Fortinet (NASDAQ:FTNT – Get Free Report) issued an update on its second quarter 2024 earnings guidance on Friday morning. The company provided earnings per share (EPS) guidance of 0.390-0.410 for the period, compared to the consensus estimate of 0.390. The company issued revenue guidance of $1.4 billion-$1.4 billion, compared to the consensus revenue estimate of $1.4 billion. Fortinet also updated its FY 2024 guidance to 1.730-1.790 EPS.
Fortinet Trading Down 0.1 %
Shares of Fortinet stock traded down $0.07 on Monday, reaching $58.81. 14,471,403 shares of the company were exchanged, compared to its average volume of 5,978,481. Fortinet has a fifty-two week low of $44.12 and a fifty-two week high of $81.24. The firm has a market capitalization of $44.89 billion, a price-to-earnings ratio of 38.48, a price-to-earnings-growth ratio of 2.60 and a beta of 1.08. The company has a current ratio of 1.20, a quick ratio of 1.08 and a debt-to-equity ratio of 13.38. The stock has a fifty day moving average price of $67.53 and a 200-day moving average price of $61.95.
Fortinet (NASDAQ:FTNT – Get Free Report) last posted its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The company had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same period in the prior year, the firm earned $0.29 earnings per share. The business’s quarterly revenue was up 7.2% on a year-over-year basis. On average, analysts expect that Fortinet will post 1.4 EPS for the current year.
Analyst Ratings Changes
View Our Latest Analysis on FTNT
Insider Transactions at Fortinet
In other Fortinet news, VP Michael Xie sold 24,710 shares of the company’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the sale, the vice president now directly owns 10,867,018 shares of the company’s stock, valued at $700,705,320.64. 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 23,694 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the transaction, the chief executive officer now owns 48,625,005 shares in the company, valued at approximately $3,471,825,357. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Michael Xie sold 24,710 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the completion of the sale, the vice president now owns 10,867,018 shares of the company’s stock, valued at approximately $700,705,320.64. The disclosure for this sale can be found here. In the last quarter, insiders have sold 118,480 shares of company stock valued at $8,021,556. 17.54% 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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