Ken Xie Sells 23,044 Shares of Fortinet, Inc. (NASDAQ:FTNT) Stock

Fortinet, Inc. (NASDAQ:FTNT) CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the sale, the chief executive officer now owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

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

• On Tuesday, December 17th, Ken Xie sold 22,916 shares of Fortinet stock. The shares were sold at an average price of $97.93, for a total transaction of $2,244,163.88.

Fortinet Stock Performance

NASDAQ:FTNT traded up $0.57 during mid-day trading on Wednesday, reaching $93.06. 4,846,633 shares of the stock were exchanged, compared to its average volume of 4,280,953. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $101.00. The company has a 50 day simple moving average of $95.18 and a 200-day simple moving average of $79.91. The stock has a market capitalization of $71.33 billion, a P/E ratio of 47.00, a P/E/G ratio of 2.76 and a beta of 1.00.

Hedge Funds Weigh In On Fortinet

A number of institutional investors have recently modified their holdings of the business. Marshall Wace LLP boosted its stake in shares of Fortinet by 198.5% during the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after buying an additional 4,148,520 shares during the period. FMR LLC raised its stake in Fortinet by 276.3% during the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after acquiring an additional 2,705,767 shares during the last quarter. AQR Capital Management LLC lifted its position in Fortinet by 89.7% during the 2nd quarter. AQR Capital Management LLC now owns 2,675,644 shares of the software maker’s stock worth $161,261,000 after acquiring an additional 1,265,162 shares during the period. Los Angeles Capital Management LLC grew its stake in shares of Fortinet by 3,155.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock valued at $95,948,000 after purchasing an additional 1,199,241 shares during the last quarter. Finally, State Street Corp raised its stake in shares of Fortinet by 2.9% during the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after purchasing an additional 766,135 shares during the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently commented on FTNT. Hsbc Global Res upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. Royal Bank of Canada raised their price target on Fortinet from $82.00 to $97.00 and gave the stock a “sector perform” rating in a research report on Tuesday, November 19th. The Goldman Sachs Group boosted their price objective on Fortinet from $100.00 to $114.00 and gave the company a “buy” rating in a report on Thursday, January 2nd. Bank of America raised their target price on Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. Finally, Wells Fargo & Company boosted their price target on shares of Fortinet from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $94.35.

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.