Ken Xie Sells 23,992 Shares of Fortinet, Inc. (NASDAQ:FTNT) Stock

Fortinet, Inc. (NASDAQ:FTNT) CEO Ken Xie sold 23,992 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the transaction, the chief executive officer now directly owns 48,660,648 shares of the company’s stock, valued at $3,150,776,958. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• On Tuesday, March 12th, Ken Xie sold 23,694 shares of Fortinet stock. The shares were sold at an average price of $71.40, for a total transaction of $1,691,751.60.
• On Tuesday, February 13th, Ken Xie sold 46,084 shares of Fortinet stock. The shares were sold at an average price of $69.07, for a total transaction of $3,183,021.88.

Fortinet Trading Up 0.3 %

Shares of FTNT opened at $64.66 on Thursday. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $81.24. The company has a market cap of $49.34 billion, a P/E ratio of 44.59, a P/E/G ratio of 2.87 and a beta of 1.08. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38. The company’s fifty day simple moving average is $68.72 and its 200-day simple moving average is $61.50.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.08. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The business had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter in the prior year, the firm posted $0.38 earnings per share. The business’s revenue for the quarter was up 10.3% on a year-over-year basis. As a group, analysts expect that Fortinet, Inc. will post 1.39 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FTNT. Vima LLC bought a new position in Fortinet during the 4th quarter worth about $25,000. Rise Advisors LLC boosted its holdings in shares of Fortinet by 135.6% in the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after buying an additional 217 shares in the last quarter. Headinvest LLC bought a new stake in shares of Fortinet in the 3rd quarter valued at about $29,000. Atwood & Palmer Inc. bought a new stake in shares of Fortinet in the 4th quarter valued at about $29,000. Finally, Retirement Group LLC bought a new stake in shares of Fortinet in the 4th quarter valued at about $30,000. 83.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

FTNT has been the subject of several recent research reports. Scotiabank boosted their target price on shares of Fortinet from $70.00 to $90.00 and gave the company a “sector outperform” rating in a research report on Wednesday, February 7th. HSBC lowered shares of Fortinet from a “hold” rating to a “reduce” rating and set a $57.00 target price for the company. in a research report on Wednesday, February 7th. Rosenblatt Securities restated a “buy” rating and set a $85.00 target price on shares of Fortinet in a research report on Wednesday, April 3rd. Citigroup lowered shares of Fortinet from a “buy” rating to a “neutral” rating and boosted their target price for the company from $60.00 to $62.00 in a research report on Tuesday, January 9th. Finally, Capital One Financial lowered shares of Fortinet from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, January 17th. Two research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $72.03.

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.