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

Fortinet, Inc. (NASDAQ:FTNT) CEO Ken Xie sold 23,992 shares of Fortinet stock in a transaction 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 completion of the sale, 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 is available at this link.

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 Stock Up 0.3 %

FTNT opened at $64.66 on Thursday. The company has a 50 day moving average of $68.72 and a 200 day moving average of $61.50. The company has a market cap of $49.34 billion, a PE ratio of 44.59, a price-to-earnings-growth ratio of 2.87 and a beta of 1.08. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $81.24. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, topping the consensus estimate of $0.43 by $0.08. The company had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.41 billion. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. Fortinet’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same period last year, the firm earned $0.38 EPS. On average, sell-side analysts expect that Fortinet, Inc. will post 1.39 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have weighed in on FTNT shares. Royal Bank of Canada lifted their price target on shares of Fortinet from $60.00 to $71.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 7th. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research report on Wednesday, April 10th. Susquehanna reissued a “neutral” rating and set a $80.00 target price on shares of Fortinet in a research report on Wednesday, April 3rd. HSBC downgraded 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. Finally, Piper Sandler reissued a “neutral” rating and set a $75.00 target price on shares of Fortinet in a research report on Wednesday, April 3rd. Two equities research analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, Fortinet currently has a consensus rating of “Hold” and an average target price of $72.03.

Institutional Trading of Fortinet

Several institutional investors and hedge funds have recently bought and sold shares of the company. Penserra Capital Management LLC lifted its stake in Fortinet by 6.6% in the 1st quarter. Penserra Capital Management LLC now owns 663 shares of the software maker’s stock worth $226,000 after purchasing an additional 41 shares in the last quarter. Evergreen Capital Management LLC lifted its stake in Fortinet by 5.2% in the 1st quarter. Evergreen Capital Management LLC now owns 863 shares of the software maker’s stock worth $295,000 after purchasing an additional 43 shares in the last quarter. Douglass Winthrop Advisors LLC lifted its stake in Fortinet by 6.1% in the 1st quarter. Douglass Winthrop Advisors LLC now owns 867 shares of the software maker’s stock worth $296,000 after purchasing an additional 50 shares in the last quarter. Covestor Ltd lifted its stake in Fortinet by 53.3% in the 1st quarter. Covestor Ltd now owns 164 shares of the software maker’s stock worth $56,000 after purchasing an additional 57 shares in the last quarter. Finally, Sawtooth Solutions LLC lifted its stake in Fortinet by 3.7% in the 1st quarter. Sawtooth Solutions LLC now owns 1,872 shares of the software maker’s stock worth $640,000 after purchasing an additional 66 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other 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.