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

Fortinet, Inc. (NASDAQ:FTNT) CEO Ken Xie sold 23,992 shares of the stock in a transaction that occurred 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 owns 48,660,648 shares in the company, valued at $3,150,776,958. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.

Ken Xie also recently made the following trade(s):

• On Tuesday, March 12th, Ken Xie sold 23,694 shares of Fortinet stock. The stock was 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 stock was sold at an average price of $69.07, for a total transaction of $3,183,021.88.

Fortinet Price Performance

Shares of FTNT stock traded up $0.18 on Wednesday, reaching $64.66. The company had a trading volume of 3,278,441 shares, compared to its average volume of 5,963,011. The stock has a market capitalization 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. The company has a quick ratio of 1.06, a current ratio of 1.19 and a debt-to-equity ratio of 13.38. Fortinet, Inc. has a one year low of $44.12 and a one year high of $81.24. The business’s 50-day moving average is $68.72 and its 200 day moving average is $61.50.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.08. The firm had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.41 billion. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The business’s revenue for the quarter was up 10.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.38 earnings per share. Equities research analysts forecast that Fortinet, Inc. will post 1.39 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently weighed in on FTNT. Piper Sandler reaffirmed a “neutral” rating and set a $75.00 price target on shares of Fortinet in a research note on Wednesday, April 3rd. The Goldman Sachs Group raised their target price on shares of Fortinet from $60.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, February 8th. Citigroup cut shares of Fortinet from a “buy” rating to a “neutral” rating and raised their target price for the company from $60.00 to $62.00 in a research note on Tuesday, January 9th. Daiwa Capital Markets raised shares of Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 target price for the company in a research note on Tuesday, February 13th. Finally, BMO Capital Markets raised their target price on shares of Fortinet from $70.00 to $82.00 and gave the company a “market perform” rating in a research note on Wednesday, February 7th. Two investment analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $72.03.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Alliancebernstein L.P. increased its stake in shares of Fortinet by 2.1% in the second quarter. Alliancebernstein L.P. now owns 28,859,057 shares of the software maker’s stock valued at $2,181,456,000 after buying an additional 595,952 shares during the period. State Street Corp increased its position in Fortinet by 2.1% during the 1st quarter. State Street Corp now owns 25,395,593 shares of the software maker’s stock valued at $1,687,787,000 after purchasing an additional 527,129 shares during the period. Geode Capital Management LLC increased its position in Fortinet by 1.0% during the 1st quarter. Geode Capital Management LLC now owns 15,178,603 shares of the software maker’s stock valued at $1,007,182,000 after purchasing an additional 147,048 shares during the period. Moneta Group Investment Advisors LLC increased its position in Fortinet by 125,937.5% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 14,597,668 shares of the software maker’s stock valued at $713,680,000 after purchasing an additional 14,586,086 shares during the period. Finally, Nordea Investment Management AB increased its position in Fortinet by 156.8% during the 3rd quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock valued at $554,945,000 after purchasing an additional 5,765,174 shares during the period. Institutional investors and hedge funds 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.