In yesterday’s Wall Street session, Fortinet Inc (NASDAQ:FTNT) shares traded at $80.87, up 3.79% from the previous session.
FTNT stock price is now 3.34% away from the 50-day moving average and 18.94% away from the 200-day moving average. The market capitalization of the company currently stands at $61.86B.
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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 Michael, VP, ENGINEERING & CTO sold 24,712 shares of the company’s stock on Nov 04 ’24. The stock was sold for $1,948,883 at an average price of $78.86. Upon completion of the transaction, the VP, ENGINEERING & CTO now directly owns 10,827,018 shares in the company, valued at $875.58 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Nov 04 ’24, Director MICHAEL XIE bought 24,712 shares of the business’s stock. A total of $1,947,306 was incurred on buying the stock at an average price of $78.80. 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 $47.66 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 $59595010048, which is based on a 47.78 price-to-earnings ratio, a 3.32 price-to-earnings-growth ratio, and a beta of 0.96. The fifty day moving average price for FTNT is $78.1612 and a two-hundred day moving average price translates $67.91055 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.
