Insider Selling: Fortinet, Inc. (NASDAQ:FTNT) CFO Sells 23,500 Shares of Stock

Fortinet, Inc. (NASDAQ:FTNT) CFO Keith Jensen sold 23,500 shares of Fortinet stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total value of $2,668,660.00. Following the sale, the chief financial officer now directly owns 4,736 shares in the company, valued at $537,820.16. This trade represents a 83.23 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

Keith Jensen also recently made the following trade(s):

• On Tuesday, November 26th, Keith Jensen sold 17,650 shares of Fortinet stock. The shares were sold at an average price of $95.66, for a total value of $1,688,399.00.

Fortinet Trading Down 3.7 %

Shares of NASDAQ FTNT opened at $110.02 on Friday. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The business has a fifty day simple moving average of $100.12 and a two-hundred day simple moving average of $88.31. The firm has a market cap of $84.33 billion, a PE ratio of 48.68, a price-to-earnings-growth ratio of 4.20 and a beta of 1.01. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82.

Fortinet (NASDAQ:FTNT) last issued 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%. Analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

FTNT has been the subject of several research analyst reports. Truist Financial restated a “buy” rating and set a $105.00 price target (up previously from $85.00) on shares of Fortinet in a report on Wednesday, November 20th. Royal Bank of Canada raised their price target on Fortinet from $97.00 to $115.00 and gave the company a “sector perform” rating in a report on Friday, February 7th. The Goldman Sachs Group raised their price target on Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a report on Friday, February 7th. Rosenblatt Securities raised their price target on Fortinet from $115.00 to $125.00 and gave the company a “buy” rating in a report on Friday, February 7th. Finally, Baird R W cut Fortinet from a “strong-buy” rating to a “hold” rating in a report on Monday, February 3rd. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Fortinet has an average rating of “Hold” and a consensus price target of $103.72.

Institutional Investors Weigh In On Fortinet

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Manchester Capital Management LLC raised its position in Fortinet by 13.5% during the 4th quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock valued at $80,000 after purchasing an additional 100 shares in the last quarter. Fifth Third Wealth Advisors LLC raised its position in shares of Fortinet by 1.6% in the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock worth $646,000 after acquiring an additional 107 shares in the last quarter. Fielder Capital Group LLC raised its position in shares of Fortinet by 1.6% in the 4th quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock worth $652,000 after acquiring an additional 111 shares in the last quarter. Sheaff Brock Investment Advisors LLC raised its position in shares of Fortinet by 1.4% in the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock worth $789,000 after acquiring an additional 114 shares in the last quarter. Finally, CIBC Private Wealth Group LLC raised its position in shares of Fortinet by 1.3% in the 4th quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker’s stock worth $902,000 after acquiring an additional 116 shares in the last quarter. 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.