Insider Selling: Fortinet, Inc. (NASDAQ:FTNT) CEO Sells 23,044 Shares of Stock

Fortinet, Inc. (NASDAQ:FTNT) CEO Ken Xie sold 23,044 shares of the stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the transaction, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

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

• On Tuesday, December 17th, Ken Xie sold 22,916 shares of Fortinet stock. The shares were sold at an average price of $97.93, for a total transaction of $2,244,163.88.

Fortinet Stock Up 0.6 %

NASDAQ:FTNT traded up $0.57 during mid-day trading on Wednesday, hitting $93.06. The company had a trading volume of 4,846,633 shares, compared to its average volume of 4,280,953. The business has a fifty day simple moving average of $95.18 and a 200-day simple moving average of $79.91. The firm has a market capitalization of $71.33 billion, a price-to-earnings ratio of 47.00, a PEG ratio of 2.76 and a beta of 1.00. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $101.00. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Fifth Third Wealth Advisors LLC lifted its holdings in Fortinet by 1.6% in the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock worth $646,000 after buying an additional 107 shares in the last quarter. Versant Capital Management Inc increased its position in shares of Fortinet by 13.1% during the fourth quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock worth $104,000 after acquiring an additional 128 shares during the last quarter. Diversified Trust Co lifted its stake in shares of Fortinet by 0.6% in the fourth quarter. Diversified Trust Co now owns 23,852 shares of the software maker’s stock worth $2,254,000 after acquiring an additional 135 shares in the last quarter. Eagle Capital Management LLC boosted its holdings in Fortinet by 0.6% in the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock valued at $1,999,000 after purchasing an additional 141 shares during the last quarter. Finally, OneDigital Investment Advisors LLC grew its stake in Fortinet by 3.9% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock valued at $293,000 after purchasing an additional 141 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on FTNT shares. The Goldman Sachs Group increased their target price on shares of Fortinet from $100.00 to $114.00 and gave the company a “buy” rating in a report on Thursday, January 2nd. Raymond James reissued a “market perform” rating on shares of Fortinet in a research note on Tuesday. Truist Financial reiterated a “buy” rating and issued a $105.00 price target (up from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. Bank of America upped their target price on Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Finally, KeyCorp raised Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price target for the company in a research report on Thursday, December 19th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $94.35.

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.