Fortinet, Inc. (NASDAQ:FTNT) CFO Sells $2,668,660.00 in Stock

Fortinet, Inc. (NASDAQ:FTNT) CFO Keith Jensen sold 23,500 shares of the company’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total value of $2,668,660.00. Following the completion of the sale, the chief financial officer now directly owns 4,736 shares of the company’s stock, valued at approximately $537,820.16. This represents a 83.23 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Keith Jensen also recently made the following trade(s):

• On Tuesday, November 26th, Keith Jensen sold 17,650 shares of Fortinet stock. The shares were sold at an average price of $95.66, for a total value of $1,688,399.00.

Fortinet Price Performance

Shares of FTNT stock opened at $110.02 on Friday. The stock has a market cap of $84.32 billion, a price-to-earnings ratio of 48.68, a PEG ratio of 4.19 and a beta of 1.01. The business’s fifty day moving average is $100.12 and its 200 day moving average is $88.54. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. 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 released its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. Research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Institutional Investors Weigh In On Fortinet

A number of institutional investors have recently modified their holdings of the stock. Manchester Capital Management LLC grew its stake in shares of Fortinet by 13.5% in the fourth quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock worth $80,000 after acquiring an additional 100 shares during the last quarter. Fifth Third Wealth Advisors LLC grew its stake in shares of Fortinet by 1.6% in the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock worth $646,000 after acquiring an additional 107 shares during the last quarter. Fielder Capital Group LLC grew its stake in shares of Fortinet by 1.6% in the fourth quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock worth $652,000 after acquiring an additional 111 shares during the last quarter. Sheaff Brock Investment Advisors LLC grew its stake in shares of Fortinet by 1.4% in the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock worth $789,000 after acquiring an additional 114 shares during the last quarter. Finally, CIBC Private Wealth Group LLC grew its stake in shares of Fortinet by 1.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker’s stock worth $902,000 after acquiring an additional 116 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on FTNT shares. UBS Group boosted their price objective on Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Piper Sandler reiterated an “overweight” rating and issued a $135.00 price objective (up previously from $120.00) on shares of Fortinet in a research report on Friday, February 7th. Truist Financial reiterated a “buy” rating and issued a $105.00 price objective (up previously from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. Jefferies Financial Group boosted their price objective on Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a research report on Thursday, December 19th. Finally, Robert W. Baird reiterated a “neutral” rating and issued a $112.00 price objective (up previously from $105.00) on shares of Fortinet in a research report on Monday, February 3rd. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Fortinet has an average rating of “Hold” and an average price target of $103.72.

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.