Fortinet, Inc. (NASDAQ:FTNT) VP Sells $1,386,590.32 in Stock

Fortinet, Inc. (NASDAQ:FTNT) 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) 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

Institutional investors have recently modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its position in Fortinet by 664.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock worth $2,400,215,000 after purchasing an additional 30,542,551 shares in the last quarter. Swedbank AB purchased a new stake in shares of Fortinet in the 1st quarter worth about $548,013,000. Norges Bank acquired a new stake in Fortinet in the 4th quarter valued at about $203,501,000. Van ECK Associates Corp increased its holdings in Fortinet by 94.9% during the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after acquiring an additional 2,802,446 shares in the last quarter. Finally, Sarasin & Partners LLP acquired a new position in Fortinet during the first quarter worth about $120,746,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

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.

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.