Ken Xie Sells 23,992 Shares of Fortinet, Inc. (NASDAQ:FTNT) Stock

Fortinet, Inc. (NASDAQ:FTNT) CEO Ken Xie sold 23,992 shares of the business’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total value of $1,553,482.00. Following the completion of the sale, the chief executive officer now directly owns 48,660,648 shares in the company, valued at approximately $3,150,776,958. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Ken Xie also recently made the following trade(s):

• On Tuesday, March 12th, Ken Xie sold 23,694 shares of Fortinet stock. The stock was sold at an average price of $71.40, for a total value of $1,691,751.60.
• On Tuesday, February 13th, Ken Xie sold 46,084 shares of Fortinet stock. The stock was sold at an average price of $69.07, for a total value of $3,183,021.88.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $64.03 on Friday. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $81.24. The business has a 50-day moving average of $68.64 and a two-hundred day moving average of $61.52. The stock has a market capitalization of $48.86 billion, a P/E ratio of 44.16, a P/E/G ratio of 2.86 and a beta of 1.08. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.08. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The company had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.41 billion. During the same quarter in the previous year, the firm earned $0.38 earnings per share. The business’s quarterly revenue was up 10.3% compared to the same quarter last year. On average, equities research analysts predict that Fortinet, Inc. will post 1.39 EPS for the current fiscal year.

Institutional Trading of Fortinet

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Penserra Capital Management LLC lifted its position in shares of Fortinet by 6.6% during the 1st quarter. Penserra Capital Management LLC now owns 663 shares of the software maker’s stock worth $226,000 after purchasing an additional 41 shares during the last quarter. Evergreen Capital Management LLC lifted its position in shares of Fortinet by 5.2% during the 1st quarter. Evergreen Capital Management LLC now owns 863 shares of the software maker’s stock worth $295,000 after purchasing an additional 43 shares during the last quarter. Douglass Winthrop Advisors LLC lifted its position in shares of Fortinet by 6.1% during the 1st quarter. Douglass Winthrop Advisors LLC now owns 867 shares of the software maker’s stock worth $296,000 after purchasing an additional 50 shares during the last quarter. Covestor Ltd lifted its position in shares of Fortinet by 53.3% during the 1st quarter. Covestor Ltd now owns 164 shares of the software maker’s stock worth $56,000 after purchasing an additional 57 shares during the last quarter. Finally, Sawtooth Solutions LLC lifted its position in shares of Fortinet by 3.7% during the 1st quarter. Sawtooth Solutions LLC now owns 1,872 shares of the software maker’s stock worth $640,000 after purchasing an additional 66 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Morgan Stanley boosted their price objective on Fortinet from $77.00 to $81.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 7th. Rosenblatt Securities restated a “buy” rating and issued a $85.00 target price on shares of Fortinet in a report on Wednesday, April 3rd. UBS Group lifted their target price on Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a report on Wednesday, January 10th. HSBC cut Fortinet from a “hold” rating to a “reduce” rating and set a $57.00 target price on the stock. in a report on Wednesday, February 7th. Finally, Scotiabank lifted their target price on Fortinet from $70.00 to $90.00 and gave the stock a “sector outperform” rating in a report on Wednesday, February 7th. Two equities research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $72.19.

Fortinet Company Profile

Fortinet, Inc provides cybersecurity and convergence of networking and security solutions worldwide. It offers secure networking solutions focus on the convergence of networking and security; network firewall solutions that consist of FortiGate data centers, hyperscale, and distributed firewalls, as well as encrypted applications; wireless LAN solutions; and secure connectivity solutions, including FortiSwitch secure ethernet switches, FortiAP wireless local area network access points, FortiExtender 5G connectivity gateways, and other products.