Fortinet (FTNT) Shares Gap Down Following Insider Selling

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Fortinet Inc (NASDAQ:FTNT)’s share price gapped down prior to trading on Monday after an insider sold shares in the company. The stock had previously closed at $63.44, but opened at $72.56. Fortinet shares last traded at $73.87, with a volume of 1260152 shares traded.

Specifically, VP Michael Xie sold 73,780 shares of Fortinet stock in a transaction dated Friday, November 2nd. The stock was sold at an average price of $81.71, for a total transaction of $6,028,563.80. Following the completion of the sale, the vice president now owns 9,309 shares in the company, valued at approximately $760,638.39. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP John Whittle sold 1,250 shares of Fortinet stock in a transaction dated Monday, September 17th. The stock was sold at an average price of $88.65, for a total value of $110,812.50. Following the sale, the vice president now owns 9,309 shares of the company’s stock, valued at approximately $825,242.85. The disclosure for this sale can be found here. In the last quarter, insiders have sold 89,255 shares of company stock valued at $7,288,283. 17.70% of the stock is currently owned by company insiders.

FTNT has been the topic of a number of research analyst reports. Cleveland Research raised Fortinet from a “neutral” rating to a “buy” rating in a research note on Thursday, July 19th. Zacks Investment Research lowered Fortinet from a “buy” rating to a “hold” rating in a research note on Tuesday, July 24th. Monness Crespi & Hardt raised their price target on Fortinet from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, July 31st. BidaskClub lowered Fortinet from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 1st. Finally, BMO Capital Markets reissued an “outperform” rating and issued a $76.00 price target (up from $61.00) on shares of Fortinet in a research note on Thursday, August 2nd. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $78.32.

The company has a market cap of $12.27 billion, a price-to-earnings ratio of 143.75, a PEG ratio of 4.49 and a beta of 0.81.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, November 1st. The software maker reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.04. The business had revenue of $453.90 million for the quarter, compared to analyst estimates of $450.84 million. Fortinet had a return on equity of 20.52% and a net margin of 7.05%. The company’s revenue was up 21.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.28 EPS. As a group, research analysts expect that Fortinet Inc will post 0.97 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. lifted its stake in shares of Fortinet by 2.2% in the 2nd quarter. BlackRock Inc. now owns 14,157,545 shares of the software maker’s stock valued at $883,856,000 after purchasing an additional 308,273 shares in the last quarter. Bank of Montreal Can lifted its stake in shares of Fortinet by 51.0% in the 2nd quarter. Bank of Montreal Can now owns 2,031,225 shares of the software maker’s stock valued at $126,808,000 after purchasing an additional 685,767 shares in the last quarter. MERIAN GLOBAL INVESTORS UK Ltd lifted its stake in shares of Fortinet by 22.7% in the 3rd quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 1,786,803 shares of the software maker’s stock valued at $164,868,000 after purchasing an additional 330,288 shares in the last quarter. Bank of America Corp DE lifted its stake in shares of Fortinet by 4.9% in the 2nd quarter. Bank of America Corp DE now owns 1,652,926 shares of the software maker’s stock valued at $103,192,000 after purchasing an additional 76,578 shares in the last quarter. Finally, Schroder Investment Management Group lifted its stake in shares of Fortinet by 411.0% in the 2nd quarter. Schroder Investment Management Group now owns 1,370,987 shares of the software maker’s stock valued at $36,654,000 after purchasing an additional 1,102,708 shares in the last quarter. 71.41% of the stock is currently owned by institutional investors and hedge funds.

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Fortinet Company Profile (NASDAQ:FTNT)

Fortinet, Inc provides broad, automated, and integrated cybersecurity 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 WAN acceleration; and FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of products, which offers a cloud-ready security information and event management solution for enterprises and service providers.

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