Insider Selling: Fortinet, Inc. (NASDAQ:FTNT) CFO Sells 23,500 Shares of Stock

Fortinet, Inc. (NASDAQ:FTNT) CFO Keith Jensen sold 23,500 shares of the firm’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total value of $2,668,660.00. Following the completion of the sale, the chief financial officer now directly owns 4,736 shares in the company, valued at approximately $537,820.16. This represents a 83.23 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.

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

• On Tuesday, November 26th, Keith Jensen sold 17,650 shares of Fortinet stock. The shares were sold at an average price of $95.66, for a total value of $1,688,399.00.

Fortinet Stock Down 0.3 %

Shares of FTNT traded down $0.38 during trading hours on Thursday, hitting $114.19. The stock had a trading volume of 6,894,667 shares, compared to its average volume of 4,658,832. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The firm has a 50 day simple moving average of $99.56 and a 200-day simple moving average of $87.75. The firm has a market capitalization of $87.52 billion, a P/E ratio of 50.53, a price-to-earnings-growth ratio of 4.19 and a beta of 1.01. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. Sell-side analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Hedge Funds Weigh In On Fortinet

A number of hedge funds have recently added to or reduced their stakes in the stock. Mackenzie Financial Corp boosted its stake in Fortinet by 135.9% during the 4th quarter. Mackenzie Financial Corp now owns 138,827 shares of the software maker’s stock valued at $13,116,000 after purchasing an additional 79,985 shares during the last quarter. Westfuller Advisors LLC bought a new position in shares of Fortinet during the 4th quarter worth approximately $215,000. Toronto Dominion Bank lifted its position in shares of Fortinet by 6.7% during the 4th quarter. Toronto Dominion Bank now owns 381,766 shares of the software maker’s stock worth $36,068,000 after buying an additional 24,132 shares in the last quarter. Cache Advisors LLC bought a new position in shares of Fortinet during the 4th quarter worth approximately $688,000. Finally, GF Fund Management CO. LTD. bought a new position in shares of Fortinet during the 4th quarter worth approximately $13,724,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on FTNT shares. Piper Sandler reaffirmed an “overweight” rating and issued a $135.00 target price (up previously from $120.00) on shares of Fortinet in a report on Friday, February 7th. Royal Bank of Canada raised their target price on Fortinet from $97.00 to $115.00 and gave the company a “sector perform” rating in a report on Friday, February 7th. Wedbush increased their price target on Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. Cantor Fitzgerald increased their price target on Fortinet from $95.00 to $110.00 and gave the company a “neutral” rating in a research note on Tuesday, February 4th. Finally, Baird R W cut Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Fortinet currently has an average rating of “Hold” and an average price target of $103.72.

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.