Fortinet, Inc. (NASDAQ:FTNT) Director Sells $200,000.00 in Stock

Fortinet, Inc. (NASDAQ:FTNT) Director Kenneth A. Goldman sold 2,000 shares of the firm’s stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total transaction of $200,000.00. Following the sale, the director now owns 18,612 shares in the company, valued at approximately $1,861,200. The trade was a 9.70 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Fortinet Price Performance

Shares of FTNT stock traded down $0.35 during trading on Wednesday, hitting $97.93. The company had a trading volume of 4,299,935 shares, compared to its average volume of 4,823,682. The firm has a market capitalization of $75.31 billion, a P/E ratio of 43.33, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The stock’s 50-day moving average price is $102.22 and its 200 day moving average price is $91.41.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. Equities analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on FTNT. Piper Sandler reissued an “overweight” rating and issued a $135.00 target price (up previously from $120.00) on shares of Fortinet in a research report on Friday, February 7th. BMO Capital Markets increased their target price on shares of Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a report on Tuesday, November 19th. Wedbush increased their price objective on shares of Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a report on Friday, February 7th. Finally, Jefferies Financial Group upped their price objective on Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a research note on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $103.72.

Institutional Trading of Fortinet

A number of institutional investors and hedge funds have recently made changes to their positions in FTNT. Ashton Thomas Securities LLC acquired a new position in Fortinet during the third quarter valued at approximately $26,000. Edmond DE Rothschild Holding S.A. bought a new position in shares of Fortinet in the 4th quarter valued at $27,000. Oarsman Capital Inc. raised its holdings in shares of Fortinet by 188.9% during the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock worth $39,000 after buying an additional 272 shares in the last quarter. Graney & King LLC bought a new stake in shares of Fortinet during the 4th quarter worth $43,000. Finally, Banque Transatlantique SA acquired a new stake in Fortinet in the fourth quarter valued at about $43,000. Institutional investors own 83.71% of the company’s stock.

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.