Insider Selling: Fortinet, Inc. (FTNT) Insider Sells 625 Shares of Stock
Fortinet, Inc. (NASDAQ:FTNT) insider Keith Jensen sold 625 shares of the firm’s stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $39.63, for a total transaction of $24,768.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.
Keith Jensen also recently made the following trade(s):
- On Wednesday, November 8th, Keith Jensen sold 1,850 shares of Fortinet stock. The stock was sold at an average price of $39.20, for a total transaction of $72,520.00.
- On Tuesday, August 22nd, Keith Jensen sold 667 shares of Fortinet stock. The stock was sold at an average price of $37.03, for a total transaction of $24,699.01.
Shares of Fortinet, Inc. (FTNT) traded up $0.36 during trading hours on Thursday, hitting $40.26. 2,134,376 shares of the company were exchanged, compared to its average volume of 1,720,921. Fortinet, Inc. has a fifty-two week low of $28.50 and a fifty-two week high of $41.56. The company has a market capitalization of $7,000.00, a price-to-earnings ratio of 72.76, a PEG ratio of 4.93 and a beta of 0.91.
Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, October 26th. The software maker reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.05. Fortinet had a net margin of 5.93% and a return on equity of 10.92%. The firm had revenue of $374.20 million during the quarter, compared to analyst estimates of $370.67 million. During the same quarter in the previous year, the firm earned $0.18 earnings per share. The firm’s revenue for the quarter was up 18.2% compared to the same quarter last year. equities analysts predict that Fortinet, Inc. will post 0.48 earnings per share for the current year.
Fortinet declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, July 26th that permits the company to buyback $300.00 million in shares. This buyback authorization permits the software maker to buy up to 4.2% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.
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A number of brokerages have recently commented on FTNT. Zacks Investment Research upgraded shares of Fortinet from a “hold” rating to a “buy” rating and set a $44.00 price target for the company in a report on Tuesday, October 31st. UBS AG lifted their price target on shares of Fortinet from $46.00 to $47.00 and gave the stock a “buy” rating in a report on Friday, October 27th. BMO Capital Markets lowered their price target on shares of Fortinet from $46.00 to $45.00 and set an “outperform” rating for the company in a report on Friday, October 27th. Piper Jaffray Companies reiterated a “buy” rating and set a $46.00 price target on shares of Fortinet in a report on Friday, October 27th. Finally, Evercore ISI reiterated a “hold” rating and set a $38.00 price target on shares of Fortinet in a report on Friday, October 27th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. Fortinet currently has a consensus rating of “Buy” and a consensus target price of $44.26.
Several institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. boosted its holdings in shares of Fortinet by 6.6% during the second quarter. BlackRock Inc. now owns 14,047,819 shares of the software maker’s stock valued at $525,953,000 after acquiring an additional 870,061 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Fortinet by 2.5% during the second quarter. Vanguard Group Inc. now owns 12,185,422 shares of the software maker’s stock valued at $456,222,000 after acquiring an additional 298,051 shares during the period. State Street Corp boosted its holdings in shares of Fortinet by 3.0% during the second quarter. State Street Corp now owns 4,581,467 shares of the software maker’s stock valued at $171,534,000 after acquiring an additional 132,054 shares during the period. Renaissance Technologies LLC boosted its holdings in shares of Fortinet by 19.1% during the second quarter. Renaissance Technologies LLC now owns 4,521,700 shares of the software maker’s stock valued at $169,292,000 after acquiring an additional 726,300 shares during the period. Finally, Ameriprise Financial Inc. boosted its holdings in shares of Fortinet by 7.0% during the third quarter. Ameriprise Financial Inc. now owns 4,400,011 shares of the software maker’s stock valued at $157,693,000 after acquiring an additional 288,097 shares during the period. 69.41% of the stock is owned by institutional investors.
Fortinet Company Profile
Fortinet, Inc is a network security company. The Company provides cyber security solutions to a range of enterprises, service providers and government organizations across the world. Its network security solution consists of FortiGate physical, virtual machine and cloud platforms, which provide integrated security and networking functions to protect data, applications and users from network-and content-level security threats.
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