Fortinet, Inc. (NASDAQ:FTNT) CEO Sells $1,553,482.00 in Stock

Fortinet, Inc. (NASDAQ:FTNT) CEO Ken Xie sold 23,992 shares of the company’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the completion of the transaction, the chief executive officer now directly owns 48,660,648 shares in the company, valued at approximately $3,150,776,958. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Ken Xie also recently made the following trade(s):

• On Tuesday, March 12th, Ken Xie sold 23,694 shares of Fortinet stock. The stock was sold at an average price of $71.40, for a total value of $1,691,751.60.
• On Tuesday, February 13th, Ken Xie sold 46,084 shares of Fortinet stock. The shares were sold at an average price of $69.07, for a total value of $3,183,021.88.

Fortinet Price Performance

FTNT opened at $63.40 on Friday. The stock’s 50 day moving average price is $68.50 and its 200-day moving average price is $61.55. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $81.24. The stock has a market capitalization of $48.38 billion, a PE ratio of 43.72, a price-to-earnings-growth ratio of 2.87 and a beta of 1.08. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Monday, February 5th. The software maker reported $0.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.08. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The business had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.41 billion. During the same period in the previous year, the firm earned $0.38 EPS. The company’s quarterly revenue was up 10.3% compared to the same quarter last year. On average, equities research analysts predict that Fortinet, Inc. will post 1.39 EPS for the current year.

Analyst Ratings Changes

A number of brokerages recently weighed in on FTNT. The Goldman Sachs Group raised their target price on shares of Fortinet from $60.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, February 8th. Scotiabank lifted their price objective on shares of Fortinet from $70.00 to $90.00 and gave the stock a “sector outperform” rating in a report on Wednesday, February 7th. Cantor Fitzgerald reissued a “neutral” rating and issued a $65.00 target price on shares of Fortinet in a research note on Wednesday. DZ Bank lowered Fortinet from a “hold” rating to a “sell” rating and set a $60.00 price target for the company. in a research note on Thursday, February 8th. Finally, Citigroup lowered Fortinet from a “buy” rating to a “neutral” rating and increased their price objective for the company from $60.00 to $62.00 in a research report on Tuesday, January 9th. Two analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $72.19.

Hedge Funds Weigh In On Fortinet

A number of institutional investors have recently bought and sold shares of FTNT. Penserra Capital Management LLC grew its holdings in shares of Fortinet by 6.6% during the 1st quarter. Penserra Capital Management LLC now owns 663 shares of the software maker’s stock worth $226,000 after acquiring an additional 41 shares during the period. Evergreen Capital Management LLC raised its holdings in Fortinet by 5.2% in the first quarter. Evergreen Capital Management LLC now owns 863 shares of the software maker’s stock worth $295,000 after purchasing an additional 43 shares in the last quarter. Douglass Winthrop Advisors LLC lifted its position in Fortinet by 6.1% during the first quarter. Douglass Winthrop Advisors LLC now owns 867 shares of the software maker’s stock valued at $296,000 after buying an additional 50 shares during the period. Covestor Ltd boosted its holdings in shares of Fortinet by 53.3% during the 1st quarter. Covestor Ltd now owns 164 shares of the software maker’s stock valued at $56,000 after buying an additional 57 shares in the last quarter. Finally, Sawtooth Solutions LLC grew its position in shares of Fortinet by 3.7% in the 1st quarter. Sawtooth Solutions LLC now owns 1,872 shares of the software maker’s stock worth $640,000 after buying an additional 66 shares during the period. 83.71% of the stock is owned by institutional investors.

About Fortinet

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.