Insider Selling: Fortinet, Inc. (NASDAQ:FTNT) Director Sells 1,000 Shares of Stock

Fortinet, Inc. (NASDAQ:FTNT) Director Kenneth A. Goldman sold 1,000 shares of the company’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $99.32, for a total transaction of $99,320.00. Following the transaction, the director now directly owns 20,612 shares of the company’s stock, valued at $2,047,183.84. This represents a 4.63 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Fortinet Price Performance

FTNT opened at $98.28 on Wednesday. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The company’s 50 day simple moving average is $102.15 and its 200-day simple moving average is $91.36. The stock has a market capitalization of $75.57 billion, a P/E ratio of 43.49, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. Sell-side analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently commented on FTNT shares. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research report on Friday, February 7th. Truist Financial reaffirmed a “buy” rating and set a $105.00 price objective (up previously from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. Scotiabank increased their price target on shares of Fortinet from $115.00 to $135.00 and gave the stock a “sector outperform” rating in a research report on Friday, February 7th. BMO Capital Markets increased their price target on shares of Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research report on Tuesday, November 19th. Finally, Wells Fargo & Company increased their price target on shares of Fortinet from $85.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Friday, February 7th. One research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $103.72.

Hedge Funds Weigh In On Fortinet

A number of hedge funds and other institutional investors have recently bought and sold shares of FTNT. Assetmark Inc. boosted its stake in Fortinet by 3.8% in the third quarter. Assetmark Inc. now owns 12,232 shares of the software maker’s stock valued at $949,000 after acquiring an additional 448 shares during the last quarter. Lindbrook Capital LLC boosted its stake in Fortinet by 42.0% in the third quarter. Lindbrook Capital LLC now owns 2,092 shares of the software maker’s stock valued at $162,000 after acquiring an additional 619 shares during the last quarter. Sheets Smith Wealth Management raised its holdings in Fortinet by 156.9% in the third quarter. Sheets Smith Wealth Management now owns 8,700 shares of the software maker’s stock worth $675,000 after purchasing an additional 5,313 shares during the period. Sigma Planning Corp raised its holdings in Fortinet by 19.4% in the third quarter. Sigma Planning Corp now owns 8,034 shares of the software maker’s stock worth $623,000 after purchasing an additional 1,306 shares during the period. Finally, Ashton Thomas Securities LLC acquired a new stake in Fortinet in the third quarter worth $26,000. 83.71% of the stock is owned by institutional investors.

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.