Insider Selling: Fortinet, Inc. (NASDAQ:FTNT) CFO Sells 17,660 Shares of Stock

Fortinet, Inc. (NASDAQ:FTNT) CFO Keith Jensen sold 17,660 shares of the firm’s stock in a transaction dated 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 sale, the chief financial officer now owns 4,736 shares of the company’s stock, valued at $517,076.48. The trade was a 78.85 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through 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 Stock Performance

Shares of NASDAQ FTNT opened at $108.01 on Friday. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The business’s 50 day moving average is $101.31 and its two-hundred day moving average is $89.75. The company has a market cap of $82.78 billion, a P/E ratio of 47.79, a P/E/G ratio of 4.19 and a beta of 1.01. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month 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 the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. On average, equities analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Institutional Trading of Fortinet

Several institutional investors have recently modified their holdings of FTNT. Private Advisor Group LLC grew its holdings in shares of Fortinet by 15.5% during the 3rd quarter. Private Advisor Group LLC now owns 24,234 shares of the software maker’s stock worth $1,879,000 after purchasing an additional 3,253 shares in the last quarter. International Assets Investment Management LLC grew its holdings in shares of Fortinet by 8,011.1% during the 3rd quarter. International Assets Investment Management LLC now owns 277,319 shares of the software maker’s stock worth $21,506,000 after purchasing an additional 273,900 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of Fortinet by 21.0% during the 3rd quarter. Assenagon Asset Management S.A. now owns 15,977 shares of the software maker’s stock worth $1,239,000 after purchasing an additional 2,775 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Fortinet by 37.1% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 75,323 shares of the software maker’s stock worth $5,841,000 after purchasing an additional 20,368 shares in the last quarter. Finally, J.W. Cole Advisors Inc. grew its holdings in shares of Fortinet by 99.6% during the 3rd quarter. J.W. Cole Advisors Inc. now owns 10,205 shares of the software maker’s stock worth $791,000 after purchasing an additional 5,091 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on FTNT shares. Guggenheim restated a “neutral” rating on shares of Fortinet in a research report on Friday, February 7th. Citigroup lifted their price target on Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a report on Friday, January 17th. Jefferies Financial Group lifted their price target on Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a report on Thursday, December 19th. Truist Financial reiterated a “buy” rating and set a $105.00 price target (up from $85.00) on shares of Fortinet in a report on Wednesday, November 20th. Finally, Piper Sandler reiterated an “overweight” rating and set a $135.00 price target (up from $120.00) on shares of Fortinet in a report on Friday, February 7th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $103.72.

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.