Michael Xie Sells 24,710 Shares of Fortinet, Inc. (NASDAQ:FTNT) Stock

Fortinet, Inc. (NASDAQ:FTNT) VP Michael Xie sold 24,710 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total value of $1,593,300.80. Following the completion of the transaction, the vice president now owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• On Friday, February 2nd, Michael Xie sold 38,369 shares of Fortinet stock. The stock was sold at an average price of $66.45, for a total value of $2,549,620.05.

Fortinet Price Performance

Shares of FTNT opened at $58.88 on Friday. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $81.24. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19. The business’s 50 day moving average price is $67.71 and its two-hundred day moving average price is $61.90. The firm has a market cap of $44.94 billion, a PE ratio of 40.61, a price-to-earnings-growth ratio of 2.82 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.05. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The firm had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same period in the previous year, the firm earned $0.29 earnings per share. The company’s revenue was up 7.2% compared to the same quarter last year. On average, equities analysts anticipate that Fortinet, Inc. will post 1.39 EPS for the current year.

Wall Street Analysts Forecast Growth

FTNT has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. decreased their price target on Fortinet from $67.00 to $63.00 and set a “neutral” rating on the stock in a research report on Friday. Rosenblatt Securities restated a “buy” rating and issued a $85.00 price target on shares of Fortinet in a research report on Friday. Susquehanna reiterated a “neutral” rating and issued a $80.00 target price on shares of Fortinet in a research report on Wednesday, April 3rd. Piper Sandler decreased their target price on Fortinet from $75.00 to $70.00 and set a “neutral” rating on the stock in a research report on Friday. Finally, The Goldman Sachs Group lifted their target price on Fortinet from $60.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, February 8th. Two investment analysts have rated the stock with a sell rating, twenty have issued a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $70.68.

Hedge Funds Weigh In On Fortinet

Several institutional investors have recently added to or reduced their stakes in the business. Vima LLC bought a new stake in shares of Fortinet during the fourth quarter valued at approximately $25,000. Rise Advisors LLC increased its holdings in shares of Fortinet by 135.6% during the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after acquiring an additional 217 shares in the last quarter. Headinvest LLC bought a new stake in shares of Fortinet during the third quarter valued at approximately $29,000. Atwood & Palmer Inc. bought a new stake in shares of Fortinet during the fourth quarter valued at approximately $29,000. Finally, Creekmur Asset Management LLC bought a new stake in shares of Fortinet during the fourth quarter valued at approximately $32,000. 83.71% of the stock is owned by institutional investors and hedge funds.

About Fortinet

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.