Fortinet, Inc. (NASDAQ:FTNT – Get Free Report) CEO Ken Xie sold 23,693 shares of Fortinet stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the sale, the chief executive officer now owns 48,842,522 shares of the company’s stock, valued at $3,568,434,657.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.
Ken Xie also recently made the following trade(s):
- On Monday, July 15th, Ken Xie sold 24,267 shares of Fortinet stock. The shares were sold at an average price of $60.01, for a total transaction of $1,456,262.67.
- On Tuesday, June 11th, Ken Xie sold 24,235 shares of Fortinet stock. The stock was sold at an average price of $59.53, for a total transaction of $1,442,709.55.
Fortinet Stock Up 1.8 %
Fortinet stock opened at $74.72 on Friday. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $74.90. The firm’s 50-day simple moving average is $60.91 and its 200 day simple moving average is $63.96. The firm has a market capitalization of $57.08 billion, a PE ratio of 48.84, a P/E/G ratio of 2.79 and a beta of 0.98.
Analysts Set New Price Targets
Several analysts have recently weighed in on the stock. Susquehanna boosted their price objective on shares of Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. Hsbc Global Res upgraded shares of Fortinet from a “moderate sell” rating to a “hold” rating in a research report on Wednesday, August 7th. Scotiabank boosted their price objective on shares of Fortinet from $61.00 to $75.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, August 7th. Guggenheim downgraded shares of Fortinet from a “buy” rating to a “neutral” rating in a research report on Monday, July 29th. Finally, Royal Bank of Canada upped their price target on shares of Fortinet from $68.00 to $72.00 and gave the company a “sector perform” rating in a research report on Wednesday, August 7th. Twenty-three analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $71.31.
View Our Latest Report on FTNT
Institutional Investors Weigh In On Fortinet
Institutional investors and hedge funds have recently made changes to their positions in the business. TFO Wealth Partners LLC boosted its position in shares of Fortinet by 72,668.0% in the 4th quarter. TFO Wealth Partners LLC now owns 18,192 shares of the software maker’s stock worth $1,065,000 after buying an additional 18,167 shares in the last quarter. LGT Group Foundation lifted its holdings in Fortinet by 14.4% in the 4th quarter. LGT Group Foundation now owns 748,784 shares of the software maker’s stock valued at $44,478,000 after purchasing an additional 94,475 shares in the last quarter. Y.D. More Investments Ltd lifted its holdings in Fortinet by 101.4% in the 4th quarter. Y.D. More Investments Ltd now owns 61,964 shares of the software maker’s stock valued at $3,627,000 after purchasing an additional 31,198 shares in the last quarter. Sanibel Captiva Trust Company Inc. purchased a new position in Fortinet in the 4th quarter valued at about $10,394,000. Finally, Janney Montgomery Scott LLC lifted its holdings in Fortinet by 121.4% in the 4th quarter. Janney Montgomery Scott LLC now owns 244,879 shares of the software maker’s stock valued at $14,333,000 after purchasing an additional 134,265 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.
Fortinet Company Profile
Fortinet, Inc provides cybersecurity and convergence of networking and security solutions worldwide. It offers secure networking solutions focus on the convergence of networking and security; network firewall solutions that consist of FortiGate data centers, hyperscale, and distributed firewalls, as well as encrypted applications; wireless LAN solutions; and secure connectivity solutions, including FortiSwitch secure ethernet switches, FortiAP wireless local area network access points, FortiExtender 5G connectivity gateways, and other products.
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