Fortinet (NASDAQ:FTNT – Get Free Report) updated its third quarter earnings guidance on Tuesday. The company provided EPS guidance of $0.56 to $0.58 for the period, compared to the consensus EPS estimate of $0.43. The company issued revenue guidance of $1.445 billion to $1.505 billion, compared to the consensus revenue estimate of $1.47 billion. Fortinet also updated its FY 2024 guidance to 2.130-2.190 EPS.
Fortinet Stock Performance
NASDAQ FTNT traded down $0.42 during trading on Thursday, hitting $69.51. The stock had a trading volume of 5,968,311 shares, compared to its average volume of 5,886,348. The company has a market capitalization of $53.10 billion, a PE ratio of 45.37, a P/E/G ratio of 2.79 and a beta of 0.98. The company’s 50-day moving average price is $59.17 and its two-hundred day moving average price is $63.66. Fortinet has a 12 month low of $44.12 and a 12 month high of $73.91.
Fortinet (NASDAQ:FTNT – Get Free Report) last released its earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating the consensus estimate of $0.41 by $0.16. The firm had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The business’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.31 EPS. As a group, equities analysts anticipate that Fortinet will post 1.47 earnings per share for the current fiscal year.
Wall Street Analyst Weigh In
Check Out Our Latest Stock Analysis on FTNT
Insider Transactions at Fortinet
In related news, CEO Ken Xie sold 24,235 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $59.53, for a total transaction of $1,442,709.55. Following the completion of the sale, the chief executive officer now owns 48,742,483 shares of the company’s stock, valued at $2,901,640,012.99. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Fortinet news, Director William H. Neukom bought 586 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The stock was acquired at an average price of $59.55 per share, with a total value of $34,896.30. Following the completion of the purchase, the director now directly owns 295,778 shares of the company’s stock, valued at approximately $17,613,579.90. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ken Xie sold 24,235 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $59.53, for a total value of $1,442,709.55. Following the sale, the chief executive officer now directly owns 48,742,483 shares of the company’s stock, valued at approximately $2,901,640,012.99. The disclosure for this sale can be found here. Insiders sold 91,915 shares of company stock worth $5,401,638 over the last ninety days. 18.00% of the stock is owned by 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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