Kenneth A. Goldman Sells 1,000 Shares of Fortinet, Inc. (NASDAQ:FTNT) Stock

Fortinet, Inc. (NASDAQ:FTNT) Director Kenneth A. Goldman sold 1,000 shares of the stock in a transaction on Monday, March 10th. The stock was sold at an average price of $99.32, for a total transaction of $99,320.00. Following the completion of the sale, the director now owns 20,612 shares in the company, valued at approximately $2,047,183.84. This trade represents a 4.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Fortinet Stock Performance

Shares of FTNT stock opened at $97.93 on Thursday. The company has a market capitalization of $75.31 billion, a price-to-earnings ratio of 43.33, a PEG ratio of 4.19 and a beta of 0.97. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The company has a 50-day simple moving average of $102.22 and a 200 day simple moving average of $91.41. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82.

Fortinet (NASDAQ:FTNT) last announced its 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 net margin of 29.30% and a return on equity of 256.53%. On average, sell-side analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Institutional Trading of Fortinet

Hedge funds and other institutional investors have recently modified their holdings of the stock. First Hawaiian Bank acquired a new stake in Fortinet in the 4th quarter worth about $670,000. LVM Capital Management Ltd. MI raised its stake in Fortinet by 10.7% in the 4th quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock worth $8,487,000 after purchasing an additional 8,707 shares in the last quarter. Apollon Wealth Management LLC raised its stake in Fortinet by 7.6% in the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after purchasing an additional 1,081 shares in the last quarter. Trilogy Capital Inc. raised its stake in Fortinet by 17.8% in the 4th quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock worth $2,220,000 after purchasing an additional 3,544 shares in the last quarter. Finally, Dixon Mitchell Investment Counsel Inc. raised its stake in Fortinet by 129.9% in the 4th quarter. Dixon Mitchell Investment Counsel Inc. now owns 299,989 shares of the software maker’s stock worth $28,343,000 after purchasing an additional 169,530 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

FTNT has been the topic of a number of research analyst reports. Citigroup raised their price objective on shares of Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. Rosenblatt Securities raised their price objective on shares of Fortinet from $115.00 to $125.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Stifel Nicolaus raised their price objective on shares of Fortinet from $103.00 to $115.00 and gave the stock a “hold” rating in a report on Friday, February 7th. KeyCorp upgraded shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price objective on the stock in a report on Thursday, December 19th. Finally, Needham & Company LLC restated a “hold” rating on shares of Fortinet in a report on Friday, February 7th. One 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 MarketBeat, the company has an average rating of “Hold” and a consensus 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.