Michael Xie Sells 9,124 Shares of Fortinet Inc (FTNT) Stock

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Fortinet Inc (NASDAQ:FTNT) VP Michael Xie sold 9,124 shares of the business’s stock in a transaction dated Monday, February 11th. The stock was sold at an average price of $81.54, for a total transaction of $743,970.96. Following the completion of the sale, the vice president now owns 6,460,100 shares in the company, valued at $526,756,554. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

NASDAQ:FTNT opened at $82.42 on Thursday. Fortinet Inc has a fifty-two week low of $47.68 and a fifty-two week high of $94.37. The stock has a market cap of $14.14 billion, a price-to-earnings ratio of 72.94, a price-to-earnings-growth ratio of 4.22 and a beta of 0.90.

Fortinet (NASDAQ:FTNT) last released its earnings results on Wednesday, February 6th. The software maker reported $0.42 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.31 by $0.11. Fortinet had a return on equity of 22.72% and a net margin of 18.44%. The company had revenue of $507.00 million for the quarter, compared to analysts’ expectations of $496.33 million. During the same quarter in the previous year, the business posted $0.32 EPS. The business’s revenue for the quarter was up 21.7% on a year-over-year basis. As a group, equities research analysts forecast that Fortinet Inc will post 1.15 earnings per share for the current year.

Large investors have recently added to or reduced their stakes in the business. Tarbox Family Office Inc. purchased a new position in Fortinet during the 4th quarter valued at about $25,000. Sun Life Financial INC purchased a new position in Fortinet during the 4th quarter valued at about $28,000. Guardian Life Insurance Co. of America purchased a new position in Fortinet during the 4th quarter valued at about $29,000. Bremer Trust National Association purchased a new position in Fortinet during the 4th quarter valued at about $33,000. Finally, Gemmer Asset Management LLC grew its stake in Fortinet by 145.6% during the 4th quarter. Gemmer Asset Management LLC now owns 641 shares of the software maker’s stock valued at $45,000 after acquiring an additional 380 shares in the last quarter. 71.30% of the stock is currently owned by institutional investors.

FTNT has been the topic of several research reports. BidaskClub upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research report on Wednesday, January 30th. Oppenheimer dropped their price target on Fortinet from $97.00 to $88.00 in a research note on Monday, January 7th. OTR Global cut Fortinet to a “positive” rating in a research note on Friday, January 18th. Zacks Investment Research cut Fortinet from a “buy” rating to a “hold” rating in a research note on Friday, January 18th. Finally, Royal Bank of Canada lifted their price target on Fortinet to $76.00 and gave the stock a “sector perform” rating in a research note on Friday, November 2nd. Two investment analysts have rated the stock with a sell rating, sixteen have given a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $80.86.

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Fortinet Company Profile

Fortinet, Inc provides broad, automated, and integrated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and WAN acceleration; and FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of products, which offers a cloud-ready security information and event management solution for enterprises and service providers.

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