Fortinet, Inc. (FTNT) CAO Keith Jensen Sells 950 Shares
Fortinet, Inc. (NASDAQ:FTNT) CAO Keith Jensen sold 950 shares of the business’s stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $36.67, for a total transaction of $34,836.50. Following the sale, the chief accounting officer now owns 1,315 shares in the company, valued at $48,221.05. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.
Keith Jensen also recently made the following trade(s):
- On Wednesday, August 9th, Keith Jensen sold 1,850 shares of Fortinet stock. The stock was sold at an average price of $36.47, for a total transaction of $67,469.50.
- On Wednesday, May 17th, Keith Jensen sold 624 shares of Fortinet stock. The stock was sold at an average price of $40.73, for a total transaction of $25,415.52.
Fortinet, Inc. (NASDAQ FTNT) traded up 0.49% during mid-day trading on Wednesday, reaching $36.70. 1,380,500 shares of the company were exchanged. The company has a market cap of $6.45 billion, a P/E ratio of 100.55 and a beta of 1.02. Fortinet, Inc. has a 12 month low of $28.50 and a 12 month high of $41.56. The stock’s 50-day moving average is $38.63 and its 200-day moving average is $37.78.
Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Wednesday, July 26th. The software maker reported $0.27 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.07. Fortinet had a return on equity of 9.36% and a net margin of 4.71%. The business had revenue of $363.50 million for the quarter, compared to the consensus estimate of $361.05 million. During the same period last year, the business earned $0.14 EPS. The firm’s revenue was up 16.7% compared to the same quarter last year. Equities analysts expect that Fortinet, Inc. will post $0.95 earnings per share for the current year.
Fortinet announced that its board has initiated a share buyback plan on Wednesday, July 26th that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the software maker to reacquire up to 4.2% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
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Several equities research analysts have commented on the stock. Cowen and Company restated a “buy” rating and set a $43.00 target price on shares of Fortinet in a research report on Friday, July 28th. Zacks Investment Research upgraded shares of Fortinet from a “hold” rating to a “buy” rating and set a $44.00 target price on the stock in a research report on Wednesday, May 3rd. Royal Bank Of Canada boosted their target price on shares of Fortinet from $35.00 to $41.00 and gave the stock an “outperform” rating in a research report on Friday, April 28th. Robert W. Baird set a $50.00 target price on shares of Fortinet and gave the stock a “buy” rating in a research report on Thursday, July 27th. Finally, Evercore ISI set a $38.00 target price on shares of Fortinet and gave the stock a “hold” rating in a research report on Thursday, July 27th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $41.56.
A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its stake in Fortinet by 7,159.6% in the first quarter. BlackRock Inc. now owns 13,177,758 shares of the software maker’s stock worth $505,365,000 after buying an additional 12,996,236 shares during the period. Vanguard Group Inc. raised its stake in Fortinet by 5.0% in the first quarter. Vanguard Group Inc. now owns 11,887,371 shares of the software maker’s stock worth $455,881,000 after buying an additional 563,667 shares during the period. Clearbridge Investments LLC raised its stake in Fortinet by 27.7% in the first quarter. Clearbridge Investments LLC now owns 8,441,783 shares of the software maker’s stock worth $323,742,000 after buying an additional 1,831,096 shares during the period. State Street Corp raised its stake in Fortinet by 2.7% in the first quarter. State Street Corp now owns 4,449,413 shares of the software maker’s stock worth $170,638,000 after buying an additional 118,681 shares during the period. Finally, Ameriprise Financial Inc. raised its stake in Fortinet by 6.2% in the first quarter. Ameriprise Financial Inc. now owns 4,309,932 shares of the software maker’s stock worth $165,282,000 after buying an additional 252,158 shares during the period. 72.98% of the stock is currently owned by hedge funds and other institutional investors.
Fortinet, Inc is a network security company. The Company provides cyber security solutions to a range of enterprises, service providers and government organizations across the world. Its network security solution consists of FortiGate physical, virtual machine and cloud platforms, which provide integrated security and networking functions to protect data, applications and users from network-and content-level security threats.
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