Fortinet (NASDAQ:FTNT) issued an update on its third quarter earnings guidance on Thursday morning. The company provided earnings per share guidance of $0.55-$0.57 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.53. The company issued revenue guidance of $525-$540 million, compared to the consensus revenue estimate of $524.10 million.Fortinet also updated its FY 2019 guidance to $2.23-2.26 EPS.
Shares of FTNT stock traded down $1.29 on Thursday, reaching $79.02. 1,638,506 shares of the stock were exchanged, compared to its average volume of 1,735,806. The company’s 50 day moving average price is $80.57. The stock has a market cap of $14.17 billion, a P/E ratio of 69.93, a price-to-earnings-growth ratio of 4.21 and a beta of 1.09. Fortinet has a twelve month low of $64.41 and a twelve month high of $96.96.
Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, August 1st. The software maker reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.28. The firm had revenue of $521.70 million during the quarter, compared to the consensus estimate of $511.38 million. Fortinet had a net margin of 18.64% and a return on equity of 22.52%. The company’s revenue was up 18.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.41 earnings per share. Sell-side analysts predict that Fortinet will post 1.31 EPS for the current year.
In other news, VP Michael Xie sold 40,000 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $70.43, for a total value of $2,817,200.00. Following the completion of the sale, the vice president now directly owns 6,388,548 shares of the company’s stock, valued at $449,945,435.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP John Whittle sold 3,691 shares of the company’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $87.48, for a total transaction of $322,888.68. Following the completion of the sale, the vice president now directly owns 6,402,500 shares of the company’s stock, valued at $560,090,700. The disclosure for this sale can be found here. Insiders sold 63,263 shares of company stock valued at $4,739,474 over the last ninety days. Corporate insiders own 17.20% of the company’s stock.
Fortinet Company Profile
Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and wide area network acceleration; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.
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