Ken Xie also recently made the following trade(s):
Fortinet, Inc. (NASDAQ:FTNT) CEO Ken Xie sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, February 7th. The stock was sold at an average price of $37.82, for a total value of $945,500.00. Following the sale, the chief executive officer now owns 12,485,375 shares of the company’s stock, valued at $472,196,882.50. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.
Shares of Fortinet, Inc. (NASDAQ:FTNT) opened at 37.68 on Monday. The company has a market cap of $6.53 billion, a P/E ratio of 209.33 and a beta of 1.28. Fortinet, Inc. has a 52-week low of $24.39 and a 52-week high of $38.33. The stock’s 50 day moving average price is $32.79 and its 200-day moving average price is $33.07.
Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, February 2nd. The company reported $0.30 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.21 by $0.09. Fortinet had a return on equity of 4.74% and a net margin of 2.09%. The company had revenue of $362.80 million for the quarter, compared to the consensus estimate of $344.59 million. During the same quarter last year, the business posted $0.18 EPS. Fortinet’s revenue for the quarter was up 22.4% on a year-over-year basis. Equities analysts expect that Fortinet, Inc. will post $0.89 EPS for the current year.
Several large investors have recently added to or reduced their stakes in FTNT. Frontier Capital Management Co. LLC increased its stake in Fortinet by 14.6% in the second quarter. Frontier Capital Management Co. LLC now owns 3,688,217 shares of the company’s stock valued at $116,511,000 after buying an additional 470,309 shares during the period. JPMorgan Chase & Co. increased its stake in Fortinet by 58.3% in the third quarter. JPMorgan Chase & Co. now owns 756,200 shares of the company’s stock valued at $27,927,000 after buying an additional 278,491 shares during the period. Stephens Investment Management Group LLC increased its stake in Fortinet by 10.2% in the third quarter. Stephens Investment Management Group LLC now owns 626,205 shares of the company’s stock valued at $23,126,000 after buying an additional 58,211 shares during the period. American Capital Management Inc. purchased a new stake in Fortinet during the third quarter valued at $24,075,000. Finally, Sei Investments Co. increased its stake in Fortinet by 36.7% in the third quarter. Sei Investments Co. now owns 59,444 shares of the company’s stock valued at $2,195,000 after buying an additional 15,968 shares during the period. 68.18% of the stock is currently owned by institutional investors.
FTNT has been the subject of several research reports. TheStreet upgraded Fortinet from a “c” rating to a “b-” rating in a report on Thursday, February 2nd. Gabelli reiterated a “buy” rating on shares of Fortinet in a report on Monday, December 12th. Needham & Company LLC reduced their price target on Fortinet from $41.00 to $36.00 and set a “buy” rating for the company in a report on Friday, October 28th. First Analysis initiated coverage on Fortinet in a report on Friday, October 21st. They set an “equal weight” rating and a $32.00 price target for the company. Finally, Zacks Investment Research upgraded Fortinet from a “sell” rating to a “hold” rating in a report on Wednesday, November 2nd. Eleven investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $37.83.
Fortinet, Inc provides cyber security solutions to enterprises, service providers and government organizations across the world. The Company’s flagship 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.