Fortinet, Inc. (NASDAQ:FTNT) CEO Ken Xie Sells 23,992 Shares

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 transaction, the chief executive officer now owns 48,660,648 shares of the company’s stock, valued at approximately $3,150,776,958. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

Fortinet Stock Performance

Shares of Fortinet stock opened at $63.40 on Friday. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38. The stock’s fifty day moving average price is $68.50 and its 200-day moving average price is $61.55. The firm has a market cap of $48.38 billion, a P/E ratio of 43.72, a P/E/G ratio of 2.87 and a beta of 1.08. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $81.24.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Monday, February 5th. The software maker reported $0.51 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 quarter last year, the firm posted $0.38 EPS. The company’s revenue for the quarter was up 10.3% on a year-over-year basis. On average, equities research analysts expect that Fortinet, Inc. will post 1.39 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Fortinet

A number of large investors have recently bought and sold shares of the business. Alliancebernstein L.P. increased its holdings in shares of Fortinet by 2.1% in the 2nd quarter. Alliancebernstein L.P. now owns 28,859,057 shares of the software maker’s stock valued at $2,181,456,000 after acquiring an additional 595,952 shares during the period. State Street Corp grew its stake in Fortinet by 2.1% in the first quarter. State Street Corp now owns 25,395,593 shares of the software maker’s stock valued at $1,687,787,000 after purchasing an additional 527,129 shares during the last quarter. Geode Capital Management LLC raised its holdings in Fortinet by 1.0% in the first quarter. Geode Capital Management LLC now owns 15,178,603 shares of the software maker’s stock worth $1,007,182,000 after purchasing an additional 147,048 shares in the last quarter. Moneta Group Investment Advisors LLC lifted its position in shares of Fortinet by 125,937.5% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 14,597,668 shares of the software maker’s stock valued at $713,680,000 after buying an additional 14,586,086 shares during the last quarter. Finally, Nordea Investment Management AB boosted its holdings in shares of Fortinet by 156.8% in the 3rd quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock valued at $554,945,000 after buying an additional 5,765,174 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Jefferies Financial Group cut their price target on Fortinet from $75.00 to $70.00 and set a “hold” rating for the company in a report on Thursday. Truist Financial boosted their price target on shares of Fortinet from $60.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, February 7th. Daiwa Capital Markets upgraded shares of Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 price objective for the company in a research report on Tuesday, February 13th. HSBC cut shares of Fortinet from a “hold” rating to a “reduce” rating and set a $57.00 price objective for the company. in a research note on Wednesday, February 7th. Finally, Mizuho upped their target price on shares of Fortinet from $60.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, February 7th. Two investment analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $72.19.

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.