Fortinet, Inc. (NASDAQ:FTNT) VP Michael Xie Sells 326,784 Shares of Stock

Fortinet, Inc. (NASDAQ:FTNT) VP Michael Xie sold 326,784 shares of the firm’s stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total value of $32,080,385.28. Following the completion of the transaction, the vice president now owns 11,000,068 shares of the company’s stock, valued at approximately $1,079,876,675.56. This represents a 2.89 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Fortinet Stock Performance

Shares of FTNT stock opened at $98.28 on Wednesday. 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 fifty-two week low of $54.57 and a fifty-two week high of $114.82. The stock has a 50 day moving average price of $102.15 and a two-hundred day moving average price of $91.36. The company has a market capitalization of $75.57 billion, a P/E ratio of 43.49, a PEG ratio of 4.19 and a beta of 0.97.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating 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%. Analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Hedge Funds Weigh In On Fortinet

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

Wall Street Analyst Weigh In

FTNT has been the topic of several recent analyst reports. Royal Bank of Canada raised their price target on Fortinet from $97.00 to $115.00 and gave the company a “sector perform” rating in a report on Friday, February 7th. Piper Sandler reaffirmed an “overweight” rating and issued a $135.00 price target (up previously from $120.00) on shares of Fortinet in a report on Friday, February 7th. Deutsche Bank Aktiengesellschaft raised their price target on Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a report on Tuesday, November 19th. Stifel Nicolaus raised their price target on Fortinet from $103.00 to $115.00 and gave the company a “hold” rating in a report on Friday, February 7th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a report on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price 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.