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Fortinet (NASDAQ:FTNT) VP Michael Xie unloaded 20,000 shares of Fortinet stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $24.99, for a total transaction of $499,800.00. Following the transaction, the vice president now directly owns 6,628,000 shares of the company’s stock, valued at approximately $165,633,720. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

FTNT has been the subject of a number of recent research reports. Analysts at Piper Jaffray initiated coverage on shares of Fortinet in a research note on Tuesday. They set an “overweight” rating and a $31.00 price target on the stock. Separately, 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. Finally, 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. Five investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $27.43.

Shares of Fortinet (NASDAQ:FTNT) traded up 3.18% on Wednesday, hitting $25.64. 1,207,893 shares of the company’s stock traded hands. Fortinet has a 1-year low of $16.29 and a 1-year high of $26.23. The stock has a 50-day moving average of $24.65 and a 200-day moving average of $22.89. The company has a market cap of $4.199 billion and a price-to-earnings ratio of 112.95.

Fortinet (NASDAQ:FTNT) last announced its earnings results 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. Analysts expect that Fortinet will post $0.48 EPS for the current fiscal year.

Fortinet, Inc (NASDAQ:FTNT) provides network security solutions.

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