Fortinet, Inc. (NASDAQ:FTNT – Get Rating) EVP Patrice Perche sold 575,494 shares of the stock in a transaction dated Thursday, February 9th. The shares were sold at an average price of $58.97, for a total transaction of $33,936,881.18. Following the completion of the sale, the executive vice president now owns 25,730 shares of the company’s stock, valued at approximately $1,517,298.10. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.
Fortinet Trading Up 3.1 %
Shares of FTNT stock traded up $1.79 on Friday, reaching $59.61. 5,561,869 shares of the stock were exchanged, compared to its average volume of 6,281,473. The company has a market capitalization of $46.57 billion, a price-to-earnings ratio of 54.14, a PEG ratio of 3.15 and a beta of 1.14. The business’s 50 day moving average price is $50.95 and its 200 day moving average price is $51.94. Fortinet, Inc. has a twelve month low of $42.61 and a twelve month high of $71.52.
Fortinet (NASDAQ:FTNT – Get Rating) last released its quarterly earnings data on Tuesday, February 7th. The software maker reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.05. The business had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.30 billion. Fortinet had a negative return on equity of 309.63% and a net margin of 19.41%. The business’s quarterly revenue was up 33.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.19 EPS. Equities research analysts forecast that Fortinet, Inc. will post 1.05 earnings per share for the current year.
Institutional Trading of Fortinet
Institutional investors have recently modified their holdings of the stock. Capital Advisors Ltd. LLC lifted its stake in Fortinet by 400.0% in the second quarter. Capital Advisors Ltd. LLC now owns 505 shares of the software maker’s stock valued at $29,000 after buying an additional 404 shares during the last quarter. Ronald Blue Trust Inc. raised its position in Fortinet by 632.9% in the 3rd quarter. Ronald Blue Trust Inc. now owns 535 shares of the software maker’s stock valued at $30,000 after purchasing an additional 462 shares during the last quarter. JFS Wealth Advisors LLC increased its stake in Fortinet by 332.9% in the second quarter. JFS Wealth Advisors LLC now owns 645 shares of the software maker’s stock valued at $36,000 after purchasing an additional 496 shares during the period. Psagot Value Holdings Ltd. Israel acquired a new position in Fortinet in the fourth quarter valued at $37,000. Finally, Farmers & Merchants Investments Inc. raised its holdings in shares of Fortinet by 400.0% in the second quarter. Farmers & Merchants Investments Inc. now owns 700 shares of the software maker’s stock valued at $40,000 after buying an additional 560 shares during the last quarter. Hedge funds and other institutional investors own 64.35% of the company’s stock.
Analysts Set New Price Targets
FTNT has been the subject of a number of analyst reports. Wells Fargo & Company upped their price target on Fortinet from $62.00 to $72.00 and gave the company an “overweight” rating in a research report on Wednesday. JPMorgan Chase & Co. raised their target price on Fortinet from $69.00 to $70.00 and gave the stock an “overweight” rating in a research note on Wednesday. Piper Sandler boosted their price target on shares of Fortinet from $57.00 to $64.00 and gave the company a “neutral” rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Fortinet from $53.00 to $63.00 in a research report on Wednesday. Finally, Morgan Stanley boosted their target price on shares of Fortinet from $69.00 to $70.00 and gave the company an “overweight” rating in a report on Wednesday. Nine investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat.com, Fortinet presently has an average rating of “Moderate Buy” and a consensus price target of $69.57.
Fortinet Company Profile
Fortinet, Inc provides cybersecurity solutions to a variety of businesses, such as enterprises, communication service providers and small businesses. It operates through the following segments: Network Security, Infrastructure Security, Cloud Security, and Endpoint Protection, Internet of Things and Operational Technology.