Keith Jensen Sells 4,250 Shares of Fortinet, Inc. (NASDAQ:FTNT) Stock

Fortinet, Inc. (NASDAQ:FTNT) CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the transaction, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Fortinet Stock Performance

Shares of Fortinet stock opened at $94.13 on Friday. The business has a 50-day moving average of $82.10 and a 200 day moving average of $70.06. Fortinet, Inc. has a 12 month low of $50.65 and a 12 month high of $100.59. The stock has a market capitalization of $72.15 billion, a price-to-earnings ratio of 47.54, a price-to-earnings-growth ratio of 2.71 and a beta of 1.00. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25.

Analyst Ratings Changes

Several research analysts recently commented on FTNT shares. Barclays increased their price objective on Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. Susquehanna increased their price objective on Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a research note on Thursday, August 8th. Morgan Stanley increased their price objective on Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Tuesday. Robert W. Baird increased their price objective on Fortinet from $95.00 to $100.00 and gave the company an “outperform” rating in a research note on Tuesday. Finally, Citigroup increased their price objective on Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a research note on Friday, September 13th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Fortinet currently has a consensus rating of “Hold” and an average price target of $88.93.

Hedge Funds Weigh In On Fortinet

A number of hedge funds and other institutional investors have recently bought and sold shares of FTNT. O Shaughnessy Asset Management LLC boosted its holdings in Fortinet by 16.8% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 43,859 shares of the software maker’s stock valued at $2,996,000 after acquiring an additional 6,309 shares during the period. Lake Street Advisors Group LLC raised its position in Fortinet by 20.3% in the 1st quarter. Lake Street Advisors Group LLC now owns 5,401 shares of the software maker’s stock valued at $369,000 after purchasing an additional 912 shares in the last quarter. Crewe Advisors LLC acquired a new stake in Fortinet in the 1st quarter valued at about $110,000. Delap Wealth Advisory LLC acquired a new stake in Fortinet in the 1st quarter valued at about $210,000. Finally, CreativeOne Wealth LLC acquired a new stake in Fortinet in the 1st quarter valued at about $732,000. 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.