Fortinet, Inc. (FTNT) VP Sells $1,678,000.00 in Stock

Fortinet, Inc. (NASDAQ:FTNT) VP Michael Xie sold 40,000 shares of the business’s stock in a transaction on Friday, December 1st. The shares were sold at an average price of $41.95, for a total transaction of $1,678,000.00. Following the sale, the vice president now directly owns 6,692,200 shares in the company, valued at $280,737,790. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

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

  • On Thursday, November 2nd, Michael Xie sold 3,585 shares of Fortinet stock. The stock was sold at an average price of $38.60, for a total transaction of $138,381.00.

Shares of Fortinet, Inc. (NASDAQ:FTNT) opened at $41.29 on Thursday. Fortinet, Inc. has a twelve month low of $28.50 and a twelve month high of $42.49. The firm has a market cap of $7,147.30, a P/E ratio of 74.73, a PEG ratio of 5.07 and a beta of 0.92.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, October 26th. The software maker reported $0.28 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.23 by $0.05. The company had revenue of $374.20 million during the quarter, compared to the consensus estimate of $370.67 million. Fortinet had a net margin of 5.93% and a return on equity of 10.92%. The firm’s quarterly revenue was up 18.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.18 EPS. equities analysts predict that Fortinet, Inc. will post 0.48 earnings per share for the current year.

Fortinet declared that its board has initiated a share buyback program on Thursday, October 26th that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the software maker to repurchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

A number of hedge funds and other institutional investors have recently made changes to their positions in FTNT. Bank of Montreal Can increased its position in Fortinet by 1.2% in the 2nd quarter. Bank of Montreal Can now owns 92,365 shares of the software maker’s stock valued at $3,458,000 after acquiring an additional 1,101 shares during the period. Aperio Group LLC increased its position in Fortinet by 2.6% in the 2nd quarter. Aperio Group LLC now owns 28,640 shares of the software maker’s stock valued at $1,072,000 after acquiring an additional 733 shares during the period. US Bancorp DE increased its position in Fortinet by 8.4% in the 2nd quarter. US Bancorp DE now owns 15,793 shares of the software maker’s stock valued at $591,000 after acquiring an additional 1,219 shares during the period. Russell Investments Group Ltd. increased its position in Fortinet by 29.2% in the 2nd quarter. Russell Investments Group Ltd. now owns 82,112 shares of the software maker’s stock valued at $3,074,000 after acquiring an additional 18,569 shares during the period. Finally, Acadian Asset Management LLC increased its position in Fortinet by 110.5% in the 2nd quarter. Acadian Asset Management LLC now owns 9,940 shares of the software maker’s stock valued at $372,000 after acquiring an additional 5,217 shares during the period. Hedge funds and other institutional investors own 70.03% of the company’s stock.

A number of brokerages have recently weighed in on FTNT. BidaskClub cut shares of Fortinet from a “strong-buy” rating to a “buy” rating in a research report on Thursday. Evercore ISI reaffirmed a “hold” rating and issued a $38.00 price objective on shares of Fortinet in a research report on Friday, October 27th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $46.00 price objective on shares of Fortinet in a research report on Friday, October 27th. BMO Capital Markets cut their price objective on shares of Fortinet from $46.00 to $45.00 and set an “outperform” rating on the stock in a research report on Friday, October 27th. Finally, KeyCorp reaffirmed a “buy” rating and issued a $46.00 price objective on shares of Fortinet in a research report on Tuesday, October 24th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $44.26.

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Fortinet Company Profile

Fortinet, Inc is a network security company. The Company provides cyber security solutions to a range of enterprises, service providers and government organizations across the world. Its network security solution consists of FortiGate physical, virtual machine and cloud platforms, which provide integrated security and networking functions to protect data, applications and users from network-and content-level security threats.

Insider Buying and Selling by Quarter for Fortinet (NASDAQ:FTNT)

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