Fortinet, Inc. (NASDAQ:FTNT) VP Michael Xie Sells 38,369 Shares

Fortinet, Inc. (NASDAQ:FTNTGet Free Report) VP Michael Xie sold 38,369 shares of the firm’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $66.45, for a total value of $2,549,620.05. Following the completion of the transaction, the vice president now directly owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

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

  • On Friday, December 8th, Michael Xie sold 25,885 shares of Fortinet stock. The stock was sold at an average price of $51.29, for a total value of $1,327,641.65.

Fortinet Trading Up 2.1 %

NASDAQ FTNT opened at $67.48 on Wednesday. The stock has a market capitalization of $51.82 billion, a price-to-earnings ratio of 46.54, a PEG ratio of 2.73 and a beta of 1.09. The stock’s 50 day moving average price is $59.54 and its two-hundred day moving average price is $59.41. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.17 and a current ratio of 1.30. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $81.24.

Fortinet (NASDAQ:FTNTGet Free Report) last released its earnings results on Tuesday, February 6th. The software maker reported $0.51 EPS for the quarter, beating the consensus estimate of $0.43 by $0.08. The firm had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Fortinet had a return on equity of 3,361.82% and a net margin of 22.25%. The business’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.38 EPS. As a group, analysts anticipate that Fortinet, Inc. will post 1.29 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. DZ Bank assumed coverage on Fortinet in a report on Wednesday, October 18th. They set a “hold” rating and a $58.00 price objective for the company. The Goldman Sachs Group cut their price objective on Fortinet from $70.00 to $60.00 and set a “buy” rating for the company in a report on Monday, November 6th. Royal Bank of Canada cut their price objective on Fortinet from $68.00 to $55.00 and set a “sector perform” rating for the company in a report on Friday, November 3rd. Evercore ISI restated an “in-line” rating and issued a $51.00 target price (down from $78.00) on shares of Fortinet in a research note on Friday, November 3rd. Finally, Barclays restated an “equal weight” rating and issued a $63.00 target price (down from $71.00) on shares of Fortinet in a research note on Friday, October 13th. Twenty-four investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $64.64.

View Our Latest Stock Report on Fortinet

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in FTNT. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Fortinet by 24.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 391,345 shares of the software maker’s stock worth $133,738,000 after purchasing an additional 76,027 shares during the last quarter. Raymond James Trust N.A. increased its position in shares of Fortinet by 24.0% during the 1st quarter. Raymond James Trust N.A. now owns 2,280 shares of the software maker’s stock worth $779,000 after purchasing an additional 441 shares during the last quarter. Zions Bancorporation N.A. increased its position in shares of Fortinet by 20.4% during the 1st quarter. Zions Bancorporation N.A. now owns 430 shares of the software maker’s stock worth $147,000 after purchasing an additional 73 shares during the last quarter. Brown Brothers Harriman & Co. increased its position in shares of Fortinet by 209.4% during the 1st quarter. Brown Brothers Harriman & Co. now owns 1,550 shares of the software maker’s stock worth $530,000 after purchasing an additional 1,049 shares during the last quarter. Finally, Covestor Ltd increased its holdings in shares of Fortinet by 53.3% during the 1st quarter. Covestor Ltd now owns 164 shares of the software maker’s stock worth $56,000 after acquiring an additional 57 shares during the last quarter. Institutional investors and hedge funds own 65.00% of the company’s stock.

Fortinet Company Profile

(Get Free Report)

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.

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Insider Buying and Selling by Quarter for Fortinet (NASDAQ:FTNT)

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