Keith Jensen Sells 17,650 Shares of Fortinet, Inc. (NASDAQ:FTNT) Stock

Fortinet, Inc. (NASDAQ:FTNT) CFO Keith Jensen sold 17,650 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total value of $1,688,399.00. Following the transaction, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at $448,549.74. This represents a 79.01 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Keith Jensen also recently made the following trade(s):

• On Tuesday, November 19th, Keith Jensen sold 4,250 shares of Fortinet stock. The shares were sold at an average price of $90.83, for a total value of $386,027.50.

Fortinet Stock Performance

NASDAQ:FTNT traded down $2.38 on Wednesday, hitting $94.06. The company’s stock had a trading volume of 3,834,313 shares, compared to its average volume of 5,503,371. 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 stock has a fifty day moving average of $83.21 and a two-hundred day moving average of $70.96. The firm has a market capitalization of $72.09 billion, a P/E ratio of 47.72, a price-to-earnings-growth ratio of 2.70 and a beta of 1.00. Fortinet, Inc. has a one year low of $50.65 and a one year high of $100.59.

Analysts Set New Price Targets

FTNT has been the subject of several research reports. Bank of America raised their target price on Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Raymond James increased their price target on Fortinet from $85.00 to $95.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. UBS Group increased their price target on Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Robert W. Baird increased their price target on Fortinet from $95.00 to $100.00 and gave the company an “outperform” rating in a research report on Tuesday, November 19th. Finally, Wedbush raised their price objective on Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $88.93.

Hedge Funds Weigh In On Fortinet

A number of large investors have recently made changes to their positions in the company. Eagle Capital Management LLC increased its stake in shares of Fortinet by 0.6% during the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock worth $1,999,000 after purchasing an additional 141 shares during the period. OneDigital Investment Advisors LLC increased its stake in shares of Fortinet by 3.9% during the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock worth $293,000 after purchasing an additional 141 shares during the period. Parallel Advisors LLC grew its position in Fortinet by 2.0% during the second quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock worth $452,000 after buying an additional 148 shares in the last quarter. Crewe Advisors LLC grew its position in Fortinet by 8.8% during the third quarter. Crewe Advisors LLC now owns 1,958 shares of the software maker’s stock worth $152,000 after buying an additional 158 shares in the last quarter. Finally, Private Wealth Management Group LLC grew its position in Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after buying an additional 173 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

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.