Fortinet, Inc. (NASDAQ:FTNT) CEO Ken Xie Sells 23,538 Shares

Fortinet, Inc. (NASDAQ:FTNT) CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the transaction, the chief executive officer now owns 48,878,806 shares in the company, valued at $3,662,977,721.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

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

• 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.
• On Monday, July 15th, Ken Xie sold 24,267 shares of Fortinet stock. The shares were sold at an average price of $60.01, for a total value of $1,456,262.67.

Fortinet Stock Down 1.2 %

Fortinet stock traded down $0.93 during trading hours on Wednesday, hitting $74.68. The company had a trading volume of 2,876,046 shares, compared to its average volume of 5,698,324. The firm’s fifty day moving average is $67.90 and its 200-day moving average is $65.07. The firm has a market capitalization of $57.05 billion, a P/E ratio of 48.90, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $78.08. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.16. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The business had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same period last year, the company earned $0.31 earnings per share. Fortinet’s quarterly revenue was up 10.9% compared to the same quarter last year. On average, research analysts forecast that Fortinet, Inc. will post 1.7 earnings per share for the current year.

Hedge Funds Weigh In On Fortinet

A number of hedge funds have recently added to or reduced their stakes in FTNT. Parallel Advisors LLC lifted its holdings in Fortinet by 2.0% in the 2nd quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock worth $452,000 after purchasing an additional 148 shares during the last quarter. Simplicity Wealth LLC lifted its position in Fortinet by 2.2% during the 2nd quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock worth $498,000 after acquiring an additional 174 shares during the last quarter. Massmutual Trust Co. FSB ADV boosted its holdings in Fortinet by 22.4% during the first quarter. Massmutual Trust Co. FSB ADV now owns 984 shares of the software maker’s stock valued at $67,000 after acquiring an additional 180 shares during the period. Werlinich Asset Management LLC increased its stake in shares of Fortinet by 1.7% in the second quarter. Werlinich Asset Management LLC now owns 10,650 shares of the software maker’s stock worth $639,000 after purchasing an additional 180 shares during the period. Finally, Mount Yale Investment Advisors LLC lifted its position in shares of Fortinet by 0.9% during the 1st quarter. Mount Yale Investment Advisors LLC now owns 21,319 shares of the software maker’s stock worth $1,456,000 after purchasing an additional 185 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on FTNT. UBS Group boosted their price objective on Fortinet from $69.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Cantor Fitzgerald increased their price objective on shares of Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Wedbush restated an “outperform” rating and issued a $78.00 target price on shares of Fortinet in a research report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft boosted their price objective on Fortinet from $71.00 to $75.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. Finally, Morgan Stanley lowered their target price on Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 17th. Twenty-three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Fortinet currently has an average rating of “Hold” and a consensus target price of $71.57.

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.