Fortinet Inc (FTNT) VP Sells $896,487.00 in Stock
Fortinet Inc (NASDAQ:FTNT) VP Michael Xie sold 19,790 shares of the firm’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $45.30, for a total transaction of $896,487.00. Following the completion of the sale, the vice president now owns 7,181 shares of the company’s stock, valued at $325,299.30. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.
Michael Xie also recently made the following trade(s):
- On Friday, December 1st, Michael Xie sold 40,000 shares of Fortinet stock. The shares were sold at an average price of $41.95, for a total transaction of $1,678,000.00.
Fortinet Inc (FTNT) traded down $1.11 during trading on Monday, reaching $43.83. 2,818,879 shares of the company’s stock traded hands, compared to its average volume of 1,460,000. The company has a market cap of $7,620.00, a PE ratio of 91.31, a P/E/G ratio of 4.59 and a beta of 0.86. Fortinet Inc has a 52-week low of $35.44 and a 52-week high of $46.43.
Fortinet declared that its board has authorized a stock buyback plan on Thursday, October 26th that authorizes the company to repurchase $400.00 million in outstanding shares. This repurchase authorization authorizes the software maker to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.
A number of institutional investors have recently added to or reduced their stakes in FTNT. JPMorgan Chase & Co. increased its holdings in shares of Fortinet by 30.0% during the third quarter. JPMorgan Chase & Co. now owns 443,180 shares of the software maker’s stock worth $15,914,000 after purchasing an additional 102,195 shares during the period. Gluskin Sheff & Assoc Inc. increased its holdings in shares of Fortinet by 89.8% during the third quarter. Gluskin Sheff & Assoc Inc. now owns 550,739 shares of the software maker’s stock worth $19,739,000 after purchasing an additional 260,509 shares during the period. Victory Capital Management Inc. bought a new position in shares of Fortinet during the third quarter worth approximately $1,300,000. New York State Common Retirement Fund increased its holdings in shares of Fortinet by 2.2% during the third quarter. New York State Common Retirement Fund now owns 519,640 shares of the software maker’s stock worth $18,624,000 after purchasing an additional 11,333 shares during the period. Finally, Schwab Charles Investment Management Inc. increased its holdings in shares of Fortinet by 2.2% during the third quarter. Schwab Charles Investment Management Inc. now owns 457,676 shares of the software maker’s stock worth $16,404,000 after purchasing an additional 9,730 shares during the period. 70.84% of the stock is currently owned by hedge funds and other institutional investors.
Several brokerages recently issued reports on FTNT. Monness Crespi & Hardt reiterated a “buy” rating and issued a $50.00 target price (up from $45.00) on shares of Fortinet in a research note on Friday, January 19th. JMP Securities raised their target price on shares of Fortinet from $41.00 to $54.00 and gave the company a “market outperform” rating in a research note on Friday, January 26th. UBS Group raised their target price on shares of Fortinet from $46.00 to $47.00 and gave the company a “buy” rating in a research note on Friday, October 27th. BidaskClub upgraded shares of Fortinet from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, December 13th. Finally, Raymond James Financial reiterated a “market perform” rating on shares of Fortinet in a research note on Friday, January 26th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company. Fortinet presently has an average rating of “Buy” and an average target price of $46.00.
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Fortinet Company Profile
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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