Fortinet (NASDAQ:FTNT – Get Free Report) released its earnings results on Tuesday. The software maker reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.16, Briefing.com reports. The company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. Fortinet’s quarterly revenue was up 10.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.31 earnings per share. Fortinet updated its Q3 guidance to $0.56 to $0.58 EPS and its FY24 guidance to $2.13 to $2.19 EPS.
Fortinet Stock Up 0.8 %
NASDAQ:FTNT traded up $0.42 during trading hours on Tuesday, hitting $55.81. 8,631,101 shares of the company’s stock traded hands, compared to its average volume of 5,762,789. The firm has a market cap of $42.64 billion, a P/E ratio of 36.70, a P/E/G ratio of 2.79 and a beta of 0.98. Fortinet has a 52 week low of $44.12 and a 52 week high of $73.91. The business’s fifty day simple moving average is $59.04 and its two-hundred day simple moving average is $63.65.
Analyst Upgrades and Downgrades
Several research firms have recently issued reports on FTNT. StockNews.com lowered Fortinet from a “buy” rating to a “hold” rating in a report on Tuesday, July 30th. Jefferies Financial Group reduced their target price on Fortinet from $75.00 to $70.00 and set a “hold” rating for the company in a report on Thursday, April 18th. Cantor Fitzgerald reduced their target price on Fortinet from $65.00 to $55.00 and set a “neutral” rating for the company in a report on Friday, May 3rd. Scotiabank reduced their price objective on Fortinet from $90.00 to $80.00 and set a “sector outperform” rating for the company in a report on Friday, May 3rd. Finally, Citigroup reduced their price objective on Fortinet from $68.00 to $65.00 and set a “neutral” rating for the company in a report on Tuesday, July 30th. Two equities research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $69.39.
Insider Activity at Fortinet
In related news, VP Michael Xie sold 24,712 shares of Fortinet 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Fortinet news, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction dated 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 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 filing with the SEC, which is available at the SEC website. Also, CFO Keith Jensen sold 18,701 shares of Fortinet stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $59.68, for a total value of $1,116,075.68. Following the sale, the chief financial officer now directly owns 4,663 shares of the company’s stock, valued at approximately $278,287.84. The disclosure for this sale can be found here. Over the last quarter, insiders sold 91,915 shares of company stock valued at $5,401,638. Company 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.
Read More
- Five stocks we like better than Fortinet
- Are Penny Stocks a Good Fit for Your Portfolio?
- Uber’s Earnings Beat: Rideshare and Delivery Surge
- The Significance of Brokerage Rankings in Stock Selection
- Hims & Hers Reports Stellar Quarter: Stock Set for a Rally
- Do Real Estate Investment Trusts Deserve a Place in Your Portfolio?
- Cloudflare Stock Flares Up on Solid EPS Beat and Raised Guidance
Receive News & Ratings for Fortinet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortinet and related companies with MarketBeat.com's FREE daily email newsletter.