Fortinet (NASDAQ:FTNT – Get Free Report) released its earnings results on Thursday. The software maker reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.05, Briefing.com reports. Fortinet had a net margin of 22.23% and a negative return on equity of 5,061.85%. The business had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same period last year, the firm posted $0.29 earnings per share. The firm’s quarterly revenue was up 7.2% compared to the same quarter last year. Fortinet updated its Q2 guidance to $0.39-0.41 EPS and its FY24 guidance to $1.73 to $1.79 EPS.
Fortinet Price Performance
NASDAQ:FTNT opened at $58.88 on Friday. The stock has a market cap of $44.94 billion, a P/E ratio of 38.48, a PEG ratio of 2.61 and a beta of 1.08. Fortinet has a one year low of $44.12 and a one year high of $81.24. The company has a fifty day moving average price of $67.53 and a 200 day moving average price of $61.90. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06.
Insider Activity at Fortinet
In related news, CEO Ken Xie sold 23,694 shares of the company’s stock in a transaction on 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 completion of the transaction, the chief executive officer now directly owns 48,625,005 shares in the company, valued at approximately $3,471,825,357. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO Ken Xie sold 23,694 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total value of $1,691,751.60. Following the completion of the sale, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Michael Xie sold 24,710 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the completion of the transaction, 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. Insiders sold a total of 118,480 shares of company stock worth $8,021,556 in the last ninety days. 17.54% of the stock is currently owned by insiders.
Analyst Upgrades and Downgrades
Check Out Our Latest Analysis on Fortinet
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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