Fortinet, Inc. (NASDAQ:FTNT) CEO Ken Xie Sells 22,916 Shares

Fortinet, Inc. (NASDAQ:FTNT) CEO Ken Xie sold 22,916 shares of the business’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total transaction of $2,244,163.88. Following the completion of the transaction, the chief executive officer now directly owns 48,983,683 shares of the company’s stock, valued at $4,796,972,076.19. This trade represents a 0.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• On Wednesday, October 16th, Ken Xie sold 23,307 shares of Fortinet stock. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23.

Fortinet Stock Up 2.5 %

FTNT opened at $97.19 on Friday. The stock has a fifty day moving average of $89.69 and a 200-day moving average of $75.07. The company has a market capitalization of $74.49 billion, a P/E ratio of 49.09, a P/E/G ratio of 2.77 and a beta of 1.00. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $100.59. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on FTNT. Deutsche Bank Aktiengesellschaft increased their target price on Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a report on Tuesday, November 19th. Morgan Stanley raised their target price on shares of Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. JPMorgan Chase & Co. boosted their price target on shares of Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Royal Bank of Canada raised their price objective on Fortinet from $82.00 to $97.00 and gave the company a “sector perform” rating in a report on Tuesday, November 19th. Finally, Wells Fargo & Company upped their target price on Fortinet from $80.00 to $85.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $92.77.

Hedge Funds Weigh In On Fortinet

A number of hedge funds have recently bought and sold shares of FTNT. Apollon Wealth Management LLC grew its position in shares of Fortinet by 7.6% during the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after purchasing an additional 1,081 shares in the last quarter. Forsta AP Fonden boosted its stake in shares of Fortinet by 11.8% in the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock valued at $10,508,000 after buying an additional 14,300 shares during the period. Quadrature Capital Ltd acquired a new stake in Fortinet during the third quarter worth approximately $10,343,000. Empower Advisory Group LLC increased its stake in Fortinet by 4.2% during the 3rd quarter. Empower Advisory Group LLC now owns 1,008,224 shares of the software maker’s stock worth $78,188,000 after acquiring an additional 40,277 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its holdings in Fortinet by 29.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 152,532 shares of the software maker’s stock valued at $11,829,000 after acquiring an additional 34,727 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

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.