Fortinet (NASDAQ:FTNT – Get Free Report) updated its second quarter earnings guidance on Thursday. The company provided EPS guidance of $0.39-0.41 for the period, compared to the consensus EPS 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.
Fortinet Trading Up 2.6 %
FTNT traded up $1.67 on Thursday, reaching $65.20. 8,129,880 shares of the company traded hands, compared to its average volume of 5,755,887. The company has a market cap of $49.77 billion, a P/E ratio of 43.81, a price-to-earnings-growth ratio of 2.80 and a beta of 1.08. The firm has a fifty day simple moving average of $67.74 and a two-hundred day simple moving average of $61.88. Fortinet has a one year low of $44.12 and a one year high of $81.24. The company has a quick ratio of 1.06, a current ratio of 1.19 and a debt-to-equity ratio of 13.38.
Fortinet (NASDAQ:FTNT – Get Free Report) last posted its earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.41 billion. During the same quarter in the previous year, the business earned $0.38 earnings per share. The firm’s revenue was up 10.3% compared to the same quarter last year. As a group, equities research analysts expect that Fortinet will post 1.39 earnings per share for the current year.
Analyst Ratings Changes
Read Our Latest Research Report on Fortinet
Insiders Place Their Bets
In other news, VP Michael Xie sold 38,369 shares of the business’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the sale, the vice president now directly owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, VP Michael Xie sold 38,369 shares of Fortinet stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the sale, 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ken Xie sold 46,084 shares of Fortinet 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 sale, the chief executive officer now owns 51,813,638 shares in the company, valued at $3,578,767,976.66. The disclosure for this sale can be found here. Insiders sold a total of 132,139 shares of company stock valued at $8,977,876 over the last quarter. 17.54% of the stock is owned by corporate 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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