Insider Selling: Fortinet VP Unloads 2,600 Shares of Stock (FTNT)
Fortinet (NASDAQ:FTNT) VP Michael Xie sold 2,600 shares of the company’s stock on the open market in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $20.05, for a total transaction of $52,130.00. Following the sale, the vice president now directly owns 6,628,000 shares in the company, valued at approximately $132,891,400. The sale was disclosed in a filing with the SEC, which is available at this link.
Fortinet (NASDAQ:FTNT) traded up 0.30% on Tuesday, hitting $20.14. 1,304,667 shares of the company’s stock traded hands. Fortinet has a 1-year low of $16.47 and a 1-year high of $27.96. The stock has a 50-day moving average of $20.42 and a 200-day moving average of $20.09. The company has a market cap of $3.281 billion and a P/E ratio of 62.75.
Fortinet (NASDAQ:FTNT) last released its earnings data on Wednesday, October 23rd. The company reported $0.12 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.11 by $0.01. The company had revenue of $154.70 million for the quarter, compared to the consensus estimate of $151.00 million. During the same quarter in the prior year, the company posted $0.14 earnings per share. The company’s quarterly revenue was up 13.5% on a year-over-year basis. Analysts expect that Fortinet will post $0.46 EPS for the current fiscal year.
Several analysts have recently commented on the stock. Analysts at RBC Capital raised their price target on shares of Fortinet from $22.00 to $24.00 in a research note to investors on Thursday, October 24th. They now have a “sector perform” rating on the stock. Separately, analysts at Deutsche Bank reiterated a “buy” rating on shares of Fortinet in a research note to investors on Thursday, October 24th. They now have a $29.00 price target on the stock, down previously from $30.00. Finally, analysts at Jefferies Group raised their price target on shares of Fortinet from $24.00 to $25.00 in a research note to investors on Thursday, October 24th. They now have a “buy” rating on the stock. Fourteen analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Fortinet presently has a consensus rating of “Hold” and a consensus target price of $24.06.
Fortinet, Inc (NASDAQ:FTNT) provides network security solutions.
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