Fortinet Inc (NASDAQ:FTNT) CEO Ken Xie sold 80,000 shares of the firm’s stock in a transaction on Monday, February 11th. The stock was sold at an average price of $81.64, for a total transaction of $6,531,200.00. Following the sale, the chief executive officer now owns 12,613,240 shares in the company, valued at $1,029,744,913.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.
Shares of FTNT opened at $82.42 on Thursday. Fortinet Inc has a one year low of $47.68 and a one year high of $94.37. The stock has a market capitalization of $14.14 billion, a PE ratio of 72.94, a PEG ratio of 4.22 and a beta of 0.90.
Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Wednesday, February 6th. The software maker reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.31 by $0.11. Fortinet had a net margin of 18.44% and a return on equity of 22.72%. The company had revenue of $507.00 million during the quarter, compared to the consensus estimate of $496.33 million. During the same quarter last year, the firm posted $0.32 EPS. The company’s quarterly revenue was up 21.7% on a year-over-year basis. On average, sell-side analysts expect that Fortinet Inc will post 1.15 earnings per share for the current year.
Institutional investors and hedge funds have recently made changes to their positions in the company. Delta Investment Management LLC bought a new position in shares of Fortinet in the 4th quarter valued at about $563,000. Cooper Financial Group bought a new position in shares of Fortinet in the 4th quarter valued at about $209,000. First Mercantile Trust Co. bought a new position in shares of Fortinet in the 4th quarter valued at about $580,000. Cim LLC bought a new position in shares of Fortinet in the 4th quarter valued at about $487,000. Finally, Navellier & Associates Inc grew its position in shares of Fortinet by 13.8% in the 4th quarter. Navellier & Associates Inc now owns 74,759 shares of the software maker’s stock valued at $5,265,000 after acquiring an additional 9,085 shares during the period. 71.30% of the stock is owned by institutional investors.
FTNT has been the subject of a number of analyst reports. BidaskClub raised shares of Fortinet from a “buy” rating to a “strong-buy” rating in a research report on Wednesday. Goldman Sachs Group downgraded shares of Fortinet from a “buy” rating to a “sell” rating and decreased their target price for the company from $95.00 to $59.00 in a research report on Friday, January 4th. Wedbush initiated coverage on shares of Fortinet in a research report on Thursday, October 18th. They issued an “outperform” rating and a $100.00 target price for the company. BMO Capital Markets downgraded shares of Fortinet from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $90.00 to $78.00 in a research report on Tuesday, January 22nd. They noted that the move was a valuation call. Finally, First Analysis raised shares of Fortinet from a “neutral” rating to an “outperform” rating and raised their target price for the company from $80.00 to $92.00 in a research report on Friday, February 8th. Two equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company. Fortinet has a consensus rating of “Hold” and a consensus target price of $80.86.
Fortinet Company Profile
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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