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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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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