Fortinet, Inc. (NASDAQ:FTNT) VP Michael Xie Sells 24,710 Shares

Fortinet, Inc. (NASDAQ:FTNT - Get Free Report) VP Michael Xie sold 24,710 shares of the business's stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total value of $1,593,300.80. Following the transaction, the vice president now owns 10,867,018 shares in the company, valued at $700,705,320.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• On Friday, February 2nd, Michael Xie sold 38,369 shares of Fortinet stock. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05.

Fortinet Stock Up 2.6 %

NASDAQ:FTNT traded up $1.67 during trading hours on Thursday, reaching $65.20. 8,264,011 shares of the stock were exchanged, compared to its average volume of 5,760,447. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $81.24. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06. The firm has a 50 day moving average of $67.74 and a 200 day moving average of $61.88. The stock has a market cap of $49.77 billion, a PE ratio of 43.81, a PEG ratio of 2.80 and a beta of 1.08.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, topping analysts' consensus estimates of $0.38 by $0.05. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The firm had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter in the prior year, the firm posted $0.29 EPS. The business's revenue was up 7.2% on a year-over-year basis. On average, equities analysts expect that Fortinet, Inc. will post 1.39 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Royal Bank of Canada boosted their price target on Fortinet from $60.00 to $71.00 and gave the company a "sector perform" rating in a research note on Wednesday, February 7th. Capital One Financial lowered Fortinet from an "overweight" rating to an "equal weight" rating in a research note on Wednesday, January 17th. HSBC lowered Fortinet from a "hold" rating to a "reduce" rating and set a $57.00 price objective on the stock. in a research note on Wednesday, February 7th. DZ Bank lowered Fortinet from a "hold" rating to a "sell" rating and set a $60.00 price objective on the stock. in a research note on Thursday, February 8th. Finally, Piper Sandler reiterated a "neutral" rating and issued a $75.00 price objective on shares of Fortinet in a research note on Wednesday, April 3rd. Two analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $72.19.

Hedge Funds Weigh In On Fortinet

A number of large investors have recently bought and sold shares of the company. Cito Capital Group LLC acquired a new stake in Fortinet during the 3rd quarter valued at $660,000. Vontobel Holding Ltd. boosted its stake in shares of Fortinet by 7.3% during the fourth quarter. Vontobel Holding Ltd. now owns 507,306 shares of the software maker's stock valued at $29,693,000 after purchasing an additional 34,582 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. lifted its stake in shares of Fortinet by 2,092.4% in the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 40,603 shares of the software maker's stock worth $2,411,000 after acquiring an additional 38,751 shares during the period. Alamar Capital Management LLC lifted its stake in shares of Fortinet by 12.5% in the third quarter. Alamar Capital Management LLC now owns 63,788 shares of the software maker's stock worth $3,743,000 after acquiring an additional 7,110 shares during the period. Finally, Marshall Financial Group LLC bought a new stake in Fortinet in the fourth quarter worth approximately $1,487,000. 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.

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