Fortinet, Inc. (NASDAQ:FTNT) CFO Keith Jensen Sells 23,500 Shares

Fortinet, Inc. (NASDAQ:FTNT) CFO Keith Jensen sold 23,500 shares of the stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total value of $2,668,660.00. Following the sale, the chief financial officer now directly owns 4,736 shares in the company, valued at $537,820.16. This trade represents a 83.23 % decrease in their ownership of the stock. The transaction 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 26th, Keith Jensen sold 17,650 shares of Fortinet stock. The shares were sold at an average price of $95.66, for a total value of $1,688,399.00.

Fortinet Stock Performance

NASDAQ FTNT opened at $110.02 on Friday. The stock has a market capitalization of $84.32 billion, a PE ratio of 48.68, a P/E/G ratio of 4.19 and a beta of 1.01. The business has a 50 day simple moving average of $100.12 and a two-hundred day simple moving average of $88.54. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. On average, research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on FTNT shares. Stifel Nicolaus increased their target price on Fortinet from $103.00 to $115.00 and gave the company a “hold” rating in a report on Friday, February 7th. Bank of America increased their target price on Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. Robert W. Baird reissued a “neutral” rating and issued a $112.00 target price (up previously from $105.00) on shares of Fortinet in a report on Monday, February 3rd. Guggenheim reissued a “neutral” rating on shares of Fortinet in a report on Friday, February 7th. Finally, UBS Group increased their target price on Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Fortinet has a consensus rating of “Hold” and an average price target of $103.72.

Hedge Funds Weigh In On Fortinet

Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of Fortinet by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker’s stock worth $6,435,550,000 after purchasing an additional 730,994 shares during the period. State Street Corp boosted its holdings in shares of Fortinet by 2.9% in the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after purchasing an additional 766,135 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Fortinet by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 15,270,913 shares of the software maker’s stock worth $1,440,648,000 after purchasing an additional 387,901 shares during the period. Invesco Ltd. boosted its holdings in shares of Fortinet by 31.3% in the 4th quarter. Invesco Ltd. now owns 8,388,693 shares of the software maker’s stock worth $792,564,000 after purchasing an additional 2,000,888 shares during the period. Finally, Norges Bank purchased a new position in shares of Fortinet in the 4th quarter worth approximately $724,048,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

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.