Insider Selling: Fortinet, Inc. (NASDAQ:FTNT) CEO Sells 23,044 Shares of Stock

Fortinet, Inc. (NASDAQ:FTNT) CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the sale, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

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

• On Tuesday, December 17th, Ken Xie sold 22,916 shares of Fortinet stock. The shares were sold at an average price of $97.93, for a total transaction of $2,244,163.88.

Fortinet Stock Up 0.2 %

Shares of NASDAQ FTNT opened at $94.23 on Friday. The stock has a market capitalization of $72.22 billion, a P/E ratio of 47.59, a PEG ratio of 2.51 and a beta of 1.00. Fortinet, Inc. has a one year low of $54.57 and a one year high of $101.00. The firm’s 50 day simple moving average is $95.68 and its two-hundred day simple moving average is $80.34. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25.

Analysts Set New Price Targets

Several brokerages have weighed in on FTNT. Robert W. Baird increased their price objective on Fortinet from $95.00 to $100.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. KeyCorp upgraded Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price target for the company in a research note on Thursday, December 19th. Piper Sandler raised Fortinet from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $100.00 to $120.00 in a report on Monday, January 6th. JPMorgan Chase & Co. upped their price objective on shares of Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a report on Monday, December 16th. Finally, Scotiabank lifted their target price on shares of Fortinet from $85.00 to $110.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, eighteen have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $95.16.

Hedge Funds Weigh In On Fortinet

Institutional investors and hedge funds have recently made changes to their positions in the business. Fifth Third Wealth Advisors LLC boosted its position in Fortinet by 1.6% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock valued at $646,000 after buying an additional 107 shares during the period. Versant Capital Management Inc boosted its holdings in Fortinet by 13.1% during the 4th quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock valued at $104,000 after acquiring an additional 128 shares during the period. Diversified Trust Co grew its position in Fortinet by 0.6% during the 4th quarter. Diversified Trust Co now owns 23,852 shares of the software maker’s stock worth $2,254,000 after acquiring an additional 135 shares during the last quarter. Eagle Capital Management LLC increased its stake in Fortinet by 0.6% in the 3rd quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock worth $1,999,000 after purchasing an additional 141 shares during the period. Finally, OneDigital Investment Advisors LLC lifted its position in Fortinet by 3.9% in the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock valued at $293,000 after purchasing an additional 141 shares during the last quarter. Institutional investors 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.