Fortinet Inc (FTNT) CEO Sells $660,640.00 in Stock

Fortinet Inc (NASDAQ:FTNT) CEO Ken Xie sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $82.58, for a total value of $660,640.00. Following the sale, the chief executive officer now directly owns 12,521,600 shares in the company, valued at approximately $1,034,033,728. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Shares of NASDAQ:FTNT traded down $0.60 during trading on Wednesday, hitting $81.96. 691,347 shares of the company were exchanged, compared to its average volume of 1,841,543. The firm has a market capitalization of $13.89 billion, a price-to-earnings ratio of 72.53, a price-to-earnings-growth ratio of 4.20 and a beta of 0.93. Fortinet Inc has a fifty-two week low of $58.10 and a fifty-two week high of $96.96.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.46 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.26. The firm had revenue of $472.60 million for the quarter, compared to analyst estimates of $471.90 million. Fortinet had a return on equity of 22.52% and a net margin of 18.64%. The business’s quarterly revenue was up 18.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.33 EPS. As a group, equities research analysts forecast that Fortinet Inc will post 1.31 EPS for the current year.

Several large investors have recently bought and sold shares of FTNT. Tarbox Family Office Inc. acquired a new position in shares of Fortinet during the 4th quarter worth approximately $25,000. Sun Life Financial INC acquired a new position in shares of Fortinet during the 4th quarter worth approximately $28,000. Guardian Life Insurance Co. of America bought a new position in shares of Fortinet during the 4th quarter worth approximately $29,000. Legacy Advisors LLC bought a new position in shares of Fortinet during the 1st quarter worth approximately $30,000. Finally, Bremer Trust National Association bought a new position in shares of Fortinet during the 4th quarter worth approximately $33,000. 70.88% of the stock is currently owned by hedge funds and other institutional investors.

A number of research firms have recently commented on FTNT. Mizuho began coverage on Fortinet in a research report on Tuesday, March 26th. They set a “neutral” rating and a $90.00 price target on the stock. Zacks Investment Research raised Fortinet from a “hold” rating to a “buy” rating and set a $83.00 target price on the stock in a research report on Tuesday, January 29th. BMO Capital Markets reissued a “market perform” rating and issued a $90.00 target price (up previously from $78.00) on shares of Fortinet in a research report on Thursday, February 7th. Monness Crespi & Hardt reissued a “buy” rating and issued a $97.00 target price (up previously from $95.00) on shares of Fortinet in a research report on Friday, May 3rd. Finally, BidaskClub raised Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, April 5th. Three investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and eleven have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $85.13.

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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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