Fortinet, Inc. (NASDAQ:FTNT) CFO Keith Jensen Sells 4,250 Shares

Fortinet, Inc. (NASDAQ:FTNT - Get Free Report) CFO Keith Jensen sold 4,250 shares of the stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares of the company's stock, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Fortinet Price Performance

Shares of NASDAQ FTNT traded up $1.66 during mid-day trading on Wednesday, reaching $92.45. 4,963,685 shares of the company were exchanged, compared to its average volume of 5,504,235. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The stock has a market capitalization of $70.86 billion, a PE ratio of 46.55, a PEG ratio of 2.82 and a beta of 1.00. The company's 50 day moving average price is $81.39 and its 200 day moving average price is $69.73. Fortinet, Inc. has a 52 week low of $50.65 and a 52 week high of $100.59.

Institutional Investors Weigh In On Fortinet

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Eastern Bank purchased a new position in shares of Fortinet in the 3rd quarter worth $25,000. Ashton Thomas Securities LLC purchased a new position in Fortinet during the 3rd quarter valued at about $26,000. Private Wealth Management Group LLC increased its position in Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker's stock valued at $32,000 after purchasing an additional 173 shares during the period. Oakworth Capital Inc. purchased a new position in shares of Fortinet in the 2nd quarter worth approximately $33,000. Finally, Versant Capital Management Inc raised its position in Fortinet by 61.2% during the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker's stock worth $38,000 after acquiring an additional 238 shares during the period. Hedge funds and other institutional investors own 83.71% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on FTNT shares. Stifel Nicolaus increased their price target on Fortinet from $84.00 to $90.00 and gave the stock a "hold" rating in a report on Tuesday. BMO Capital Markets boosted their target price on shares of Fortinet from $88.00 to $100.00 and gave the company a "market perform" rating in a report on Tuesday. Truist Financial reaffirmed a "buy" rating and set a $105.00 price target (up previously from $85.00) on shares of Fortinet in a research report on Wednesday. UBS Group increased their target price on Fortinet from $70.00 to $83.00 and gave the company a "neutral" rating in a research report on Friday, November 8th. Finally, Guggenheim lowered Fortinet from a "buy" rating to a "neutral" rating in a research note on Monday, July 29th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $88.93.

About Fortinet

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.