The price of Fortinet Inc (NASDAQ:FTNT) shares last traded on Wall Street fell -1.53% to $80.86.
FTNT stock price is now 5.86% away from the 50-day moving average and 21.31% away from the 200-day moving average. The market capitalization of the company currently stands at $61.85B.
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With the price target maintained at $68, Mizuho recently Downgraded its rating from Neutral to Underperform for Fortinet Inc (NASDAQ: FTNT). On August 08, 2024, DZ Bank Upgraded its previous ‘Sell’ rating to ‘Hold’ on the stock keeping its target price maintained at $65, while ‘HSBC Securities’ rates the stock as ‘Hold’
In other news, Xie Ken, PRESIDENT & CEO sold 23,302 shares of the company’s stock on Oct 15 ’24. The stock was sold for $1,925,547 at an average price of $82.63. Upon completion of the transaction, the PRESIDENT & CEO now directly owns 48,897,171 shares in the company, valued at $3.95 billion. An SEC document containing details of the transaction can be found on the SEC’s website. On Oct 16 ’24, PRESIDENT & CEO Xie Ken sold 23,307 shares of the business’s stock. A total of $1,908,676 was realized by selling the stock at an average price of $81.89. This leaves the insider owning 48,915,530 shares of the company worth $3.96 billion. A total of 17.52% 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 $83.77. As of last week, the company has a debt-to-equity ratio of 3.45, a current ratio of 1.32, and a quick ratio of 1.22. According to the stock market information, the enterprise value for the company is $59587358720, which is based on a 47.78 price-to-earnings ratio, a 3.32 price-to-earnings-growth ratio, and a beta of 1.00. The fifty day moving average price for FTNT is $76.3876 and a two-hundred day moving average price translates $66.6551 for the stock.
The latest earnings results from Fortinet Inc (NASDAQ: FTNT) was released for 2024-06-30. The net profit margin was 23.71% and return on equity was 430.88% for FTNT. The company reported revenue of $1.43 billion for the quarter, compared to $1.29 billion a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 10.95 percent.
