Fortinet, Inc. (NASDAQ:FTNT) CEO Sells $19,967,580.00 in Stock

Fortinet, Inc. (NASDAQ:FTNT) CEO Ken Xie sold 206,000 shares of the stock in a transaction on Monday, March 10th. The shares were sold at an average price of $96.93, for a total value of $19,967,580.00. Following the completion of the transaction, the chief executive officer now owns 51,391,879 shares in the company, valued at $4,981,414,831.47. The trade was a 0.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

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

• On Wednesday, January 15th, Ken Xie sold 23,044 shares of Fortinet stock. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08.
• On Tuesday, December 17th, Ken Xie sold 22,916 shares of Fortinet stock. The shares were sold at an average price of $97.93, for a total value of $2,244,163.88.

Fortinet Price Performance

NASDAQ:FTNT opened at $93.42 on Friday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The firm has a market cap of $71.84 billion, a price-to-earnings ratio of 41.34, a P/E/G ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The firm’s 50-day simple moving average is $102.22 and its 200 day simple moving average is $91.41.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. As a group, sell-side analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Institutional Trading of Fortinet

A number of institutional investors have recently modified their holdings of FTNT. First Hawaiian Bank bought a new position in Fortinet in the 4th quarter valued at about $670,000. LVM Capital Management Ltd. MI boosted its position in shares of Fortinet by 10.7% during the 4th quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock worth $8,487,000 after acquiring an additional 8,707 shares in the last quarter. Apollon Wealth Management LLC increased its stake in Fortinet by 7.6% in the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock valued at $1,186,000 after acquiring an additional 1,081 shares during the last quarter. Trilogy Capital Inc. increased its stake in Fortinet by 17.8% in the fourth quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock valued at $2,220,000 after acquiring an additional 3,544 shares during the last quarter. Finally, Dixon Mitchell Investment Counsel Inc. raised its position in Fortinet by 129.9% during the fourth quarter. Dixon Mitchell Investment Counsel Inc. now owns 299,989 shares of the software maker’s stock valued at $28,343,000 after purchasing an additional 169,530 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on FTNT shares. Mizuho increased their price target on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research report on Friday, December 13th. Bank of America boosted their price target on shares of Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research note on Friday, February 7th. Rosenblatt Securities lifted their target price on Fortinet from $115.00 to $125.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Finally, Scotiabank increased their price target on Fortinet from $115.00 to $135.00 and gave the stock a “sector outperform” rating in a report on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $103.72.

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.