In yesterday’s Wall Street session, Fortinet Inc (NASDAQ:FTNT) shares traded at $68.57, up 1.03% from the previous session.
FTNT stock price is now 2.06% away from the 50-day moving average and 8.29% away from the 200-day moving average. The market capitalization of the company currently stands at $52.32B.
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 $3.34 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 $3.33 billion. A total of 17.54% 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 $50.87B, which is based on a 47.05 price-to-earnings ratio, a 3.22 price-to-earnings-growth ratio, and a beta of 1.08. The fifty day moving average price for FTNT is $67.37 and a two-hundred day moving average price translates $63.31 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.
