Fortinet Inc (FTNT) VP John Whittle Sells 29,946 Shares

Fortinet Inc (NASDAQ:FTNT) VP John Whittle sold 29,946 shares of Fortinet stock in a transaction on Monday, February 12th. The shares were sold at an average price of $47.00, for a total value of $1,407,462.00. Following the completion of the transaction, the vice president now directly owns 9,310 shares of the company’s stock, valued at $437,570. The sale was disclosed in a legal filing with the SEC, which is available through this link.

John Whittle also recently made the following trade(s):

  • On Monday, February 5th, John Whittle sold 11,728 shares of Fortinet stock. The shares were sold at an average price of $44.81, for a total value of $525,531.68.
  • On Tuesday, December 19th, John Whittle sold 13,749 shares of Fortinet stock. The shares were sold at an average price of $45.00, for a total value of $618,705.00.

Fortinet Inc (NASDAQ FTNT) traded down $0.06 during trading on Monday, hitting $46.48. The stock had a trading volume of 2,681,208 shares, compared to its average volume of 1,984,817. Fortinet Inc has a 12 month low of $35.44 and a 12 month high of $47.20. The firm has a market cap of $8,080.00, a PE ratio of 273.41, a P/E/G ratio of 3.77 and a beta of 0.86.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Monday, February 5th. The software maker reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.03. Fortinet had a return on equity of 11.77% and a net margin of 2.10%. The company had revenue of $416.70 million during the quarter, compared to analysts’ expectations of $409.04 million. During the same quarter in the previous year, the firm earned $0.30 EPS. Fortinet’s revenue was up 14.9% on a year-over-year basis. equities analysts anticipate that Fortinet Inc will post 0.74 EPS for the current year.

Fortinet declared that its board has approved a share repurchase program on Thursday, October 26th that allows the company to buyback $400.00 million in shares. This buyback authorization allows the software maker to buy shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Several brokerages have weighed in on FTNT. Bank of America lifted their price objective on Fortinet from $48.00 to $49.00 and gave the company a “buy” rating in a report on Tuesday, February 6th. Morgan Stanley lifted their price objective on Fortinet from $51.00 to $53.00 and gave the company an “overweight” rating in a report on Tuesday, February 6th. Credit Suisse Group lifted their price objective on Fortinet from $33.00 to $37.00 and gave the company an “underperform” rating in a report on Tuesday, February 6th. Royal Bank of Canada lifted their price objective on Fortinet to $46.00 and gave the company a “sector perform” rating in a report on Tuesday, February 6th. Finally, Citigroup lifted their price objective on Fortinet from $41.00 to $45.00 and gave the company a “neutral” rating in a report on Tuesday, February 6th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, fourteen have assigned a buy rating and two have assigned a strong buy rating to the company. Fortinet currently has a consensus rating of “Buy” and an average price target of $47.33.

Several institutional investors have recently bought and sold shares of FTNT. Champlain Investment Partners LLC grew its position in Fortinet by 1.5% during the 4th quarter. Champlain Investment Partners LLC now owns 1,308,670 shares of the software maker’s stock worth $57,176,000 after acquiring an additional 18,705 shares during the last quarter. Martingale Asset Management L P grew its position in Fortinet by 637.0% during the 4th quarter. Martingale Asset Management L P now owns 295,550 shares of the software maker’s stock worth $12,914,000 after acquiring an additional 255,450 shares during the last quarter. State of Tennessee Treasury Department grew its position in Fortinet by 141.7% during the 4th quarter. State of Tennessee Treasury Department now owns 324,100 shares of the software maker’s stock worth $14,160,000 after acquiring an additional 190,000 shares during the last quarter. First Republic Investment Management Inc. bought a new stake in Fortinet during the 4th quarter worth $208,000. Finally, ARP Americas LP bought a new stake in Fortinet during the 4th quarter worth $664,000. 70.68% of the stock is owned by institutional investors.

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About Fortinet

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.

Insider Buying and Selling by Quarter for Fortinet (NASDAQ:FTNT)

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