Keith Jensen Sells 1,850 Shares of Fortinet, Inc. (FTNT) Stock
Fortinet, Inc. (NASDAQ:FTNT) insider Keith Jensen sold 1,850 shares of the business’s stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $36.47, for a total transaction of $67,469.50. Following the completion of the transaction, the insider now directly owns 1,315 shares of the company’s stock, valued at approximately $47,958.05. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.
Keith Jensen also recently made the following trade(s):
- On Tuesday, August 8th, Keith Jensen sold 950 shares of Fortinet stock. The shares were sold at an average price of $36.67, for a total transaction of $34,836.50.
- On Wednesday, May 17th, Keith Jensen sold 624 shares of Fortinet stock. The shares were sold at an average price of $40.73, for a total transaction of $25,415.52.
Shares of Fortinet, Inc. (NASDAQ:FTNT) traded up 0.49% during midday trading on Wednesday, hitting $36.70. 1,380,500 shares of the stock were exchanged. Fortinet, Inc. has a 1-year low of $28.51 and a 1-year high of $41.56. The stock has a market capitalization of $6.45 billion, a price-to-earnings ratio of 100.55 and a beta of 1.02. The firm’s 50 day moving average is $38.52 and its 200-day moving average is $37.75.
Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Wednesday, July 26th. The software maker reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.07. Fortinet had a net margin of 4.71% and a return on equity of 9.36%. The business had revenue of $363.50 million for the quarter, compared to analysts’ expectations of $361.05 million. During the same period in the previous year, the company earned $0.14 earnings per share. The firm’s revenue for the quarter was up 16.7% compared to the same quarter last year. On average, analysts predict that Fortinet, Inc. will post $0.95 EPS for the current year.
Fortinet declared that its board has authorized a stock repurchase program on Wednesday, July 26th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the software maker to purchase up to 4.2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.
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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FTNT. Los Angeles Capital Management & Equity Research Inc. purchased a new position in Fortinet during the second quarter valued at $4,893,000. Flagship Harbor Advisors LLC boosted its position in Fortinet by 2.7% in the second quarter. Flagship Harbor Advisors LLC now owns 7,492 shares of the software maker’s stock valued at $288,000 after buying an additional 200 shares during the period. JPMorgan Chase & Co. boosted its position in Fortinet by 23.5% in the second quarter. JPMorgan Chase & Co. now owns 340,985 shares of the software maker’s stock valued at $12,766,000 after buying an additional 64,900 shares during the period. Radnor Capital Management LLC boosted its position in Fortinet by 4.2% in the second quarter. Radnor Capital Management LLC now owns 12,400 shares of the software maker’s stock valued at $464,000 after buying an additional 500 shares during the period. Finally, Pinnacle Associates Ltd. boosted its position in Fortinet by 6.3% in the second quarter. Pinnacle Associates Ltd. now owns 7,755 shares of the software maker’s stock valued at $290,000 after buying an additional 460 shares during the period. Institutional investors and hedge funds own 72.98% of the company’s stock.
FTNT has been the subject of several research analyst reports. Zacks Investment Research raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $43.00 price target for the company in a report on Friday, July 7th. Dougherty & Co boosted their price target on shares of Fortinet from $38.00 to $46.00 and gave the company a “buy” rating in a report on Friday, April 21st. Vetr raised shares of Fortinet from a “hold” rating to a “strong-buy” rating and set a $48.00 price target for the company in a report on Monday, April 24th. OTR Global raised shares of Fortinet to a “positive” rating in a report on Wednesday, July 5th. Finally, BMO Capital Markets raised shares of Fortinet from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $44.00 to $46.00 in a report on Friday, April 21st. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, nine have given a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company’s stock. Fortinet has a consensus rating of “Buy” and an average price target of $41.56.
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.
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