Insider Selling: Fortinet Director Unloads 10,000 Shares of Stock (FTNT)
Fortinet (NASDAQ:FTNT) Director Christopher B. Paisley sold 10,000 shares of the stock on the open market in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $20.78, for a total transaction of $207,800.00. Following the sale, the director now directly owns 1,562 shares of the company’s stock, valued at approximately $32,458. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Fortinet (NASDAQ:FTNT) traded up 2.26% on Tuesday, hitting $20.78. The stock had a trading volume of 3,551,761 shares. Fortinet has a 1-year low of $16.29 and a 1-year high of $25.35. The stock’s 50-day moving average is $20.07 and its 200-day moving average is $20.0. The company has a market cap of $3.393 billion and a price-to-earnings ratio of 78.15.
Fortinet (NASDAQ:FTNT) last released its earnings data on Wednesday, January 29th. The company reported $0.15 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.14 by $0.01. The company had revenue of $177.40 million for the quarter, compared to the consensus estimate of $165.97 million. During the same quarter in the prior year, the company posted $0.17 earnings per share. The company’s quarterly revenue was up 17.3% on a year-over-year basis. On average, analysts predict that Fortinet will post $0.49 earnings per share for the current fiscal year.
A number of research firms have recently commented on FTNT. Analysts at Sterne Agee initiated coverage on shares of Fortinet in a research note to investors on Tuesday. They set a “buy” rating on the stock. Separately, analysts at Barclays raised their price target on shares of Fortinet from $21.00 to $25.00 in a research note to investors on Thursday, January 30th. They now have an “equal weight” rating on the stock. Finally, analysts at Citigroup Inc. raised their price target on shares of Fortinet from $22.00 to $23.00 in a research note to investors on Thursday, January 30th. Eight research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $24.57.
Fortinet, Inc (NASDAQ:FTNT) provides network security solutions.
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