Fortinet Inc (NASDAQ:FTNT) VP Michael Xie sold 19,790 shares of Fortinet stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $45.30, for a total value of $896,487.00. Following the transaction, the vice president now owns 7,181 shares of the company’s stock, valued at approximately $325,299.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

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

  • On Friday, December 1st, Michael Xie sold 40,000 shares of Fortinet stock. The stock was sold at an average price of $41.95, for a total value of $1,678,000.00.

Shares of Fortinet Inc (FTNT) opened at $45.51 on Thursday. Fortinet Inc has a 1 year low of $35.44 and a 1 year high of $47.00. The firm has a market cap of $8,093.31, a P/E ratio of 267.71, a PEG ratio of 4.75 and a beta of 0.86.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Monday, February 5th. The software maker reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.03. Fortinet had a net margin of 2.10% and a return on equity of 11.77%. The company had revenue of $416.70 million during the quarter, compared to the consensus estimate of $409.04 million. During the same period in the previous year, the business earned $0.30 earnings per share. The firm’s quarterly revenue was up 14.9% on a year-over-year basis. equities research analysts expect that Fortinet Inc will post 0.58 EPS for the current fiscal year.

Fortinet announced that its board has authorized a share repurchase plan on Thursday, October 26th that allows the company to repurchase $400.00 million in shares. This repurchase authorization allows the software maker to purchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. raised its position in shares of Fortinet by 30.0% in the third quarter. JPMorgan Chase & Co. now owns 443,180 shares of the software maker’s stock valued at $15,914,000 after buying an additional 102,195 shares in the last quarter. Gluskin Sheff & Assoc Inc. raised its position in shares of Fortinet by 89.8% in the third quarter. Gluskin Sheff & Assoc Inc. now owns 550,739 shares of the software maker’s stock valued at $19,739,000 after buying an additional 260,509 shares in the last quarter. Victory Capital Management Inc. acquired a new stake in shares of Fortinet in the third quarter valued at approximately $1,300,000. New York State Common Retirement Fund raised its position in shares of Fortinet by 2.2% in the third quarter. New York State Common Retirement Fund now owns 519,640 shares of the software maker’s stock valued at $18,624,000 after buying an additional 11,333 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. raised its position in shares of Fortinet by 2.2% in the third quarter. Schwab Charles Investment Management Inc. now owns 457,676 shares of the software maker’s stock valued at $16,404,000 after buying an additional 9,730 shares in the last quarter. Institutional investors own 70.84% of the company’s stock.

FTNT has been the subject of a number of research analyst reports. Piper Jaffray Companies reiterated a “buy” rating and set a $46.00 price target on shares of Fortinet in a report on Friday, October 27th. Zacks Investment Research upgraded Fortinet from a “hold” rating to a “buy” rating and set a $44.00 price objective for the company in a report on Tuesday, October 31st. Oppenheimer boosted their price objective on Fortinet from $45.00 to $50.00 and gave the stock an “outperform” rating in a report on Monday, January 8th. Robert W. Baird boosted their price objective on Fortinet from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Thursday, January 11th. Finally, Evercore ISI restated a “hold” rating and set a $38.00 price objective on shares of Fortinet in a report on Friday, October 27th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, fourteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $47.33.

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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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