Fortinet (NASDAQ:FTNT – Get Free Report) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 2.130-2.190 for the period, compared to the consensus estimate of 1.760. The company issued revenue guidance of $5.8 billion-$5.9 billion, compared to the consensus revenue estimate of $5.8 billion. Fortinet also updated its FY24 guidance to $2.13 to $2.19 EPS.
Fortinet Price Performance
Shares of FTNT traded down $1.25 during midday trading on Thursday, reaching $68.68. The stock had a trading volume of 10,817,680 shares, compared to its average volume of 5,918,767. The company has a market capitalization of $52.47 billion, a P/E ratio of 44.89, a P/E/G ratio of 2.79 and a beta of 0.98. The firm’s 50 day moving average price is $59.38 and its 200-day moving average price is $63.70. Fortinet has a 52 week low of $44.12 and a 52 week high of $73.91.
Fortinet (NASDAQ:FTNT – Get Free Report) last issued its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping the consensus estimate of $0.41 by $0.16. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The firm had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same period in the previous year, the business earned $0.31 earnings per share. Fortinet’s revenue for the quarter was up 10.9% compared to the same quarter last year. On average, equities analysts forecast that Fortinet will post 1.47 earnings per share for the current year.
Analyst Ratings Changes
Read Our Latest Analysis on Fortinet
Insiders Place Their Bets
In other Fortinet news, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Ken Xie sold 24,235 shares of the firm’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $59.53, for a total value of $1,442,709.55. Following the transaction, the chief executive officer now directly owns 48,742,483 shares in the company, valued at approximately $2,901,640,012.99. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the transaction, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The disclosure for this sale can be found here. Insiders sold 91,915 shares of company stock valued at $5,401,638 over the last ninety days. Corporate insiders own 18.00% of the company’s stock.
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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