Fortinet, Inc. (NASDAQ:FTNT) CFO Sells $386,027.50 in Stock

Fortinet, Inc. (NASDAQ:FTNT) CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the sale, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $425,901.87. The trade was a 47.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $92.45 on Thursday. Fortinet, Inc. has a 52 week low of $50.65 and a 52 week high of $100.59. The business’s 50 day moving average price is $81.71 and its 200 day moving average price is $69.89. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The firm has a market cap of $70.86 billion, a P/E ratio of 46.69, a P/E/G ratio of 2.71 and a beta of 1.00.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Citigroup raised their target price on shares of Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a research report on Friday, September 13th. Rosenblatt Securities lifted their price objective on shares of Fortinet from $90.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday. Robert W. Baird upped their target price on Fortinet from $95.00 to $100.00 and gave the stock an “outperform” rating in a report on Tuesday. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Finally, DZ Bank upgraded Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price objective for the company in a research note on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $88.93.

Institutional Trading of Fortinet

Several large investors have recently made changes to their positions in FTNT. Virtue Capital Management LLC purchased a new stake in Fortinet in the third quarter valued at $247,000. Arete Wealth Advisors LLC lifted its holdings in shares of Fortinet by 28.6% in the 3rd quarter. Arete Wealth Advisors LLC now owns 7,791 shares of the software maker’s stock valued at $603,000 after buying an additional 1,733 shares during the period. Toronto Dominion Bank boosted its stake in shares of Fortinet by 2.2% in the third quarter. Toronto Dominion Bank now owns 357,634 shares of the software maker’s stock worth $27,735,000 after buying an additional 7,769 shares during the last quarter. Chiron Investment Management LLC acquired a new stake in Fortinet during the third quarter worth about $394,000. Finally, Coldstream Capital Management Inc. grew its holdings in Fortinet by 10.5% during the third quarter. Coldstream Capital Management Inc. now owns 11,618 shares of the software maker’s stock worth $919,000 after acquiring an additional 1,100 shares during the period. 83.71% of the stock is owned by hedge funds and other 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.