Fortinet Inc (NASDAQ:FTNT) up by 1%, Pilgrim’s Pride Corporation (NASDAQ:PPC)

Posted by Michael Korte May 15, 2013 0 Comment 1140 views

Fortinet Inc (NASDAQ:FTNT) shares remained flat to close at $18.26, up by 1.00%. Provider of network security solutions Fortinet announced positive results during the first quarter of fiscal 2013. The company reported a revenue of $135.8 million, an increase of 16% compared to $117.2 million in the same period of 2012. For the first quarter 2013, Fortinet’s product revenue was $58.0 million as well as services revenue was $75.9 million. GAAP net income was $12.2 million, or GAAP diluted per share was $0.07, for the first quarter of 2013. As of March 31, 2013, cash, cash equivalents and investments were $782.5 million. In April, the company also announced the appointment of Ahmed Rubaie as its new chief financial officer and chief operating officer. As of May 6, 2013, thirteen analysts have rated Fortinet’s stock with a “hold rating”, while twelve have given it a “buy” rating.

Pilgrim’s Pride Corporation (NASDAQ:PPC) shares closed at $11.43, up by 0.79%. Pilgrim’s Pride Corporation, a chicken producer and operates chicken processing plants in the United States, Mexico and Puerto Rico, sells chicken products to distributors, retailers and foodservice operators. For the first quarter of 2013, the company reported $54.6 million profit, up from $39.2 million in the same quarter of 2012. Pilgrim’s Pride saw 39% jump in its net income with earnings per share of $0.21, compared to $.18 EPS in the first quarter of 2012. The company announced net sales of $2 billion, compared to $1.9 billion during the first quarter of last year. As of May 8, 2013, six research analysts have rated Pilgrim’s Pride’s stock with a “hold” rating and two analysts have assigned a “buy” rating to the company.

About Michael Korte

Michael Korte an investigative reporter at GDP Insider and is a breaking news reporter. Michael work includes investigations of misconduct by federal prosecutors and industrial air pollution around the nation's schools. His reporting has been recognized with the Hillman Prize for Newspaper Journalism, the Grantham Prize for Excellence in Reporting on the Environment, and the Philip Meyer Journalism Award for reporting that incorporates social science methods.

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