Insider Selling: Fortinet, Inc. (NASDAQ:FTNT) Director Sells $99,320.00 in Stock

Fortinet, Inc. (NASDAQ:FTNT) Director Kenneth A. Goldman sold 1,000 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $99.32, for a total value of $99,320.00. Following the transaction, the director now directly owns 20,612 shares of the company’s stock, valued at $2,047,183.84. The trade was a 4.63 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Fortinet Trading Up 2.3 %

Shares of FTNT stock traded up $2.24 on Tuesday, hitting $98.28. The stock had a trading volume of 6,310,715 shares, compared to its average volume of 4,826,094. The company’s 50 day moving average price is $102.15 and its 200-day moving average price is $91.36. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The firm has a market capitalization of $75.57 billion, a P/E ratio of 43.49, a P/E/G ratio of 4.19 and a beta of 0.97. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39.

Fortinet (NASDAQ:FTNT) last issued its quarterly 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 net margin of 29.30% and a return on equity of 256.53%. Analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Wall Street Analysts Forecast Growth

FTNT has been the subject of several recent research reports. JPMorgan Chase & Co. increased their price objective on Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a research note on Monday, December 16th. Morgan Stanley upped their target price on shares of Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. KeyCorp raised shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price target on the stock in a research note on Thursday, December 19th. StockNews.com cut shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Friday. Finally, Stifel Nicolaus raised their target price on shares of Fortinet from $103.00 to $115.00 and gave the stock a “hold” rating in a research note on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $103.72.

Hedge Funds Weigh In On Fortinet

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FTNT. Ashton Thomas Securities LLC acquired a new stake in shares of Fortinet in the third quarter valued at $26,000. Edmond DE Rothschild Holding S.A. purchased a new stake in Fortinet during the 4th quarter worth about $27,000. Oarsman Capital Inc. raised its position in Fortinet by 188.9% in the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock valued at $39,000 after purchasing an additional 272 shares in the last quarter. Graney & King LLC purchased a new position in shares of Fortinet in the 4th quarter valued at about $43,000. Finally, Banque Transatlantique SA acquired a new position in shares of Fortinet during the fourth quarter worth about $43,000. Hedge funds and other 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.