Fortinet, Inc. (NASDAQ:FTNT) CFO Keith Jensen Sells 23,500 Shares

Fortinet, Inc. (NASDAQ:FTNT - Get Free Report) CFO Keith Jensen sold 23,500 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the transaction, the chief financial officer now directly owns 4,736 shares in the company, valued at $537,820.16. The trade was a 83.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

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

• On Tuesday, November 26th, Keith Jensen sold 17,650 shares of Fortinet stock. The shares were sold at an average price of $95.66, for a total value of $1,688,399.00.

Fortinet Price Performance

Shares of FTNT stock traded down $4.19 during trading hours on Friday, hitting $110.02. 5,093,988 shares of the company's stock were exchanged, compared to its average volume of 4,620,078. The stock's 50-day moving average is $99.88 and its 200-day moving average is $87.93. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The stock has a market cap of $84.33 billion, a price-to-earnings ratio of 48.68, a price-to-earnings-growth ratio of 4.20 and a beta of 1.01.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. As a group, research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on FTNT shares. Truist Financial reaffirmed a "buy" rating and set a $105.00 target price (up previously from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. Rosenblatt Securities raised their target price on shares of Fortinet from $115.00 to $125.00 and gave the company a "buy" rating in a research note on Friday, February 7th. Bank of America increased their target price on Fortinet from $87.00 to $104.00 and gave the company a "buy" rating in a research note on Tuesday, November 19th. Susquehanna lifted their price target on Fortinet from $90.00 to $110.00 and gave the stock a "neutral" rating in a research report on Monday, February 10th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Fortinet in a research report on Friday, February 7th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $103.72.

Hedge Funds Weigh In On Fortinet

Hedge funds have recently added to or reduced their stakes in the company. Eastern Bank bought a new position in shares of Fortinet in the 3rd quarter valued at about $25,000. Ashton Thomas Securities LLC acquired a new position in Fortinet in the third quarter valued at approximately $26,000. Edmond DE Rothschild Holding S.A. bought a new position in Fortinet in the fourth quarter valued at approximately $27,000. Private Wealth Management Group LLC grew its holdings in Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker's stock worth $32,000 after acquiring an additional 173 shares during the period. Finally, Oarsman Capital Inc. raised its position in shares of Fortinet by 188.9% during the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock valued at $39,000 after acquiring an additional 272 shares during the last quarter. Institutional investors own 83.71% of the company's stock.

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.