Keith Jensen Sells 23,500 Shares of Fortinet, Inc. (NASDAQ:FTNT) Stock

Fortinet, Inc. (NASDAQ:FTNT) CFO Keith Jensen sold 23,500 shares of the stock in a transaction 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 transaction, the chief financial officer now owns 4,736 shares of the company’s stock, valued at approximately $537,820.16. This trade represents a 83.23 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

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

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

Fortinet Stock Down 3.7 %

NASDAQ FTNT opened at $110.02 on Friday. The stock’s 50-day moving average price is $100.12 and its 200-day moving average price is $88.31. 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, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The company has a market capitalization of $84.33 billion, a P/E ratio of 48.68, a price-to-earnings-growth ratio of 4.20 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data 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, equities research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on FTNT. Piper Sandler reissued an “overweight” rating and issued a $135.00 target price (up from $120.00) on shares of Fortinet in a research note on Friday, February 7th. Susquehanna increased their target price on Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a research note on Monday, February 10th. Royal Bank of Canada increased their target price on Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a research note on Friday, February 7th. Scotiabank increased their target price on Fortinet from $115.00 to $135.00 and gave the stock a “sector outperform” rating in a research note on Friday, February 7th. Finally, UBS Group increased their target price on Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $103.72.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Manchester Capital Management LLC raised its stake in Fortinet by 13.5% during the 4th quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock valued at $80,000 after purchasing an additional 100 shares during the period. Fifth Third Wealth Advisors LLC raised its stake in Fortinet by 1.6% during the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock valued at $646,000 after purchasing an additional 107 shares during the period. Fielder Capital Group LLC raised its stake in Fortinet by 1.6% during the 4th quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock valued at $652,000 after purchasing an additional 111 shares during the period. Sheaff Brock Investment Advisors LLC raised its stake in Fortinet by 1.4% during the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock valued at $789,000 after purchasing an additional 114 shares during the period. Finally, CIBC Private Wealth Group LLC raised its stake in Fortinet by 1.3% during the 4th quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker’s stock valued at $902,000 after purchasing an additional 116 shares during the period. Institutional investors own 83.71% of the company’s stock.

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.