Keith Jensen Sells 17,660 Shares of Fortinet, Inc. (NASDAQ:FTNT) Stock

Fortinet, Inc. (NASDAQ:FTNT) CFO Keith Jensen sold 17,660 shares of the stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $109.18, for a total value of $1,928,118.80. Following the transaction, the chief financial officer now owns 4,736 shares of the company’s stock, valued at approximately $517,076.48. This trade represents a 78.85 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

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

• On Wednesday, February 19th, Keith Jensen sold 23,500 shares of Fortinet stock. The shares were sold at an average price of $113.56, for a total value of $2,668,660.00.

Fortinet Price Performance

NASDAQ:FTNT opened at $108.01 on Friday. The business’s 50-day moving average price is $101.31 and its 200 day moving average price is $89.75. The firm has a market cap of $82.78 billion, a P/E ratio of 47.79, a PEG ratio of 4.19 and a beta of 1.01. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping 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%. As a group, sell-side analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Fortinet

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of Fortinet by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker’s stock valued at $6,435,550,000 after purchasing an additional 730,994 shares during the period. State Street Corp boosted its position in shares of Fortinet by 2.9% in the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after purchasing an additional 766,135 shares during the period. Geode Capital Management LLC boosted its position in shares of Fortinet by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 15,270,913 shares of the software maker’s stock valued at $1,440,648,000 after purchasing an additional 387,901 shares during the period. Invesco Ltd. boosted its position in shares of Fortinet by 31.3% in the 4th quarter. Invesco Ltd. now owns 8,388,693 shares of the software maker’s stock valued at $792,564,000 after purchasing an additional 2,000,888 shares during the period. Finally, Norges Bank acquired a new position in shares of Fortinet in the 4th quarter valued at $724,048,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on FTNT. Wedbush increased their target price on Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. JPMorgan Chase & Co. raised their price objective on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. Guggenheim restated a “neutral” rating on shares of Fortinet in a research note on Friday, February 7th. Scotiabank raised their price objective on Fortinet from $115.00 to $135.00 and gave the stock a “sector outperform” rating in a research note on Friday, February 7th. Finally, Baird R W lowered Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 3rd. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $103.72.

About Fortinet

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.