Fortinet, Inc. (NASDAQ:FTNT) CEO Ken Xie Sells 158,488 Shares of Stock

Fortinet, Inc. (NASDAQ:FTNT - Get Free Report) CEO Ken Xie sold 158,488 shares of the business's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $106.10, for a total value of $16,815,576.80. Following the sale, the chief executive officer now directly owns 51,391,879 shares in the company, valued at approximately $5,452,678,361.90. The trade was a 0.31 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Ken Xie also recently made the following trade(s):

• On Monday, March 10th, Ken Xie sold 206,000 shares of Fortinet stock. The stock was sold at an average price of $96.93, for a total transaction of $19,967,580.00.

Fortinet Price Performance

Shares of FTNT stock traded down $9.03 during trading hours on Thursday, reaching $97.70. 15,624,300 shares of the company were exchanged, compared to its average volume of 5,016,667. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82. 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's fifty day moving average is $98.62 and its two-hundred day moving average is $97.15. The company has a market cap of $74.71 billion, a price-to-earnings ratio of 43.23, a P/E/G ratio of 4.19 and a beta of 1.16.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, beating the consensus estimate of $0.53 by $0.05. The company had revenue of $1.54 billion during the quarter, compared to analysts' expectations of $1.54 billion. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The business's revenue for the quarter was up 13.8% on a year-over-year basis. During the same period last year, the firm earned $0.43 EPS. Sell-side analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Wells Fargo & Company decreased their price target on shares of Fortinet from $105.00 to $95.00 and set an "equal weight" rating on the stock in a research report on Thursday. The Goldman Sachs Group boosted their target price on Fortinet from $114.00 to $130.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. KeyCorp dropped their price target on Fortinet from $120.00 to $115.00 and set an "overweight" rating on the stock in a research note on Thursday. Raymond James reissued a "market perform" rating on shares of Fortinet in a research report on Tuesday, January 14th. Finally, Guggenheim reiterated a "neutral" rating on shares of Fortinet in a research report on Friday, February 7th. Two investment analysts have rated the stock with a sell rating, nineteen have given a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $104.80.

Institutional Trading of Fortinet

A number of institutional investors have recently bought and sold shares of FTNT. Norges Bank bought a new stake in Fortinet in the fourth quarter valued at about $724,048,000. Schroder Investment Management Group acquired a new stake in shares of Fortinet in the 4th quarter valued at approximately $389,867,000. FMR LLC boosted its stake in Fortinet by 77.2% during the 4th quarter. FMR LLC now owns 6,531,705 shares of the software maker's stock worth $617,115,000 after acquiring an additional 2,846,475 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings 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 purchasing an additional 2,151,811 shares during the period. Finally, Bessemer Group Inc. increased its stake in Fortinet by 72.6% in the fourth quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker's stock valued at $463,561,000 after purchasing an additional 2,064,016 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

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.