Kenneth A. Goldman Sells 2,000 Shares of Fortinet, Inc. (NASDAQ:FTNT) Stock

Fortinet, Inc. (NASDAQ:FTNT) Director Kenneth A. Goldman sold 2,000 shares of the stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $100.00, for a total value of $200,000.00. Following the completion of the transaction, the director now owns 18,612 shares of the company’s stock, valued at $1,861,200. The trade was a 9.70 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Fortinet Stock Down 0.4 %

NASDAQ FTNT traded down $0.35 during trading hours on Wednesday, hitting $97.93. The company’s stock had a trading volume of 4,299,935 shares, compared to its average volume of 4,823,682. The company has a market capitalization of $75.31 billion, a PE ratio of 43.33, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The company’s 50-day simple moving average is $102.22 and its two-hundred day simple moving average is $91.41.

Fortinet (NASDAQ:FTNT) last posted its 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 return on equity of 256.53% and a net margin of 29.30%. Research analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Deutsche Bank Aktiengesellschaft increased their target price on Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research report on Tuesday, November 19th. StockNews.com lowered shares of Fortinet from a “buy” rating to a “hold” rating in a report on Friday, March 7th. Wells Fargo & Company raised their price target on shares of Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a research note on Friday, February 7th. Royal Bank of Canada boosted their price objective on shares of Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a research note on Friday, February 7th. Finally, Susquehanna increased their price objective on Fortinet from $90.00 to $110.00 and gave the company a “neutral” rating in a report on Monday, February 10th. One analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and an average price target of $103.72.

Institutional Investors Weigh In On Fortinet

A number of institutional investors have recently added to or reduced their stakes in the company. Centaurus Financial Inc. purchased a new position in shares of Fortinet in the 4th quarter worth approximately $256,000. Castle Rock Wealth Management LLC bought a new stake in Fortinet during the fourth quarter worth $1,179,000. Siemens Fonds Invest GmbH boosted its position in Fortinet by 2.2% in the fourth quarter. Siemens Fonds Invest GmbH now owns 39,453 shares of the software maker’s stock worth $3,753,000 after purchasing an additional 864 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Fortinet in the 4th quarter valued at $74,962,000. Finally, Jefferies Financial Group Inc. raised its stake in shares of Fortinet by 48.7% during the 4th quarter. Jefferies Financial Group Inc. now owns 41,728 shares of the software maker’s stock worth $3,942,000 after purchasing an additional 13,669 shares during the period. 83.71% of the stock is owned by 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.