Insider Selling: Fortinet VP Sells 2,210 Shares of Stock (FTNT)
Fortinet (NASDAQ:FTNT) VP Michael Xie unloaded 2,210 shares of the stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $24.05, for a total transaction of $53,150.50. Following the sale, the vice president now directly owns 6,628,000 shares in the company, valued at approximately $159,403,400. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Fortinet (NASDAQ:FTNT) traded up 0.95% on Monday, hitting $24.41. The stock had a trading volume of 1,166,551 shares. Fortinet has a 52-week low of $16.29 and a 52-week high of $26.23. The stock’s 50-day moving average is $24.50 and its 200-day moving average is $22.69. The company has a market cap of $3.983 billion and a price-to-earnings ratio of 109.91.
Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Wednesday, July 23rd. The company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.01. The company had revenue of $184.10 million for the quarter, compared to the consensus estimate of $171.58 million. During the same quarter in the previous year, the company posted $0.10 earnings per share. The company’s revenue for the quarter was up 24.9% on a year-over-year basis. On average, analysts predict that Fortinet will post $0.48 earnings per share for the current fiscal year.
A number of research firms have recently commented on FTNT. Analysts at Nomura reiterated a “buy” rating on shares of Fortinet in a research note on Thursday, July 24th. They now have a $30.00 price target on the stock, up previously from $27.00. Separately, analysts at Raymond James reiterated an “outperform” rating on shares of Fortinet in a research note on Thursday, July 24th. They now have a $29.00 price target on the stock, up previously from $25.00. Finally, analysts at JMP Securities reiterated a “market outperform” rating on shares of Fortinet in a research note on Thursday, July 24th. They now have a $30.00 price target on the stock, up previously from $26.00. Five investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $27.25.
Fortinet, Inc (NASDAQ:FTNT) provides network security solutions.
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