Fortinet, Inc. (NASDAQ:FTNT) VP Michael Xie Sells 476,596 Shares

Fortinet, Inc. (NASDAQ:FTNT) VP Michael Xie sold 476,596 shares of the firm’s stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $46,935,174.08. Following the completion of the transaction, the vice president owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. This represents a 4.67% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Fortinet Trading Up 0.4%

NASDAQ FTNT opened at $96.58 on Thursday. Fortinet, Inc. has a 52 week low of $65.00 and a 52 week high of $114.82. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.29 and a current ratio of 1.36. The stock’s 50 day moving average price is $102.85 and its two-hundred day moving average price is $101.88. The stock has a market capitalization of $73.92 billion, a price-to-earnings ratio of 39.74, a PEG ratio of 3.32 and a beta of 1.07.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The business had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the previous year, the firm posted $0.57 earnings per share. The firm’s revenue for the quarter was up 13.6% on a year-over-year basis. As a group, analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analyst Ratings Changes

FTNT has been the topic of a number of research reports. Morgan Stanley cut their target price on shares of Fortinet from $123.00 to $105.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. BMO Capital Markets cut their price objective on shares of Fortinet from $122.00 to $110.00 and set a “market perform” rating on the stock in a report on Thursday, May 8th. Royal Bank Of Canada reduced their price objective on shares of Fortinet from $110.00 to $105.00 and set a “sector perform” rating on the stock in a research note on Thursday, May 8th. Cantor Fitzgerald lifted their target price on shares of Fortinet from $100.00 to $110.00 and gave the stock a “neutral” rating in a report on Wednesday, July 16th. Finally, Wolfe Research started coverage on Fortinet in a research note on Monday, May 12th. They issued a “peer perform” rating on the stock. One investment analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $107.00.

Institutional Trading of Fortinet

Institutional investors and hedge funds have recently bought and sold shares of the stock. Saudi Central Bank acquired a new position in shares of Fortinet during the 1st quarter worth approximately $25,000. SJS Investment Consulting Inc. raised its position in Fortinet by 703.1% during the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker’s stock worth $25,000 after acquiring an additional 225 shares in the last quarter. Clearstead Trust LLC acquired a new stake in Fortinet in the first quarter valued at $28,000. Caitong International Asset Management Co. Ltd increased its stake in shares of Fortinet by 2,184.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock worth $29,000 after purchasing an additional 284 shares during the last quarter. Finally, ORG Partners LLC lifted its stake in Fortinet by 47.5% in the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker’s stock valued at $34,000 after purchasing an additional 112 shares during the last quarter. Institutional investors 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.