Fortinet (NASDAQ:FTNT) VP Sells $306,835.38 in Stock

Fortinet, Inc. (NASDAQ:FTNT) VP Michael Xie sold 3,546 shares of Fortinet stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $86.53, for a total transaction of $306,835.38. Following the sale, the vice president owned 10,492,018 shares in the company, valued at $907,874,317.54. This represents a 0.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Fortinet Stock Performance

FTNT traded down $2.30 during trading on Tuesday, reaching $85.22. 5,901,917 shares of the company’s stock were exchanged, compared to its average volume of 5,543,802. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $114.82. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. The business has a 50 day moving average price of $82.91 and a 200 day moving average price of $93.33. The company has a market capitalization of $65.30 billion, a P/E ratio of 33.95, a PEG ratio of 3.17 and a beta of 1.09.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The business had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same period in the previous year, the business earned $0.57 EPS. The firm’s revenue was up 13.6% on a year-over-year basis. As a group, analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Ashton Thomas Private Wealth LLC lifted its position in Fortinet by 12.0% during the 3rd quarter. Ashton Thomas Private Wealth LLC now owns 43,073 shares of the software maker’s stock worth $3,622,000 after buying an additional 4,623 shares in the last quarter. Penserra Capital Management LLC lifted its position in shares of Fortinet by 22.3% during the third quarter. Penserra Capital Management LLC now owns 1,356,122 shares of the software maker’s stock worth $114,021,000 after purchasing an additional 246,844 shares in the last quarter. Westside Investment Management Inc. lifted its position in shares of Fortinet by 100.0% during the third quarter. Westside Investment Management Inc. now owns 448 shares of the software maker’s stock worth $38,000 after purchasing an additional 224 shares in the last quarter. Strengthening Families & Communities LLC acquired a new position in shares of Fortinet during the third quarter worth approximately $362,000. Finally, Simmons Bank lifted its position in shares of Fortinet by 3.9% during the third quarter. Simmons Bank now owns 43,301 shares of the software maker’s stock worth $3,641,000 after purchasing an additional 1,610 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on FTNT. Barclays decreased their price objective on Fortinet from $110.00 to $90.00 and set an “equal weight” rating on the stock in a report on Thursday, August 7th. Royal Bank Of Canada decreased their price target on Fortinet from $110.00 to $95.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 7th. Truist Financial decreased their price target on Fortinet from $125.00 to $95.00 and set a “buy” rating on the stock in a research note on Thursday, August 7th. Stifel Nicolaus decreased their price target on Fortinet from $95.00 to $85.00 and set a “hold” rating on the stock in a research note on Thursday, August 7th. Finally, Scotiabank reduced their target price on shares of Fortinet from $115.00 to $85.00 and set a “sector outperform” rating on the stock in a research note on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $97.03.

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.