Stocks of Fortinet Inc (NASDAQ:FTNT) traded higher last session on Wall Street, down -0.99% to $58.11.
FTNT stock price is now -4.78% away from the 50-day moving average and -5.13% away from the 200-day moving average. The market capitalization of the company currently stands at $44.39B.
Top 5 Artificial Intelligence Stocks to Buy for 2024
By now, you're well aware of the artificial intelligence boom. You know Big Tech has been investing billions of dollars into it.
According to Next Move Strategy Consulting, the AI market – currently valued at about $100 billion – cold grow twenty-fold by 2030 to more than $2 trillion. That means you may want to strongly consider these top AI stocks. Get our free report, "Top 5 AI Stocks to Buy in 2024."
Click here to automatically get the our FREE Report & Special Offer "5 Best AI Stocks to Invest In"
Sponsored
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 24,256 shares of the company’s stock on Jun 12 ’24. The stock was sold for $1,460,934 at an average price of $60.23. Upon completion of the transaction, the PRESIDENT & CEO now directly owns 48,759,894 shares in the company, valued at $2.83 billion. An SEC document containing details of the transaction can be found on the SEC’s website. On Jun 11 ’24, PRESIDENT & CEO Xie Ken sold 24,235 shares of the business’s stock. A total of $1,442,643 was realized by selling the stock at an average price of $59.53. This leaves the insider owning 48,742,483 shares of the company worth $2.83 billion. A total of 17.55% 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 $42451939328, which is based on a 37.89 price-to-earnings ratio, a 3.54 price-to-earnings-growth ratio, and a beta of 0.98. The fifty day moving average price for FTNT is $60.8978 and a two-hundred day moving average price translates $61.2214 for the stock.
The latest earnings results from Fortinet Inc (NASDAQ: FTNT) was released for 2024-03-31. The net profit margin was 22.23% and return on equity was 843.82% for FTNT. The company reported revenue of $1.35 billion for the quarter, compared to $1.26 billion a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 7.21 percent.
