Fortinet, Inc. (NASDAQ:FTNT – Get Free Report) VP Michael Xie sold 24,710 shares of Fortinet stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total value of $1,593,300.80. Following the completion of the sale, the vice president now directly owns 10,867,018 shares of the company’s stock, valued at approximately $700,705,320.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Michael Xie also recently made the following trade(s):
- On Friday, February 2nd, Michael Xie sold 38,369 shares of Fortinet stock. The shares were sold at an average price of $66.45, for a total transaction of $2,549,620.05.
Fortinet Stock Performance
Shares of FTNT opened at $58.88 on Friday. The business’s 50 day moving average is $67.53 and its two-hundred day moving average is $61.90. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $81.24. The firm has a market cap of $44.94 billion, a price-to-earnings ratio of 38.48, a PEG ratio of 2.89 and a beta of 1.08. The company has a quick ratio of 1.06, a current ratio of 1.19 and a debt-to-equity ratio of 13.38.
Analyst Ratings Changes
Several equities analysts recently commented on the stock. The Goldman Sachs Group upped their price target on shares of Fortinet from $60.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, February 8th. Robert W. Baird dropped their price objective on Fortinet from $81.00 to $75.00 and set an “outperform” rating for the company in a report on Friday. Morgan Stanley lowered their price target on Fortinet from $81.00 to $73.00 and set an “overweight” rating for the company in a research report on Friday. Mizuho reduced their price objective on Fortinet from $70.00 to $66.00 and set a “neutral” rating on the stock in a research note on Friday. Finally, Wells Fargo & Company dropped their target price on shares of Fortinet from $70.00 to $62.00 and set an “equal weight” rating for the company in a research report on Friday. Two equities research analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $70.68.
Check Out Our Latest Stock Report on FTNT
Institutional Investors Weigh In On Fortinet
Institutional investors and hedge funds have recently made changes to their positions in the company. Cito Capital Group LLC acquired a new stake in shares of Fortinet during the 3rd quarter valued at approximately $660,000. Vontobel Holding Ltd. raised its position in shares of Fortinet by 7.3% during the 4th quarter. Vontobel Holding Ltd. now owns 507,306 shares of the software maker’s stock valued at $29,693,000 after acquiring an additional 34,582 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. raised its position in shares of Fortinet by 2,092.4% during the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 40,603 shares of the software maker’s stock valued at $2,411,000 after acquiring an additional 38,751 shares in the last quarter. Alamar Capital Management LLC raised its position in shares of Fortinet by 12.5% during the 3rd quarter. Alamar Capital Management LLC now owns 63,788 shares of the software maker’s stock valued at $3,743,000 after acquiring an additional 7,110 shares in the last quarter. Finally, Marshall Financial Group LLC acquired a new stake in shares of Fortinet during the 4th quarter valued at approximately $1,487,000. 83.71% of the stock is owned by institutional investors and hedge funds.
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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