Fortinet, Inc. (NASDAQ:FTNT) VP Michael Xie Sells 24,710 Shares of Stock

Fortinet, Inc. (NASDAQ:FTNT) VP Michael Xie sold 24,710 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total value of $1,593,300.80. Following the completion of the transaction, the vice president now owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• On Friday, February 2nd, Michael Xie sold 38,369 shares of Fortinet stock. The stock was sold at an average price of $66.45, for a total transaction of $2,549,620.05.

Fortinet Trading Up 2.6 %

Shares of FTNT stock opened at $65.20 on Friday. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $81.24. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38. The stock has a market cap of $49.77 billion, a price-to-earnings ratio of 44.97, a PEG ratio of 2.82 and a beta of 1.08. The stock has a 50-day moving average of $67.74 and a 200-day moving average of $61.88.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. The business had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The company’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.29 EPS. On average, equities research analysts forecast that Fortinet, Inc. will post 1.39 earnings per share for the current year.

Hedge Funds Weigh In On Fortinet

A number of hedge funds have recently bought and sold shares of the company. Nordea Investment Management AB lifted its stake in Fortinet by 156.8% in the third quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock valued at $554,945,000 after buying an additional 5,765,174 shares during the period. Norges Bank acquired a new position in shares of Fortinet during the 4th quarter valued at $203,501,000. Sarasin & Partners LLP bought a new position in Fortinet during the first quarter worth $120,746,000. DSM Capital Partners LLC acquired a new stake in Fortinet in the third quarter worth $75,698,000. Finally, Public Sector Pension Investment Board increased its stake in Fortinet by 358.1% in the third quarter. Public Sector Pension Investment Board now owns 1,644,139 shares of the software maker’s stock valued at $96,478,000 after purchasing an additional 1,285,197 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

FTNT has been the subject of a number of recent analyst reports. Citigroup downgraded shares of Fortinet from a “buy” rating to a “neutral” rating and upped their price target for the stock from $60.00 to $62.00 in a report on Tuesday, January 9th. Truist Financial raised their target price on Fortinet from $60.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, February 7th. BMO Capital Markets boosted their price target on Fortinet from $70.00 to $82.00 and gave the stock a “market perform” rating in a report on Wednesday, February 7th. Daiwa Capital Markets raised Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 price objective on the stock in a research note on Tuesday, February 13th. Finally, Scotiabank lifted their target price on Fortinet from $70.00 to $90.00 and gave the company a “sector outperform” rating in a research report on Wednesday, February 7th. Two analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $72.19.

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.