Fortinet, Inc. (NASDAQ:FTNT) CEO Ken Xie Sells 22,916 Shares

Fortinet, Inc. (NASDAQ:FTNT) CEO Ken Xie sold 22,916 shares of the firm’s stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total value of $2,244,163.88. Following the completion of the sale, the chief executive officer now directly owns 48,983,683 shares of the company’s stock, valued at $4,796,972,076.19. This trade represents a 0.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

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

• On Wednesday, October 16th, Ken Xie sold 23,307 shares of Fortinet stock. The shares were sold at an average price of $81.89, for a total transaction of $1,908,610.23.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $94.85 on Friday. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $100.59. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The stock has a market cap of $72.70 billion, a P/E ratio of 47.90, a P/E/G ratio of 2.77 and a beta of 1.00. The company has a 50 day moving average of $89.69 and a 200 day moving average of $75.07.

Institutional Investors Weigh In On Fortinet

Institutional investors and hedge funds have recently made changes to their positions in the business. State Street Corp lifted its position in Fortinet by 2.9% during the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after purchasing an additional 766,135 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Fortinet by 2.4% during the 3rd quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock worth $1,151,097,000 after acquiring an additional 354,692 shares during the last quarter. Marshall Wace LLP grew its position in Fortinet by 198.5% in the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after acquiring an additional 4,148,520 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Fortinet by 10.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker’s stock valued at $448,854,000 after acquiring an additional 542,727 shares during the last quarter. Finally, Van ECK Associates Corp raised its position in Fortinet by 94.9% during the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after purchasing an additional 2,802,446 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

FTNT has been the topic of a number of recent research reports. Stifel Nicolaus raised their price objective on shares of Fortinet from $90.00 to $103.00 and gave the company a “hold” rating in a research note on Wednesday. Mizuho raised their price target on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research report on Friday, December 13th. JPMorgan Chase & Co. boosted their price objective on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a report on Monday. Citigroup raised their target price on Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a report on Friday, September 13th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a report on Friday, November 22nd. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $92.77.

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.