Fortinet Inc. (FTNT) Insider Sells $40,742.00 in Stock
Fortinet Inc. (NASDAQ:FTNT) insider Keith Jensen sold 1,300 shares of the stock in a transaction that occurred on Wednesday, November 9th. The shares were sold at an average price of $31.34, for a total transaction of $40,742.00. Following the sale, the insider now directly owns 1,224 shares of the company’s stock, valued at approximately $38,360.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Keith Jensen also recently made the following trade(s):
- On Tuesday, November 8th, Keith Jensen sold 350 shares of Fortinet stock. The shares were sold at an average price of $31.49, for a total transaction of $11,021.50.
- On Tuesday, August 23rd, Keith Jensen sold 900 shares of Fortinet stock. The shares were sold at an average price of $35.47, for a total transaction of $31,923.00.
Fortinet Inc. (NASDAQ:FTNT) opened at 31.86 on Monday. The company has a 50 day moving average of $32.92 and a 200-day moving average of $33.76. Fortinet Inc. has a one year low of $23.16 and a one year high of $37.48. The firm has a market cap of $5.52 billion, a PE ratio of 1225.38 and a beta of 1.31.
Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, October 27th. The company reported $0.18 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.15 by $0.03. The company had revenue of $316.60 million for the quarter, compared to analyst estimates of $314.33 million. Fortinet had a negative net margin of 0.09% and a positive return on equity of 1.36%. The firm’s quarterly revenue was up 21.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.14 EPS. On average, equities research analysts predict that Fortinet Inc. will post $0.64 earnings per share for the current year.
FTNT has been the topic of a number of recent analyst reports. Zacks Investment Research lowered shares of Fortinet from a “hold” rating to a “strong sell” rating in a research note on Monday, July 18th. Pacific Crest upgraded shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $47.00 price target on the stock in a research note on Tuesday, August 30th. Wunderlich cut their price target on shares of Fortinet from $45.00 to $42.00 and set a “buy” rating on the stock in a research note on Wednesday, October 12th. Oppenheimer Holdings Inc. restated an “outperform” rating and set a $45.00 price target (down previously from $50.00) on shares of Fortinet in a research note on Monday, August 1st. Finally, RBC Capital Markets restated a “sector perform” rating and set a $30.00 price target (down previously from $37.00) on shares of Fortinet in a research note on Wednesday, October 12th. Thirteen analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $35.81.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. raised its position in Fortinet by 0.4% in the second quarter. PNC Financial Services Group Inc. now owns 14,891 shares of the company’s stock worth $471,000 after buying an additional 59 shares during the period. Shelton Capital Management raised its position in Fortinet by 0.8% in the second quarter. Shelton Capital Management now owns 13,366 shares of the company’s stock worth $422,000 after buying an additional 100 shares during the period. Brown Advisory Inc. raised its position in Fortinet by 0.5% in the second quarter. Brown Advisory Inc. now owns 20,209 shares of the company’s stock worth $638,000 after buying an additional 106 shares during the period. Ranger Investment Management L.P. raised its position in Fortinet by 1.3% in the second quarter. Ranger Investment Management L.P. now owns 8,350 shares of the company’s stock worth $264,000 after buying an additional 110 shares during the period. Finally, US Bancorp DE raised its position in Fortinet by 3.8% in the second quarter. US Bancorp DE now owns 3,342 shares of the company’s stock worth $106,000 after buying an additional 123 shares during the period. Institutional investors own 71.08% of the company’s stock.
Fortinet Company Profile
Fortinet, Inc provides cyber security solutions to enterprises, service providers and government organizations across the world. The Company’s flagship network security solution consists of FortiGate physical, virtual machine and cloud platforms, which provide integrated security and networking functions to protect data, applications and users from network-and content-level security threats.
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