Fortinet, Inc. (NASDAQ:FTNT) CFO Sells $386,027.50 in Stock

Fortinet, Inc. (NASDAQ:FTNT) CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the transaction, the chief financial officer now owns 4,689 shares in the company, valued at $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Fortinet Price Performance

FTNT stock opened at $94.13 on Friday. The stock has a 50-day moving average price of $82.10 and a two-hundred day moving average price of $70.06. Fortinet, Inc. has a 12-month low of $50.65 and a 12-month high of $100.59. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The company has a market cap of $72.15 billion, a PE ratio of 47.54, a price-to-earnings-growth ratio of 2.71 and a beta of 1.00.

Institutional Investors Weigh In On Fortinet

Institutional investors have recently added to or reduced their stakes in the company. O Shaughnessy Asset Management LLC boosted its position in shares of Fortinet by 16.8% in the first quarter. O Shaughnessy Asset Management LLC now owns 43,859 shares of the software maker’s stock worth $2,996,000 after buying an additional 6,309 shares during the period. Lake Street Advisors Group LLC boosted its position in shares of Fortinet by 20.3% in the first quarter. Lake Street Advisors Group LLC now owns 5,401 shares of the software maker’s stock worth $369,000 after buying an additional 912 shares during the period. Crewe Advisors LLC purchased a new stake in shares of Fortinet in the first quarter worth about $110,000. Delap Wealth Advisory LLC purchased a new stake in shares of Fortinet in the first quarter worth about $210,000. Finally, CreativeOne Wealth LLC purchased a new stake in shares of Fortinet in the first quarter worth about $732,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on FTNT. BMO Capital Markets lifted their target price on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research note on Tuesday. Piper Sandler lifted their price target on Fortinet from $80.00 to $100.00 and gave the company a “neutral” rating in a research note on Tuesday. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a research note on Monday, November 11th. Robert W. Baird lifted their price target on Fortinet from $95.00 to $100.00 and gave the company an “outperform” rating in a research note on Tuesday. Finally, Bank of America lifted their price target on Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research note on Tuesday. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Fortinet has an average rating of “Hold” and a consensus price target of $88.93.

Fortinet Company Profile

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.