Kenneth A. Goldman Sells 1,000 Shares of Fortinet, Inc. (NASDAQ:FTNT) Stock

Fortinet, Inc. (NASDAQ:FTNT) Director Kenneth A. Goldman sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $99.32, for a total value of $99,320.00. Following the sale, the director now owns 20,612 shares of the company’s stock, valued at $2,047,183.84. The trade was a 4.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Fortinet Stock Performance

Shares of Fortinet stock opened at $93.42 on Friday. The stock has a market capitalization of $71.84 billion, a price-to-earnings ratio of 41.34, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The business has a 50-day moving average of $102.22 and a 200 day moving average of $91.41. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data 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 net margin of 29.30% and a return on equity of 256.53%. As a group, sell-side analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Institutional Trading of Fortinet

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in Fortinet by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker’s stock worth $6,435,550,000 after purchasing an additional 730,994 shares during the period. State Street Corp increased its stake in shares of Fortinet by 2.9% during the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after buying an additional 766,135 shares during the period. Geode Capital Management LLC lifted its stake in Fortinet by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 15,270,913 shares of the software maker’s stock worth $1,440,648,000 after acquiring an additional 387,901 shares during the last quarter. Invesco Ltd. lifted its stake in Fortinet by 31.3% in the fourth quarter. Invesco Ltd. now owns 8,388,693 shares of the software maker’s stock worth $792,564,000 after acquiring an additional 2,000,888 shares during the last quarter. Finally, Norges Bank acquired a new position in Fortinet during the 4th quarter worth approximately $724,048,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on FTNT shares. JPMorgan Chase & Co. upped their target price on shares of Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. Piper Sandler reaffirmed an “overweight” rating and set a $135.00 price objective (up previously from $120.00) on shares of Fortinet in a research note on Friday, February 7th. Stifel Nicolaus raised their target price on shares of Fortinet from $103.00 to $115.00 and gave the stock a “hold” rating in a research note on Friday, February 7th. BMO Capital Markets upped their price target on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research report on Tuesday, November 19th. Finally, Scotiabank increased their price target on Fortinet from $115.00 to $135.00 and gave the company a “sector outperform” rating in a report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Fortinet currently has a consensus rating of “Hold” and a consensus 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.