Insider Selling: Fortinet, Inc. (NASDAQ:FTNT) CEO Sells 23,307 Shares of Stock

Fortinet, Inc. (NASDAQ:FTNT) CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the sale, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Ken Xie also recently made the following trade(s):

• On Wednesday, September 18th, Ken Xie sold 23,538 shares of Fortinet stock. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72.
• On Wednesday, August 14th, Ken Xie sold 23,693 shares of Fortinet stock. The shares were sold at an average price of $73.06, for a total transaction of $1,731,010.58.

Fortinet Stock Down 0.6 %

Shares of Fortinet stock opened at $82.12 on Thursday. The company has a 50-day simple moving average of $76.30 and a two-hundred day simple moving average of $66.47. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $83.77. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. The stock has a market capitalization of $62.73 billion, a PE ratio of 53.67, a price-to-earnings-growth ratio of 2.84 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.16. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same period in the previous year, the business earned $0.31 EPS. The firm’s revenue for the quarter was up 10.9% on a year-over-year basis. On average, analysts anticipate that Fortinet, Inc. will post 1.74 EPS for the current fiscal year.

Analysts Set New Price Targets

FTNT has been the subject of several recent analyst reports. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Tuesday, September 10th. HSBC raised Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price target for the company in a research report on Wednesday, August 7th. Morgan Stanley cut their price objective on Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 17th. JPMorgan Chase & Co. upped their target price on Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Finally, Hsbc Global Res upgraded shares of Fortinet from a “moderate sell” rating to a “hold” rating in a report on Wednesday, August 7th. Twenty-three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $72.64.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Winthrop Capital Management LLC purchased a new position in Fortinet in the 1st quarter worth about $25,000. Rise Advisors LLC raised its holdings in shares of Fortinet by 135.6% during the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after purchasing an additional 217 shares during the last quarter. Creekmur Asset Management LLC bought a new position in Fortinet during the fourth quarter valued at approximately $32,000. Oakworth Capital Inc. purchased a new stake in Fortinet in the second quarter worth approximately $33,000. Finally, Versant Capital Management Inc grew its position in Fortinet by 61.2% in the 2nd quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after purchasing an additional 238 shares during the period. 83.71% of the stock is owned by institutional investors.

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.