Ken Xie Sells 22,916 Shares of Fortinet, Inc. (NASDAQ:FTNT) Stock

Fortinet, Inc. (NASDAQ:FTNT) CEO Ken Xie sold 22,916 shares of the firm’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total value of $2,244,163.88. Following the completion of the sale, the chief executive officer now owns 48,983,683 shares of the company’s stock, valued at $4,796,972,076.19. This represents a 0.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link.

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

• On Wednesday, October 16th, Ken Xie sold 23,307 shares of Fortinet stock. The shares were sold at an average price of $81.89, for a total value of $1,908,610.23.

Fortinet Price Performance

Fortinet stock opened at $97.19 on Friday. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $100.59. The stock has a market cap of $74.49 billion, a price-to-earnings ratio of 49.09, a P/E/G ratio of 2.77 and a beta of 1.00. The business’s 50-day simple moving average is $89.69 and its 200 day simple moving average is $75.07.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on FTNT shares. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a report on Friday, November 22nd. Raymond James upped their target price on shares of Fortinet from $85.00 to $95.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Bank of America increased their price target on shares of Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Rosenblatt Securities lifted their price objective on Fortinet from $90.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. Finally, TD Cowen increased their target price on Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $92.77.

Institutional Investors Weigh In On Fortinet

A number of institutional investors and hedge funds have recently modified their holdings of FTNT. Apollon Wealth Management LLC grew its holdings in Fortinet by 7.6% during the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after acquiring an additional 1,081 shares during the period. Forsta AP Fonden increased its holdings in Fortinet by 11.8% in the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock valued at $10,508,000 after purchasing an additional 14,300 shares during the last quarter. Quadrature Capital Ltd bought a new stake in Fortinet in the third quarter valued at about $10,343,000. Empower Advisory Group LLC lifted its stake in Fortinet by 4.2% in the third quarter. Empower Advisory Group LLC now owns 1,008,224 shares of the software maker’s stock valued at $78,188,000 after buying an additional 40,277 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its holdings in Fortinet by 29.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 152,532 shares of the software maker’s stock worth $11,829,000 after buying an additional 34,727 shares during the last quarter. 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.