Fortinet Inc (NASDAQ:FTNT) CEO Ken Xie sold 8,000 shares of the company’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $82.58, for a total transaction of $660,640.00. Following the completion of the transaction, the chief executive officer now owns 12,521,600 shares of the company’s stock, valued at approximately $1,034,033,728. The sale was disclosed in a filing with the SEC, which is available at this link.
FTNT stock traded down $4.75 on Thursday, hitting $77.21. The company’s stock had a trading volume of 126,556 shares, compared to its average volume of 1,676,430. Fortinet Inc has a 1 year low of $58.10 and a 1 year high of $96.96. The company has a market cap of $14.00 billion, a price-to-earnings ratio of 68.22, a price-to-earnings-growth ratio of 4.19 and a beta of 0.93.
Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.46 EPS for the quarter, beating the consensus estimate of $0.20 by $0.26. Fortinet had a net margin of 18.64% and a return on equity of 22.52%. The firm had revenue of $472.60 million during the quarter, compared to the consensus estimate of $471.90 million. During the same quarter in the prior year, the firm earned $0.33 EPS. Fortinet’s revenue for the quarter was up 18.4% on a year-over-year basis. As a group, research analysts anticipate that Fortinet Inc will post 1.31 EPS for the current year.
Several research analysts have recently issued reports on FTNT shares. Zacks Investment Research upgraded shares of Fortinet from a “hold” rating to a “buy” rating and set a $83.00 target price for the company in a report on Tuesday, January 29th. BidaskClub upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a report on Wednesday, January 30th. BMO Capital Markets restated a “market perform” rating and issued a $90.00 target price (up previously from $78.00) on shares of Fortinet in a report on Thursday, February 7th. Gabelli cut shares of Fortinet from a “buy” rating to a “hold” rating in a report on Thursday, February 7th. Finally, Oppenheimer upped their target price on shares of Fortinet from $88.00 to $97.00 and gave the company an “outperform” rating in a report on Thursday, February 7th. Three investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and eleven have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $85.13.
A number of hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. raised its position in Fortinet by 6.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,202,619 shares of the software maker’s stock worth $110,966,000 after buying an additional 74,061 shares during the last quarter. TIAA CREF Investment Management LLC raised its position in Fortinet by 23.9% during the 3rd quarter. TIAA CREF Investment Management LLC now owns 957,238 shares of the software maker’s stock worth $88,324,000 after buying an additional 184,765 shares during the last quarter. Vanguard Group Inc raised its position in Fortinet by 2.9% during the 3rd quarter. Vanguard Group Inc now owns 13,884,993 shares of the software maker’s stock worth $1,281,168,000 after buying an additional 394,636 shares during the last quarter. Steward Partners Investment Advisory LLC raised its position in Fortinet by 27.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 3,127 shares of the software maker’s stock worth $220,000 after buying an additional 664 shares during the last quarter. Finally, Virtu Financial LLC purchased a new position in Fortinet during the 4th quarter worth $639,000. Hedge funds and other institutional investors own 72.96% of the company’s stock.
Fortinet Company Profile
Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and wide area network acceleration; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.
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