Fortinet (NASDAQ:FTNT – Get Free Report) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 2.200-2.280 for the period, compared to the consensus estimate of 2.040. The company issued revenue guidance of $5.9 billion-$5.9 billion, compared to the consensus revenue estimate of $5.9 billion. Fortinet also updated its Q4 guidance to $0.58-0.62 EPS.
Fortinet Stock Up 3.5 %
FTNT stock traded up $2.81 during trading on Thursday, hitting $83.68. 6,010,774 shares of the company’s stock traded hands, compared to its average volume of 5,422,708. The firm has a market capitalization of $64.01 billion, a P/E ratio of 47.85, a PEG ratio of 2.78 and a beta of 1.00. Fortinet has a 1 year low of $49.44 and a 1 year high of $83.83. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45. The business has a fifty day simple moving average of $78.28 and a two-hundred day simple moving average of $67.82.
Fortinet (NASDAQ:FTNT – Get Free Report) last issued its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.16. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The firm had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same period in the prior year, the business posted $0.31 EPS. The firm’s quarterly revenue was up 10.9% on a year-over-year basis. Sell-side analysts anticipate that Fortinet will post 1.75 EPS for the current year.
Analyst Upgrades and Downgrades
View Our Latest Stock Report on Fortinet
Insider Activity at Fortinet
In other news, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the sale, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last quarter, insiders have sold 70,538 shares of company stock valued at $5,403,559. 18.00% of the stock is owned by company insiders.
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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