Fortinet, Inc. (NASDAQ:FTNT) CEO Sells $2,244,163.88 in Stock

Fortinet, Inc. (NASDAQ:FTNT - Get Free Report) CEO Ken Xie sold 22,916 shares of the company's stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total value of $2,244,163.88. Following the transaction, the chief executive officer now directly owns 48,983,683 shares of the company's stock, valued at approximately $4,796,972,076.19. This trade represents a 0.05 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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 FTNT traded up $1.49 during midday trading on Thursday, hitting $94.85. The company's stock had a trading volume of 4,582,498 shares, compared to its average volume of 5,403,759. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a one year low of $54.57 and a one year high of $100.59. The stock has a market capitalization of $72.70 billion, a price-to-earnings ratio of 47.90, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. The company's fifty day simple moving average is $89.45 and its two-hundred day simple moving average is $74.94.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of FTNT. State Street Corp grew its holdings in shares of Fortinet by 2.9% during the third quarter. State Street Corp now owns 27,281,279 shares of the software maker's stock worth $2,115,663,000 after purchasing an additional 766,135 shares during the last quarter. Geode Capital Management LLC raised its position in 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 purchasing an additional 354,692 shares during the last quarter. Marshall Wace LLP lifted its holdings in Fortinet by 198.5% during the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker's stock worth $376,016,000 after buying an additional 4,148,520 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Fortinet by 10.3% in the 3rd 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 buying an additional 542,727 shares during the last quarter. Finally, Van ECK Associates Corp increased its stake in shares of Fortinet by 94.9% in 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 buying an additional 2,802,446 shares during the period. Institutional investors and hedge funds own 83.71% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on FTNT. Truist Financial restated a "buy" rating and issued a $105.00 price objective (up previously from $85.00) on shares of Fortinet in a report on Wednesday, November 20th. BMO Capital Markets upped their price objective on Fortinet from $88.00 to $100.00 and gave the stock a "market perform" rating in a research note on Tuesday, November 19th. JPMorgan Chase & Co. raised their target price on shares of Fortinet from $99.00 to $105.00 and gave the company a "neutral" rating in a research note on Monday. KeyCorp raised shares of Fortinet from a "sector weight" rating to an "overweight" rating and set a $115.00 price target on the stock in a research report on Thursday. Finally, Bank of America lifted their price target on Fortinet from $87.00 to $104.00 and gave the stock a "buy" rating in a report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.