Insider Selling: Fortinet, Inc. (NASDAQ:FTNT) CFO Sells $1,688,399.00 in Stock

Fortinet, Inc. (NASDAQ:FTNT) CFO Keith Jensen sold 17,650 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at $448,549.74. This represents a 79.01 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

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

• On Tuesday, November 19th, Keith Jensen sold 4,250 shares of Fortinet stock. The stock was sold at an average price of $90.83, for a total value of $386,027.50.

Fortinet Stock Up 1.1 %

Shares of NASDAQ:FTNT opened at $95.05 on Friday. The firm has a 50 day simple moving average of $83.96 and a 200 day simple moving average of $71.28. Fortinet, Inc. has a 52 week low of $50.65 and a 52 week high of $100.59. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The company has a market cap of $72.85 billion, a PE ratio of 48.01, a price-to-earnings-growth ratio of 2.73 and a beta of 1.00.

Institutional Trading of Fortinet

A number of hedge funds have recently modified their holdings of FTNT. Silvercrest Asset Management Group LLC lifted its stake in Fortinet by 37.1% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 43,856 shares of the software maker’s stock worth $2,996,000 after acquiring an additional 11,879 shares in the last quarter. B. Riley Wealth Advisors Inc. lifted its position in shares of Fortinet by 423.3% in the first quarter. B. Riley Wealth Advisors Inc. now owns 48,201 shares of the software maker’s stock worth $3,293,000 after purchasing an additional 38,990 shares in the last quarter. Tidal Investments LLC boosted its holdings in shares of Fortinet by 13.5% during the first quarter. Tidal Investments LLC now owns 35,039 shares of the software maker’s stock worth $2,392,000 after purchasing an additional 4,164 shares during the period. Hancock Whitney Corp grew its position in Fortinet by 0.6% during the first quarter. Hancock Whitney Corp now owns 41,297 shares of the software maker’s stock valued at $2,821,000 after purchasing an additional 235 shares in the last quarter. Finally, Jaffetilchin Investment Partners LLC acquired a new position in Fortinet in the 1st quarter valued at approximately $397,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analysts Set New Price Targets

FTNT has been the subject of a number of recent research reports. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a research note on Friday, November 22nd. Hsbc Global Res raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. HSBC upgraded shares of Fortinet from a “hold” rating to a “buy” rating and lifted their price objective for the company from $83.00 to $111.00 in a research report on Monday, November 11th. Morgan Stanley raised their price target on shares of Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. Finally, Royal Bank of Canada boosted their price objective on Fortinet from $82.00 to $97.00 and gave the stock a “sector perform” rating in a research report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $88.93.

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.