Ken Xie Sells 158,485 Shares of Fortinet (NASDAQ:FTNT) Stock

Fortinet, Inc. (NASDAQ:FTNT) CEO Ken Xie sold 158,485 shares of the business’s stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $86.51, for a total value of $13,710,537.35. Following the completion of the transaction, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at approximately $4,445,911,452.29. This trade represents a 0.31% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Fortinet Stock Performance

Shares of FTNT stock traded down $2.30 during trading hours on Tuesday, reaching $85.22. The company had a trading volume of 5,901,917 shares, compared to its average volume of 5,543,802. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33. The business has a fifty day moving average price of $82.91 and a 200-day moving average price of $93.33. Fortinet, Inc. has a one year low of $70.12 and a one year high of $114.82. The firm has a market cap of $65.30 billion, a PE ratio of 33.95, a price-to-earnings-growth ratio of 3.17 and a beta of 1.09.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The company had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same quarter last year, the company posted $0.57 earnings per share. The firm’s quarterly revenue was up 13.6% on a year-over-year basis. Sell-side analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently commented on FTNT. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $85.00 price objective (down previously from $125.00) on shares of Fortinet in a report on Thursday, August 7th. Citigroup cut Fortinet from a “neutral” rating to a “mixed” rating in a research report on Monday, October 20th. Cowen lowered shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday, August 7th. Royal Bank Of Canada lowered their price objective on shares of Fortinet from $110.00 to $95.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 7th. Finally, Wall Street Zen lowered shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Saturday, August 9th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-five have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and a consensus price target of $97.03.

Institutional Investors Weigh In On Fortinet

A number of institutional investors have recently bought and sold shares of FTNT. Dover Advisors LLC boosted its stake in shares of Fortinet by 1.0% in the second quarter. Dover Advisors LLC now owns 9,451 shares of the software maker’s stock worth $999,000 after acquiring an additional 94 shares during the period. Balboa Wealth Partners raised its stake in Fortinet by 4.3% during the 2nd quarter. Balboa Wealth Partners now owns 2,330 shares of the software maker’s stock valued at $246,000 after purchasing an additional 96 shares during the period. Hemington Wealth Management lifted its holdings in Fortinet by 13.2% in the 2nd quarter. Hemington Wealth Management now owns 851 shares of the software maker’s stock worth $89,000 after purchasing an additional 99 shares in the last quarter. Peloton Wealth Strategists lifted its holdings in Fortinet by 2.4% in the 1st quarter. Peloton Wealth Strategists now owns 4,330 shares of the software maker’s stock worth $417,000 after purchasing an additional 100 shares in the last quarter. Finally, Trust Co. of Vermont boosted its stake in Fortinet by 3.6% in the 2nd quarter. Trust Co. of Vermont now owns 2,852 shares of the software maker’s stock worth $302,000 after purchasing an additional 100 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

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.