Fortinet (NASDAQ:FTNT) VP Michael Xie Sells 3,546 Shares of Stock

Fortinet, Inc. (NASDAQ:FTNT) VP Michael Xie sold 3,546 shares of the firm’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $86.53, for a total transaction of $306,835.38. Following the sale, the vice president owned 10,492,018 shares of the company’s stock, valued at approximately $907,874,317.54. This represents a 0.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Fortinet Stock Performance

FTNT stock opened at $85.22 on Wednesday. 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 stock has a market cap of $65.30 billion, a P/E ratio of 33.95, a P/E/G ratio of 3.17 and a beta of 1.09. The firm has a 50 day simple moving average of $82.91 and a 200 day simple moving average of $93.33. Fortinet, Inc. has a 52 week low of $70.12 and a 52 week high of $114.82.

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

Hedge Funds Weigh In On Fortinet

Institutional investors have recently modified their holdings of the company. Saudi Central Bank bought a new position in shares of Fortinet in the first quarter valued at approximately $25,000. LSV Asset Management bought a new position in Fortinet during the second quarter worth $25,000. Financial Consulate Inc. bought a new position in Fortinet during the third quarter worth $25,000. Steigerwald Gordon & Koch Inc. bought a new position in Fortinet during the third quarter worth $25,000. Finally, Clearstead Trust LLC bought a new position in Fortinet during the first quarter worth $28,000. Institutional investors own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

FTNT has been the subject of a number of analyst reports. Morgan Stanley reiterated an “underweight” rating and issued a $67.00 target price (down from $78.00) on shares of Fortinet in a research note on Tuesday, September 2nd. Weiss Ratings reiterated a “hold (c+)” rating on shares of Fortinet in a research note on Wednesday, October 8th. UBS Group reduced their target price on shares of Fortinet from $105.00 to $90.00 and set a “neutral” rating for the company in a research note on Thursday, August 7th. Wells Fargo & Company reduced their target price on shares of Fortinet from $110.00 to $85.00 and set an “equal weight” rating for the company in a research note on Thursday, August 7th. Finally, KeyCorp cut shares of Fortinet from an “overweight” rating to a “sector weight” rating in a research note on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-five have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $97.03.

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.