Ken Xie Sells 23,307 Shares of Fortinet, Inc. (NASDAQ:FTNT) Stock

Fortinet, Inc. (NASDAQ:FTNT) CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total value of $1,908,610.23. Following the sale, the chief executive officer now owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• On Wednesday, September 18th, Ken Xie sold 23,538 shares of Fortinet stock. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72.
• On Wednesday, August 14th, Ken Xie sold 23,693 shares of Fortinet stock. The shares were sold at an average price of $73.06, for a total transaction of $1,731,010.58.

Fortinet Stock Performance

NASDAQ FTNT traded down $0.52 on Wednesday, hitting $82.12. 2,696,426 shares of the stock traded hands, compared to its average volume of 5,550,083. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. The business’s fifty day moving average is $76.30 and its two-hundred day moving average is $66.47. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $83.77. The firm has a market capitalization of $62.73 billion, a price-to-earnings ratio of 53.67, a PEG ratio of 2.84 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.16. The company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The firm’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.31 EPS. As a group, equities analysts anticipate that Fortinet, Inc. will post 1.74 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Winthrop Capital Management LLC purchased a new stake in shares of Fortinet during the first quarter worth $25,000. Rise Advisors LLC raised its stake in shares of Fortinet by 135.6% during the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after purchasing an additional 217 shares during the period. Creekmur Asset Management LLC purchased a new stake in Fortinet during the 4th quarter worth about $32,000. Oakworth Capital Inc. bought a new position in Fortinet in the 2nd quarter worth about $33,000. Finally, Versant Capital Management Inc increased its position in shares of Fortinet by 61.2% during the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock valued at $38,000 after buying an additional 238 shares during the period. 83.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research note on Tuesday, September 10th. HSBC raised Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 target price on the stock in a research report on Wednesday, August 7th. Scotiabank lifted their price target on shares of Fortinet from $61.00 to $75.00 and gave the company a “sector outperform” rating in a research report on Wednesday, August 7th. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Twenty-three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and a consensus target price of $72.64.

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.