Keith Jensen Sells 1,350 Shares of Fortinet Inc (FTNT) Stock

Fortinet Inc (NASDAQ:FTNT) CFO Keith Jensen sold 1,350 shares of Fortinet stock in a transaction on Thursday, November 8th. The shares were sold at an average price of $78.26, for a total value of $105,651.00. Following the completion of the sale, the chief financial officer now directly owns 1,745 shares of the company’s stock, valued at $136,563.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Keith Jensen also recently made the following trade(s):

  • On Wednesday, August 22nd, Keith Jensen sold 1,875 shares of Fortinet stock. The shares were sold at an average price of $77.05, for a total value of $144,468.75.

NASDAQ:FTNT traded down $3.18 during midday trading on Friday, reaching $74.73. The company had a trading volume of 2,234,772 shares, compared to its average volume of 2,615,113. The firm has a market cap of $13.17 billion, a PE ratio of 143.71, a price-to-earnings-growth ratio of 4.55 and a beta of 0.81. Fortinet Inc has a 12-month low of $39.22 and a 12-month high of $94.37.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, November 1st. The software maker reported $0.28 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.24 by $0.04. The firm had revenue of $453.90 million during the quarter, compared to analyst estimates of $450.84 million. Fortinet had a return on equity of 20.52% and a net margin of 7.05%. Fortinet’s revenue was up 21.3% compared to the same quarter last year. During the same period last year, the business posted $0.28 earnings per share. Equities analysts anticipate that Fortinet Inc will post 1.02 earnings per share for the current fiscal year.

FTNT has been the subject of a number of research reports. Stifel Nicolaus lifted their price objective on Fortinet from $60.00 to $72.00 and gave the company a “buy” rating in a research note on Thursday, August 2nd. Bank of America cut Fortinet from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $77.00 to $95.00 in a research note on Thursday, September 20th. UBS Group cut Fortinet from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $80.00 to $90.00 in a research note on Tuesday, September 18th. They noted that the move was a valuation call. Dougherty & Co raised Fortinet from a “neutral” rating to a “buy” rating and set a $85.00 price objective for the company in a research note on Monday, November 5th. Finally, Morgan Stanley lifted their price objective on Fortinet from $55.00 to $67.00 and gave the company a “hold” rating in a research note on Friday, August 3rd. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Fortinet currently has an average rating of “Hold” and a consensus price target of $78.32.

A number of large investors have recently added to or reduced their stakes in FTNT. Schroder Investment Management Group boosted its holdings in Fortinet by 411.0% in the second quarter. Schroder Investment Management Group now owns 1,370,987 shares of the software maker’s stock valued at $36,654,000 after purchasing an additional 1,102,708 shares during the period. Altshuler Shaham Ltd purchased a new stake in Fortinet during the 2nd quarter worth about $66,610,000. Bank of Montreal Can lifted its holdings in Fortinet by 51.0% during the 2nd quarter. Bank of Montreal Can now owns 2,031,225 shares of the software maker’s stock worth $126,808,000 after buying an additional 685,767 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in Fortinet by 655.2% during the 2nd quarter. Janus Henderson Group PLC now owns 611,465 shares of the software maker’s stock worth $38,174,000 after buying an additional 530,500 shares during the last quarter. Finally, KBC Group NV lifted its holdings in Fortinet by 306.3% during the 2nd quarter. KBC Group NV now owns 665,249 shares of the software maker’s stock worth $41,531,000 after buying an additional 501,529 shares during the last quarter. Hedge funds and other institutional investors own 71.41% of the company’s stock.

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About Fortinet

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.

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