Fortinet Inc (NASDAQ:FTNT) VP Michael Xie sold 100,000 shares of the stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $103.66, for a total value of $10,366,000.00. Following the transaction, the vice president now directly owns 6,306,828 shares of the company’s stock, valued at $653,765,790.48. The sale was disclosed in a document filed with the SEC, which is accessible through this link.
NASDAQ FTNT traded down $0.12 on Tuesday, hitting $103.80. 1,799,645 shares of the company were exchanged, compared to its average volume of 1,624,969. The company’s 50 day moving average price is $92.52 and its 200-day moving average price is $82.72. The firm has a market capitalization of $17.98 billion, a P/E ratio of 91.86, a price-to-earnings-growth ratio of 4.65 and a beta of 1.16. Fortinet Inc has a twelve month low of $64.41 and a twelve month high of $106.00.
Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, October 31st. The software maker reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.11. Fortinet had a return on equity of 25.46% and a net margin of 19.23%. The business had revenue of $547.50 million for the quarter, compared to the consensus estimate of $533.55 million. During the same quarter in the previous year, the company posted $0.49 earnings per share. Fortinet’s revenue for the quarter was up 20.6% compared to the same quarter last year. Equities research analysts expect that Fortinet Inc will post 1.62 earnings per share for the current fiscal year.
A number of analysts have recently commented on FTNT shares. Royal Bank of Canada reissued a “neutral” rating and issued a $109.00 price objective (up previously from $100.00) on shares of Fortinet in a research note on Tuesday, November 19th. Robert W. Baird set a $100.00 target price on Fortinet and gave the company a “hold” rating in a research note on Sunday, September 15th. Evercore ISI set a $90.00 target price on Fortinet and gave the stock a “hold” rating in a report on Monday, November 4th. Monness Crespi & Hardt lifted their target price on Fortinet from $110.00 to $120.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. Finally, Credit Suisse Group upgraded shares of Fortinet from an “underperform” rating to a “neutral” rating and boosted their price target for the stock from $79.00 to $95.00 in a research report on Friday, November 15th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and eleven have issued a buy rating to the stock. Fortinet currently has an average rating of “Hold” and an average price target of $102.70.
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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