Insider Selling: Fortinet Inc (FTNT) CEO Sells 80,000 Shares of Stock

Fortinet Inc (NASDAQ:FTNT) CEO Ken Xie sold 80,000 shares of the business’s stock in a transaction on Monday, February 11th. The stock was sold at an average price of $81.64, for a total transaction of $6,531,200.00. Following the transaction, the chief executive officer now directly owns 12,613,240 shares in the company, valued at $1,029,744,913.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Shares of NASDAQ:FTNT opened at $83.19 on Friday. The firm has a market capitalization of $14.14 billion, a P/E ratio of 73.62, a P/E/G ratio of 4.22 and a beta of 0.90. Fortinet Inc has a 12-month low of $48.20 and a 12-month high of $94.37.

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Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, February 6th. The software maker reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.11. The business had revenue of $507.00 million during the quarter, compared to analyst estimates of $496.33 million. Fortinet had a net margin of 18.44% and a return on equity of 22.72%. The business’s revenue was up 21.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.32 earnings per share. On average, analysts expect that Fortinet Inc will post 1.15 EPS for the current year.

Hedge funds have recently added to or reduced their stakes in the business. Delta Investment Management LLC bought a new stake in Fortinet during the fourth quarter valued at $563,000. Cooper Financial Group bought a new stake in Fortinet during the fourth quarter valued at $209,000. First Mercantile Trust Co. bought a new stake in Fortinet during the fourth quarter valued at $580,000. Cim LLC bought a new stake in Fortinet during the fourth quarter valued at $487,000. Finally, Navellier & Associates Inc increased its stake in Fortinet by 13.8% during the fourth quarter. Navellier & Associates Inc now owns 74,759 shares of the software maker’s stock valued at $5,265,000 after purchasing an additional 9,085 shares during the last quarter. Hedge funds and other institutional investors own 71.30% of the company’s stock.

A number of research analysts have recently commented on FTNT shares. Oppenheimer reduced their target price on shares of Fortinet from $97.00 to $88.00 in a research report on Monday, January 7th. ValuEngine cut shares of Fortinet from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 2nd. Monness Crespi & Hardt boosted their target price on shares of Fortinet from $76.00 to $91.00 and gave the stock a “buy” rating in a research report on Friday, November 2nd. Zacks Investment Research reissued a “buy” rating and set a $84.00 target price on shares of Fortinet in a research report on Tuesday, November 13th. Finally, Dougherty & Co raised shares of Fortinet from a “neutral” rating to a “buy” rating and set a $85.00 target price on the stock in a research report on Monday, November 5th. Two research analysts have rated the stock with a sell rating, sixteen have issued a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $80.86.

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About Fortinet

Fortinet, Inc provides broad, automated, and integrated 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 WAN acceleration; and FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of products, which offers a cloud-ready security information and event management solution for enterprises and service providers.

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