cap of $49.77 billion, a price-to-earnings ratio of 43.81, a PEG ratio of 2.80 and a beta of 1.08. The company has a quick ratio of 1.06, a current ratio of 1.19 and a debt-to-equity ratio of 13.38. The firm has a 50-day simple moving average of $67.74 and a two-hundred day simple moving average of $61.88. Fortinet has a twelve month low of $44.12 and a twelve month high of $81.24.
Fortinet (NASDAQ:FTNT – Get Free Report) last posted its quarterly earnings data on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.08. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The business had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same quarter last year, the company earned $0.38 earnings per share. The business’s revenue for the quarter was up 10.3% compared to the same quarter last year. As a group, analysts anticipate that Fortinet will post 1.39 EPS for the current fiscal year.
Wall Street Analysts Forecast Growth
View Our Latest Analysis on FTNT
Insider Buying and Selling at Fortinet
In related news, CEO Ken Xie sold 46,084 shares of the 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 transaction, 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Fortinet news, VP Michael Xie sold 38,369 shares of the business’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the transaction, the vice president now owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ken Xie sold 46,084 shares of the company’s 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 owns 51,813,638 shares in the company, valued at approximately $3,578,767,976.66. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 132,139 shares of company stock worth $8,977,876. 17.54% of the stock is 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.
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