Fortinet, Inc. (NASDAQ:FTNT) CFO Sells $1,928,118.80 in Stock

Fortinet, Inc. (NASDAQ:FTNT) CFO Keith Jensen sold 17,660 shares of the stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $109.18, for a total transaction of $1,928,118.80. Following the transaction, the chief financial officer now owns 4,736 shares in the company, valued at approximately $517,076.48. The trade was a 78.85 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• On Wednesday, February 19th, Keith Jensen sold 23,500 shares of Fortinet stock. The shares were sold at an average price of $113.56, for a total transaction of $2,668,660.00.

Fortinet Trading Down 1.8 %

Shares of NASDAQ:FTNT traded down $1.93 during mid-day trading on Thursday, reaching $107.09. 4,304,037 shares of the company’s stock were exchanged, compared to its average volume of 4,654,245. The firm has a market capitalization of $82.08 billion, a price-to-earnings ratio of 47.39, a PEG ratio of 4.19 and a beta of 1.01. The business’s fifty day moving average price is $100.85 and its 200-day moving average price is $89.36. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month 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 return on equity of 256.53% and a net margin of 29.30%. On average, research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on FTNT shares. Guggenheim restated a “neutral” rating on shares of Fortinet in a research note on Friday, February 7th. Barclays raised their price target on Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, November 8th. Deutsche Bank Aktiengesellschaft boosted their price target on Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research note on Tuesday, November 19th. Wells Fargo & Company increased their price objective on shares of Fortinet from $85.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Friday, February 7th. Finally, Piper Sandler restated an “overweight” rating and issued a $135.00 target price (up from $120.00) on shares of Fortinet in a research report on Friday, February 7th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $103.72.

Institutional Trading of Fortinet

Several institutional investors have recently added to or reduced their stakes in FTNT. Jefferies Financial Group Inc. boosted its position in Fortinet by 48.7% during the fourth quarter. Jefferies Financial Group Inc. now owns 41,728 shares of the software maker’s stock valued at $3,942,000 after acquiring an additional 13,669 shares during the last quarter. Integrated Advisors Network LLC increased its holdings in Fortinet by 0.3% in the fourth quarter. Integrated Advisors Network LLC now owns 79,687 shares of the software maker’s stock worth $7,529,000 after purchasing an additional 201 shares in the last quarter. American Trust lifted its stake in Fortinet by 20.5% in the fourth quarter. American Trust now owns 3,828 shares of the software maker’s stock valued at $362,000 after buying an additional 652 shares during the period. Mackenzie Financial Corp boosted its holdings in shares of Fortinet by 135.9% during the 4th quarter. Mackenzie Financial Corp now owns 138,827 shares of the software maker’s stock worth $13,116,000 after buying an additional 79,985 shares in the last quarter. Finally, Westfuller Advisors LLC acquired a new stake in shares of Fortinet during the 4th quarter worth approximately $215,000. 83.71% of the stock is currently owned by 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.