Fortinet, Inc. (NASDAQ:FTNT) CFO Sells $260,100.00 in Stock

Fortinet, Inc. (NASDAQ:FTNT) CFO Keith Jensen sold 5,100 shares of the firm’s stock in a transaction dated Friday, November 17th. The stock was sold at an average price of $51.00, for a total transaction of $260,100.00. Following the completion of the sale, the chief financial officer now owns 4,586 shares of the company’s stock, valued at approximately $233,886. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Keith Jensen also recently made the following trade(s):

• On Wednesday, August 23rd, Keith Jensen sold 24,715 shares of Fortinet stock. The stock was sold at an average price of $58.99, for a total transaction of $1,457,937.85.

Fortinet Price Performance

Shares of FTNT stock traded up $0.65 during mid-day trading on Monday, hitting $51.91. 4,915,186 shares of the stock were exchanged, compared to its average volume of 5,799,521. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $81.24. The company has a quick ratio of 1.17, a current ratio of 1.30 and a debt-to-equity ratio of 13.38. The company has a market cap of $39.86 billion, a PE ratio of 35.35, a price-to-earnings-growth ratio of 2.30 and a beta of 1.14. The firm has a fifty day moving average of $56.90 and a 200 day moving average of $64.53.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, November 2nd. The software maker reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.05. The company had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.35 billion. Fortinet had a return on equity of 3,361.82% and a net margin of 22.25%. Fortinet’s revenue for the quarter was up 15.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.28 earnings per share. Research analysts anticipate that Fortinet, Inc. will post 1.28 earnings per share for the current year.

Institutional Investors Weigh In On Fortinet

Several institutional investors and hedge funds have recently added to or reduced their stakes in FTNT. St. Johns Investment Management Company LLC purchased a new stake in shares of Fortinet during the second quarter worth about $30,000. GeoWealth Management LLC purchased a new stake in Fortinet during the 2nd quarter worth approximately $30,000. Retirement Group LLC acquired a new position in shares of Fortinet during the fourth quarter valued at approximately $30,000. Altshuler Shaham Ltd purchased a new position in shares of Fortinet in the second quarter valued at approximately $31,000. Finally, Resurgent Financial Advisors LLC acquired a new stake in shares of Fortinet in the fourth quarter worth approximately $31,000. Hedge funds and other institutional investors own 65.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. The Goldman Sachs Group decreased their price target on Fortinet from $70.00 to $60.00 and set a “buy” rating for the company in a research note on Monday, November 6th. BMO Capital Markets lowered their target price on shares of Fortinet from $88.00 to $72.00 and set a “market perform” rating for the company in a research note on Friday, August 4th. Scotiabank lowered their price objective on shares of Fortinet from $90.00 to $71.00 and set a “sector outperform” rating for the company in a research report on Friday, August 4th. Stifel Nicolaus downgraded shares of Fortinet from a “buy” rating to a “hold” rating and cut their target price for the company from $69.00 to $52.00 in a research report on Friday, November 3rd. Finally, Wedbush cut their target price on Fortinet from $70.00 to $69.00 and set an “outperform” rating on the stock in a research note on Friday, August 4th. Nineteen research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to data from MarketBeat.com, Fortinet presently has an average rating of “Hold” and an average target price of $65.90.

About Fortinet

Fortinet, Inc provides cybersecurity and networking solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration.