Fortinet, Inc. (NASDAQ:FTNT) CFO Keith Jensen Sells 17,660 Shares of Stock

Fortinet, Inc. (NASDAQ:FTNT) CFO Keith Jensen sold 17,660 shares of Fortinet stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $109.18, for a total transaction of $1,928,118.80. Following the sale, the chief financial officer now owns 4,736 shares in the company, valued at $517,076.48. This represents a 78.85 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

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

• On Wednesday, February 19th, Keith Jensen sold 23,500 shares of Fortinet stock. The shares were sold at an average price of $113.56, for a total transaction of $2,668,660.00.

Fortinet Stock Down 1.8 %

FTNT opened at $107.09 on Friday. The stock’s 50 day moving average price is $101.09 and its 200 day moving average price is $89.48. 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 stock has a market cap of $82.08 billion, a P/E ratio of 47.39, a P/E/G ratio of 4.19 and a beta of 1.01. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 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%. As a group, research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Institutional Trading of Fortinet

A number of institutional investors have recently made changes to their positions in the stock. Norges Bank bought a new position in Fortinet during the 4th quarter valued at $724,048,000. Schroder Investment Management Group acquired a new stake in shares of Fortinet in the fourth quarter valued at $389,867,000. FMR LLC boosted its stake in Fortinet by 77.2% during the fourth quarter. FMR LLC now owns 6,531,705 shares of the software maker’s stock valued at $617,115,000 after buying an additional 2,846,475 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in Fortinet by 39.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker’s stock valued at $720,150,000 after buying an additional 2,151,811 shares in the last quarter. Finally, Bessemer Group Inc. grew its holdings in Fortinet by 72.6% during the fourth quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker’s stock worth $463,561,000 after acquiring an additional 2,064,016 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FTNT has been the subject of a number of analyst reports. Wedbush upped their price objective on shares of Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a research report on Tuesday, November 19th. The Goldman Sachs Group increased their price target on Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a report on Friday, February 7th. Piper Sandler reaffirmed an “overweight” rating and issued a $135.00 target price (up from $120.00) on shares of Fortinet in a research report on Friday, February 7th. BMO Capital Markets raised their price target on shares of Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research report on Tuesday, November 19th. Finally, Citigroup upped their price target on shares of Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $103.72.

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.