Fortinet, Inc. (NASDAQ:FTNT) CFO Sells $1,928,118.80 in Stock

Fortinet, Inc. (NASDAQ:FTNT) CFO Keith Jensen sold 17,660 shares of the stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $109.18, for a total value of $1,928,118.80. Following the completion of the sale, the chief financial officer now directly owns 4,736 shares of the company’s stock, valued at approximately $517,076.48. This trade represents a 78.85 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Keith Jensen also recently made the following trade(s):

• On Wednesday, February 19th, Keith Jensen sold 23,500 shares of Fortinet stock. The stock was sold at an average price of $113.56, for a total value of $2,668,660.00.

Fortinet Price Performance

Shares of FTNT stock traded down $1.93 during trading on Thursday, hitting $107.09. The company had a trading volume of 4,304,037 shares, compared to its average volume of 4,654,245. The stock’s 50-day moving average is $100.85 and its two-hundred day moving average is $89.36. The stock has a market capitalization of $82.08 billion, a price-to-earnings ratio of 47.39, a price-to-earnings-growth ratio of 4.19 and a beta of 1.01. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82.

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

Analyst Upgrades and Downgrades

A number of research firms have issued reports on FTNT. Morgan Stanley lifted their price objective on shares of Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. HSBC upgraded shares of Fortinet from a “hold” rating to a “buy” rating and boosted their price target for the stock from $83.00 to $111.00 in a report on Monday, November 11th. Citigroup increased their price objective on shares of Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. Cantor Fitzgerald boosted their target price on Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 4th. Finally, TD Cowen increased their price target on Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Fortinet has an average rating of “Hold” and a consensus target price of $103.72.

Hedge Funds Weigh In On Fortinet

Hedge funds and other institutional investors have recently modified their holdings of the company. Jefferies Financial Group Inc. grew its position in Fortinet by 48.7% during the fourth quarter. Jefferies Financial Group Inc. now owns 41,728 shares of the software maker’s stock valued at $3,942,000 after acquiring an additional 13,669 shares during the last quarter. Integrated Advisors Network LLC boosted its stake in shares of Fortinet by 0.3% in the 4th quarter. Integrated Advisors Network LLC now owns 79,687 shares of the software maker’s stock valued at $7,529,000 after purchasing an additional 201 shares in the last quarter. American Trust grew its holdings in shares of Fortinet by 20.5% during the 4th quarter. American Trust now owns 3,828 shares of the software maker’s stock valued at $362,000 after purchasing an additional 652 shares during the last quarter. Mackenzie Financial Corp grew its holdings in shares of Fortinet by 135.9% during the 4th quarter. Mackenzie Financial Corp now owns 138,827 shares of the software maker’s stock valued at $13,116,000 after purchasing an additional 79,985 shares during the last quarter. Finally, Westfuller Advisors LLC purchased a new position in Fortinet in the 4th quarter worth $215,000. 83.71% of the stock is currently owned by hedge funds and other 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.