Fortinet Inc (NASDAQ:FTNT)’s shares plunged on Thursday following the network security provider reduces its Q1 profit and revenue predict.
The firm declared on late Wednesday that it now anticipates adjusted earnings of 10 cents a share, dropped from its earlier forecast of 11 cents to 12 cents a share. Analysts polled by FactSet had been predicting 12 cents a share.
The firm now predicts total revenue of in range of $134M and $136M range, dropped from the firm’s earlier outlook of $138M to $141M. Analysts predict $140.2M.
The news prompted Morgan Stanley analyst Keith Weiss to reduce his rating for the firm to Equal Weight from Overweight.
Moving readers toward the broader market, let’s consider percentage change in stocks prices of other stocks in the similar sector who contribute major role in the market that includes Microsoft Corporation (NASDAQ:MSFT) lost -4.44%, Oracle Corporation (NASDAQ:ORCL) edged down -0.34%, Adobe Systems Incorporated (NASDAQ:ADBE) which also increased +1.14% and Nuance Communications Inc. (NASDAQ:NUAN) closed up +0.23%.
Fortinet Inc (NASDAQ:FTNT) stock’s trade at beginning with a price of $17.57 and throughout the trading session climbed at a high of $19.16 other than when day-trade ended the stock finally advanced -13.09% to $18.99.
The stock is going forward its 52 week low with 8.33% and lagging behind from its 52 week high price with -32.73%. FTNT last month stock price volatility remained 3.74%.
FTNT stock institutional ownership remained 72.87% while insider ownership included 16.46%. In its share capital FTNT has 161.61 million outstanding shares among them 135.28 million shares have been floated in market exchange.
Company’s beta coefficient included 1.77. Beta factors measures the amount of market risk associated with market trade.
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