Fortinet, Inc. (NASDAQ:FTNT – Get Free Report) VP Michael Xie sold 24,712 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the transaction, the vice president now owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.
Fortinet Stock Performance
Shares of NASDAQ FTNT opened at $56.51 on Monday. Fortinet, Inc. has a one year low of $44.12 and a one year high of $76.00. The firm has a market capitalization of $43.17 billion, a P/E ratio of 36.93, a PEG ratio of 2.79 and a beta of 0.98. The company’s fifty day moving average is $59.16 and its two-hundred day moving average is $63.69.
Fortinet (NASDAQ:FTNT – Get Free Report) last released its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter in the previous year, the firm earned $0.29 earnings per share. The firm’s revenue was up 7.2% on a year-over-year basis. On average, sell-side analysts forecast that Fortinet, Inc. will post 1.47 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Fortinet
Analyst Upgrades and Downgrades
Several equities research analysts recently issued reports on the company. Piper Sandler cut their price objective on Fortinet from $75.00 to $70.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Susquehanna decreased their target price on Fortinet from $80.00 to $65.00 and set a “neutral” rating for the company in a report on Monday, May 6th. Evercore ISI cut their price target on Fortinet from $72.00 to $67.00 and set an “in-line” rating on the stock in a report on Friday, May 3rd. Scotiabank decreased their price objective on Fortinet from $90.00 to $80.00 and set a “sector outperform” rating for the company in a research note on Friday, May 3rd. Finally, Wells Fargo & Company cut their target price on shares of Fortinet from $70.00 to $62.00 and set an “equal weight” rating on the stock in a research note on Friday, May 3rd. Two investment analysts have rated the stock with a sell rating, twenty-one have given a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $70.00.
View Our Latest Stock Report on FTNT
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.
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