Fortinet Inc (NASDAQ:FTNT) CEO Ken Xie sold 50,000 shares of the company’s stock in a transaction on Thursday, May 24th. The stock was sold at an average price of $60.51, for a total value of $3,025,500.00. Following the sale, the chief executive officer now owns 12,562,906 shares of the company’s stock, valued at $760,181,442.06. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.
Shares of Fortinet traded up $1.47, reaching $60.64, during mid-day trading on Thursday, Marketbeat Ratings reports. The stock had a trading volume of 2,527,800 shares, compared to its average volume of 1,659,185. The firm has a market capitalization of $9.88 billion, a PE ratio of 116.62, a P/E/G ratio of 4.12 and a beta of 0.75. Fortinet Inc has a 1-year low of $35.44 and a 1-year high of $60.82.
Get Fortinet alerts:
Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, May 3rd. The software maker reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.09. The business had revenue of $399.00 million for the quarter, compared to analyst estimates of $390.60 million. Fortinet had a return on equity of 14.64% and a net margin of 4.01%. The company’s revenue was up 17.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.17 earnings per share. equities analysts expect that Fortinet Inc will post 0.85 earnings per share for the current year.
A number of equities research analysts recently weighed in on the company. UBS upped their price objective on Fortinet from $64.00 to $67.00 and gave the stock a “buy” rating in a research note on Monday. Barclays upped their price objective on Fortinet from $48.00 to $50.00 and gave the stock an “equal weight” rating in a research note on Tuesday, February 6th. Zacks Investment Research upgraded Fortinet from a “hold” rating to a “buy” rating and set a $62.00 price objective for the company in a research note on Wednesday, May 2nd. Monness Crespi & Hardt restated a “buy” rating and set a $56.00 price objective (up from $50.00) on shares of Fortinet in a research note on Wednesday, February 28th. Finally, Citigroup upped their price objective on Fortinet from $45.00 to $56.00 and gave the stock a “neutral” rating in a research note on Monday, April 16th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $54.83.
Hedge funds have recently made changes to their positions in the company. Guggenheim Capital LLC increased its holdings in shares of Fortinet by 147.4% in the fourth quarter. Guggenheim Capital LLC now owns 432,467 shares of the software maker’s stock valued at $18,895,000 after purchasing an additional 257,687 shares during the period. Schwab Charles Investment Management Inc. increased its holdings in shares of Fortinet by 6.3% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 486,700 shares of the software maker’s stock valued at $21,264,000 after purchasing an additional 29,024 shares during the period. Toronto Dominion Bank increased its holdings in shares of Fortinet by 39.6% in the fourth quarter. Toronto Dominion Bank now owns 8,809 shares of the software maker’s stock valued at $385,000 after purchasing an additional 2,499 shares during the period. Thrivent Financial For Lutherans increased its holdings in shares of Fortinet by 4.9% in the fourth quarter. Thrivent Financial For Lutherans now owns 434,802 shares of the software maker’s stock valued at $18,996,000 after purchasing an additional 20,275 shares during the period. Finally, UBS Asset Management Americas Inc. increased its holdings in shares of Fortinet by 6.6% in the fourth quarter. UBS Asset Management Americas Inc. now owns 457,249 shares of the software maker’s stock valued at $19,977,000 after purchasing an additional 28,247 shares during the period. 69.38% of the stock is currently owned by institutional investors and hedge funds.
Fortinet Company Profile
Fortinet, Inc provides broad, automated, and integrated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and WAN acceleration; and FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of products, which offers a cloud-ready security information and event management solution for enterprises and service providers.