Insider Selling: Fortinet, Inc. (NASDAQ:FTNT) CEO Sells 23,044 Shares of Stock

Fortinet, Inc. (NASDAQ:FTNT) CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the transaction, the chief executive officer now directly owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

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

• On Tuesday, December 17th, Ken Xie sold 22,916 shares of Fortinet stock. The shares were sold at an average price of $97.93, for a total transaction of $2,244,163.88.

Fortinet Trading Up 1.1 %

FTNT stock opened at $94.05 on Friday. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $101.00. The stock has a market capitalization of $72.08 billion, a price-to-earnings ratio of 47.50, a price-to-earnings-growth ratio of 2.51 and a beta of 1.00. The firm’s fifty day simple moving average is $95.43 and its two-hundred day simple moving average is $80.00.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the stock. The Goldman Sachs Group lifted their price target on shares of Fortinet from $100.00 to $114.00 and gave the company a “buy” rating in a report on Thursday, January 2nd. BMO Capital Markets lifted their price target on shares of Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a report on Tuesday, November 19th. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a report on Friday, November 22nd. Mizuho boosted their target price on shares of Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a report on Friday, December 13th. Finally, StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Fortinet presently has an average rating of “Hold” and an average price target of $94.35.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of FTNT. Eastern Bank bought a new position in shares of Fortinet in the third quarter worth about $25,000. Ashton Thomas Securities LLC bought a new position in shares of Fortinet in the third quarter worth about $26,000. Private Wealth Management Group LLC grew its holdings in shares of Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares during the last quarter. City State Bank grew its holdings in shares of Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after purchasing an additional 450 shares during the last quarter. Finally, Paladin Wealth LLC bought a new position in shares of Fortinet in the third quarter worth about $46,000. Institutional investors own 83.71% of the company’s stock.

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.