Stocks of Fortinet Inc (NASDAQ:FTNT) traded higher last session on Wall Street, down -3.05% to $68.04.
FTNT stock price is now 2.63% away from the 50-day moving average and 7.42% away from the 200-day moving average. The market capitalization of the company currently stands at $51.92B.
With the price target maintained at $75, Daiwa Securities recently Upgraded its rating from Neutral to Outperform for Fortinet Inc (NASDAQ: FTNT). , while ‘HSBC Securities’ rates the stock as ‘Reduce’
In other news, Xie Ken, PRESIDENT & CEO sold 23,699 shares of the company’s stock on Mar 13 ’24. The stock was sold for $1,676,724 at an average price of $70.75. Upon completion of the transaction, the PRESIDENT & CEO now directly owns 48,642,973 shares in the company, valued at $3.31 billion. An SEC document containing details of the transaction can be found on the SEC’s website. On Mar 12 ’24, PRESIDENT & CEO Xie Ken sold 23,694 shares of the business’s stock. A total of $1,691,692 was realized by selling the stock at an average price of $71.40. This leaves the insider owning 48,625,005 shares of the company worth $3.31 billion. A total of 17.53% of the company’s stock is owned by insiders.
During the past 12 months, Fortinet Inc has had a low of $44.12 and a high of $81.24. According to the stock market information, the enterprise value for the company is $50.48B, which is based on a 46.68 price-to-earnings ratio, a 3.19 price-to-earnings-growth ratio, and a beta of 1.09. The fifty day moving average price for FTNT is $66.50 and a two-hundred day moving average price translates $63.34 for the stock.
The latest earnings results from Fortinet Inc (NASDAQ: FTNT) was released for Dec, 2023. According to the Software – Infrastructure Company, earnings per share came in at $0.51, beating analysts’ expectations of $0.43 by 0.08. This compares to $0.39 EPS in the same period last year. The net profit margin was 21.64% and return on equity was 843.82% for FTNT. The company reported revenue of $1.42 billion for the quarter, compared to $1.28 billion a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 10.3 percent. For the current quarter, analysts expect FTNT to generate $1.34B in revenue.
Fortinet Inc(FTNT) 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. The company also provides the Fortinet Unified SASE solutions that include firewall, SD-WAN, Secure web gateway, cloud access services broker, data loss prevention, zero trust network access, and cloud security, including web application firewalls, virtualized firewalls, and cloud-native firewalls. In addition, it offers security operations solutions comprising FortiAI generative AI assistant, FortiSIEM security information and event management, FortiSOAR security orchestration, automation and response, FortiEDR endpoint detection and response, FortiXDR extended detection and response, FortiMDR managed detection and response service, FortiNDR network detection and response, FortiRecon digital risk protection, FortiDeceptor deception technology, FortiGuard SoCaaS, FortiSandbox sandboxing, FortiGuard incident response, and other products. Further, the company offers FortiGuard security services consisting of FortiGuard application security, content security, device security, NOC/SOC security, and web security services; FortiCare technical support services; and training services to customers and channel partners, as well as operates a FortiGuard Lab, a cybersecurity threat intelligence and research organization. It serves enterprise, communication and security service providers, government organizations, and small and medium-sized businesses. The company was incorporated in 2000 and is headquartered in Sunnyvale, California.
