Fortinet (NASDAQ:FTNT) VP Sells $306,835.38 in Stock

Fortinet, Inc. (NASDAQ:FTNT) VP Michael Xie sold 3,546 shares of the company’s stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $86.53, for a total value of $306,835.38. Following the completion of the transaction, the vice president directly owned 10,492,018 shares in the company, valued at approximately $907,874,317.54. The trade was a 0.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Fortinet Stock Down 2.6%

NASDAQ:FTNT traded down $2.30 during mid-day trading on Tuesday, reaching $85.22. The stock had a trading volume of 5,901,917 shares, compared to its average volume of 5,543,802. The business’s 50 day moving average is $82.91 and its 200 day moving average is $93.33. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $114.82. The stock has a market cap of $65.30 billion, a P/E ratio of 33.95, a PEG ratio of 3.17 and a beta of 1.09. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The firm had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter in the prior year, the company posted $0.57 earnings per share. The firm’s revenue was up 13.6% on a year-over-year basis. As a group, sell-side analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Institutional Investors Weigh In On Fortinet

Several hedge funds and other institutional investors have recently modified their holdings of FTNT. Dover Advisors LLC grew its position in Fortinet by 1.0% in the 2nd quarter. Dover Advisors LLC now owns 9,451 shares of the software maker’s stock worth $999,000 after purchasing an additional 94 shares during the last quarter. Balboa Wealth Partners grew its position in Fortinet by 4.3% during the second quarter. Balboa Wealth Partners now owns 2,330 shares of the software maker’s stock worth $246,000 after buying an additional 96 shares in the last quarter. Hemington Wealth Management grew its position in Fortinet by 13.2% during the second quarter. Hemington Wealth Management now owns 851 shares of the software maker’s stock worth $89,000 after buying an additional 99 shares in the last quarter. Peloton Wealth Strategists grew its position in Fortinet by 2.4% during the first quarter. Peloton Wealth Strategists now owns 4,330 shares of the software maker’s stock worth $417,000 after buying an additional 100 shares in the last quarter. Finally, Trust Co. of Vermont grew its position in Fortinet by 3.6% during the second quarter. Trust Co. of Vermont now owns 2,852 shares of the software maker’s stock worth $302,000 after buying an additional 100 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

FTNT has been the topic of several analyst reports. Erste Group Bank downgraded shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday, August 14th. Barclays lowered their price objective on Fortinet from $110.00 to $90.00 and set an “equal weight” rating on the stock in a report on Thursday, August 7th. Wells Fargo & Company lowered their price target on Fortinet from $110.00 to $85.00 and set an “equal weight” rating on the stock in a report on Thursday, August 7th. KeyCorp downgraded Fortinet from an “overweight” rating to a “sector weight” rating in a report on Thursday, August 7th. Finally, Evercore ISI lowered their price target on Fortinet from $105.00 to $78.00 and set an “in-line” rating on the stock in a report on Friday, August 8th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-five have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $97.03.

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.