Fortinet Inc (NASDAQ:FTNT) CEO Ken Xie sold 89,423 shares of the stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $45.08, for a total transaction of $4,031,188.84. Following the transaction, the chief executive officer now owns 12,608,811 shares in the company, valued at $568,405,199.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.
Fortinet Inc (NASDAQ FTNT) traded down $0.06 during midday trading on Monday, hitting $46.48. 2,681,208 shares of the company’s stock were exchanged, compared to its average volume of 1,984,817. The stock has a market capitalization 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 Inc has a fifty-two week low of $35.44 and a fifty-two week high of $47.20.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Monday, February 5th. The software maker reported $0.32 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.29 by $0.03. The business had revenue of $416.70 million during the quarter, compared to analysts’ expectations of $409.04 million. Fortinet had a net margin of 2.10% and a return on equity of 11.77%. The business’s quarterly revenue was up 14.9% on a year-over-year basis. During the same quarter last year, the company posted $0.30 earnings per share. analysts expect that Fortinet Inc will post 0.74 earnings per share for the current year.
FTNT has been the topic of a number of recent research reports. Zacks Investment Research downgraded shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 17th. Deutsche Bank upgraded shares of Fortinet from a “hold” rating to a “buy” rating and raised their target price for the company from $36.00 to $48.00 in a research note on Wednesday, October 18th. KeyCorp restated a “buy” rating and issued a $46.00 target price on shares of Fortinet in a research note on Tuesday, October 24th. Evercore ISI restated a “hold” rating and issued a $38.00 target price on shares of Fortinet in a research note on Friday, October 27th. Finally, Piper Jaffray Companies restated a “buy” rating and issued a $46.00 target price on shares of Fortinet in a research note on Friday, October 27th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, fourteen have issued a buy rating and two have assigned a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $47.33.
Several hedge funds and other institutional investors have recently bought and sold shares of the business. LS Investment Advisors LLC raised its holdings in shares of Fortinet by 8.2% in the fourth quarter. LS Investment Advisors LLC now owns 16,168 shares of the software maker’s stock worth $706,000 after buying an additional 1,229 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of Fortinet by 5.3% in the fourth quarter. American Century Companies Inc. now owns 24,786 shares of the software maker’s stock worth $1,083,000 after buying an additional 1,244 shares during the last quarter. Ropes Wealth Advisors LLC raised its holdings in shares of Fortinet by 28.7% in the third quarter. Ropes Wealth Advisors LLC now owns 5,935 shares of the software maker’s stock worth $213,000 after buying an additional 1,325 shares during the last quarter. Nomura Holdings Inc. raised its holdings in shares of Fortinet by 7.7% in the second quarter. Nomura Holdings Inc. now owns 19,592 shares of the software maker’s stock worth $734,000 after buying an additional 1,397 shares during the last quarter. Finally, Bank of the Ozarks raised its holdings in shares of Fortinet by 6.2% in the third quarter. Bank of the Ozarks now owns 28,220 shares of the software maker’s stock worth $1,011,000 after buying an additional 1,645 shares during the last quarter. 70.68% of the stock is owned by institutional investors and hedge funds.
ILLEGAL ACTIVITY NOTICE: This piece was published by American Banking News and is owned by of American Banking News. If you are viewing this piece on another site, it was stolen and republished in violation of US & international copyright and trademark law. The original version of this piece can be read at https://www.americanbankingnews.com/2018/02/12/ken-xie-sells-89423-shares-of-fortinet-inc-ftnt-stock.html.
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.
Receive News & Ratings for Fortinet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortinet and related companies with MarketBeat.com's FREE daily email newsletter.