Fortinet (NASDAQ:FTNT – Get Free Report) released its quarterly earnings results on Thursday. The software maker reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05, Briefing.com reports. Fortinet had a negative return on equity of 5,061.85% and a net margin of 22.23%. The firm had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same quarter in the previous year, the company posted $0.29 EPS. The business’s revenue was up 7.2% on a year-over-year basis. Fortinet updated its Q2 guidance to $0.39-0.41 EPS and its FY24 guidance to $1.73 to $1.79 EPS.
Fortinet Trading Down 9.7 %
Shares of FTNT stock opened at $58.88 on Friday. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19. The company has a market capitalization of $44.94 billion, a price-to-earnings ratio of 38.48, a PEG ratio of 2.61 and a beta of 1.08. Fortinet has a 52-week low of $44.12 and a 52-week high of $81.24. The company has a 50-day simple moving average of $67.53 and a two-hundred day simple moving average of $61.90.
Insider Buying and Selling at Fortinet
In other Fortinet 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 sale, the chief executive officer now owns 51,813,638 shares in the company, valued at approximately $3,578,767,976.66. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, VP Michael Xie sold 24,710 shares of Fortinet stock in a transaction that occurred on 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 sale, the vice president now owns 10,867,018 shares of the company’s stock, valued at approximately $700,705,320.64. 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 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 sale, the chief executive officer now directly 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. In the last 90 days, insiders sold 118,480 shares of company stock worth $8,021,556. Insiders own 17.54% of the company’s stock.
Analyst Upgrades and Downgrades
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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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