Fortinet, Inc. (NASDAQ:FTNT) CEO Ken Xie Sells 206,000 Shares of Stock

Fortinet, Inc. (NASDAQ:FTNT) CEO Ken Xie sold 206,000 shares of the business’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $96.93, for a total transaction of $19,967,580.00. Following the sale, the chief executive officer now directly owns 51,391,879 shares in the company, valued at approximately $4,981,414,831.47. This represents a 0.40 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Ken Xie also recently made the following trade(s):

• On Wednesday, January 15th, Ken Xie sold 23,044 shares of Fortinet stock. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08.
• On Tuesday, December 17th, Ken Xie sold 22,916 shares of Fortinet stock. The stock was sold at an average price of $97.93, for a total transaction of $2,244,163.88.

Fortinet Price Performance

Fortinet stock opened at $98.28 on Wednesday. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The firm has a fifty day moving average of $102.15 and a 200-day moving average of $91.36. The firm has a market capitalization of $75.57 billion, a P/E ratio of 43.49, a PEG ratio of 4.19 and a beta of 0.97. 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 (NASDAQ:FTNT) last announced its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating 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%. As a group, analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have issued reports on FTNT. Morgan Stanley upped their price target on shares of Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th. Raymond James reaffirmed a “market perform” rating on shares of Fortinet in a report on Tuesday, January 14th. 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 report on Thursday, December 19th. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a report on Friday, February 7th. Finally, Cantor Fitzgerald upped their price target on shares of Fortinet from $95.00 to $110.00 and gave the company a “neutral” rating in a report on Tuesday, February 4th. One investment analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and an average target price of $103.72.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Ashton Thomas Securities LLC purchased a new position in shares of Fortinet in the third quarter valued at $26,000. Edmond DE Rothschild Holding S.A. bought a new position in Fortinet during the 4th quarter valued at $27,000. Oarsman Capital Inc. grew its holdings in Fortinet by 188.9% during the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock worth $39,000 after acquiring an additional 272 shares in the last quarter. Graney & King LLC acquired a new position in Fortinet during the 4th quarter worth $43,000. Finally, Banque Transatlantique SA acquired a new position in Fortinet during the 4th quarter worth $43,000. 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.