Fortinet, Inc. (NASDAQ:FTNT) CEO Sells $1,442,709.55 in Stock

Fortinet, Inc. (NASDAQ:FTNT) CEO Ken Xie sold 24,235 shares of the business’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $59.53, for a total transaction of $1,442,709.55. Following the completion of the sale, the chief executive officer now owns 48,742,483 shares in the company, valued at $2,901,640,012.99. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

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

• On Tuesday, April 16th, Ken Xie sold 23,992 shares of Fortinet stock. The shares were sold at an average price of $64.75, for a total transaction of $1,553,482.00.

Fortinet Stock Performance

Shares of FTNT opened at $60.78 on Friday. The business’s fifty day moving average price is $61.98 and its 200 day moving average price is $63.20. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $81.24. The stock has a market capitalization of $46.43 billion, a PE ratio of 39.73, a price-to-earnings-growth ratio of 2.95 and a beta of 0.98. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.20 and a quick ratio of 1.08.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.05. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The firm had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.34 billion. During the same period last year, the business posted $0.29 earnings per share. The firm’s revenue for the quarter was up 7.2% on a year-over-year basis. Equities research analysts forecast that Fortinet, Inc. will post 1.46 EPS for the current year.

Institutional Investors Weigh In On Fortinet

Several large investors have recently added to or reduced their stakes in FTNT. Vima LLC acquired a new stake in Fortinet in the fourth quarter worth $25,000. Winthrop Capital Management LLC acquired a new position in shares of Fortinet during the first quarter valued at $25,000. Rise Advisors LLC increased its holdings in shares of Fortinet by 135.6% during the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after purchasing an additional 217 shares during the period. Headinvest LLC acquired a new position in shares of Fortinet during the third quarter valued at $29,000. Finally, Atwood & Palmer Inc. acquired a new position in shares of Fortinet during the fourth quarter valued at $29,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on FTNT. Wells Fargo & Company cut their target price on shares of Fortinet from $70.00 to $62.00 and set an “equal weight” rating for the company in a research note on Friday, May 3rd. Royal Bank of Canada cut their target price on shares of Fortinet from $71.00 to $68.00 and set a “sector perform” rating for the company in a research note on Friday, May 3rd. Rosenblatt Securities reaffirmed a “buy” rating and set a $85.00 price objective on shares of Fortinet in a research note on Tuesday, June 11th. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research note on Tuesday, June 11th. Finally, Cantor Fitzgerald dropped their price objective on shares of Fortinet from $65.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday, May 3rd. Two equities research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $70.10.

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.