Insider Selling: Fortinet VP Sells 21,032 Shares of Stock (FTNT)
Fortinet (NASDAQ:FTNT) VP John Whittle sold 21,032 shares of Fortinet stock on the open market in a transaction dated Monday, June 30th. The stock was sold at an average price of $25.00, for a total transaction of $525,800.00. Following the sale, the vice president now directly owns 1,950 shares of the company’s stock, valued at approximately $48,750. The transaction was disclosed in a document filed with the SEC, which is available at this link.
Shares of Fortinet (NASDAQ:FTNT) traded up 0.08% during mid-day trading on Tuesday, hitting $25.15. 1,891,492 shares of the company’s stock traded hands. Fortinet has a 1-year low of $16.29 and a 1-year high of $25.13. The stock has a 50-day moving average of $22.88 and a 200-day moving average of $21.81. The company has a market cap of $4.101 billion and a price-to-earnings ratio of 104.71.
Fortinet (NASDAQ:FTNT) last announced its earnings results on Wednesday, April 23rd. The company reported $0.11 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.09 by $0.02. The company had revenue of $168.90 million for the quarter, compared to the consensus estimate of $157.96 million. During the same quarter last year, the company posted $0.10 earnings per share. Fortinet’s revenue was up 24.4% compared to the same quarter last year. On average, analysts predict that Fortinet will post $0.50 earnings per share for the current fiscal year.
FTNT has been the subject of a number of recent research reports. Analysts at Citigroup Inc. reiterated a “hold” rating on shares of Fortinet in a research note on Thursday, April 24th. They now have a $24.00 price target on the stock. Separately, analysts at FBR Capital Markets raised their price target on shares of Fortinet from $27.00 to $28.00 in a research note on Thursday, April 24th. Finally, analysts at Cowen and Company raised their price target on shares of Fortinet from $22.00 to $23.00 in a research note on Thursday, April 24th. Five investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $25.30.
Fortinet, Inc (NASDAQ:FTNT) provides network security solutions.
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