Fortinet, Inc. (NASDAQ:FTNT) VP John Whittle Sells 3,125 Shares

Fortinet, Inc. (NASDAQ:FTNTGet Rating) VP John Whittle sold 3,125 shares of the business’s stock in a transaction that occurred on Friday, November 11th. The stock was sold at an average price of $55.00, for a total transaction of $171,875.00. Following the completion of the transaction, the vice president now owns 12,876 shares in the company, valued at approximately $708,180. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Fortinet Price Performance

FTNT opened at $55.52 on Tuesday. The firm has a market cap of $43.37 billion, a P/E ratio of 61.28, a PEG ratio of 3.49 and a beta of 1.16. The firm has a 50-day moving average of $51.62 and a 200 day moving average of $56.09. The company has a debt-to-equity ratio of 4.24, a quick ratio of 1.00 and a current ratio of 1.07. Fortinet, Inc. has a fifty-two week low of $42.61 and a fifty-two week high of $74.35.

Fortinet (NASDAQ:FTNTGet Rating) last posted its quarterly earnings results on Wednesday, November 2nd. The software maker reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.06. The company had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.12 billion. Fortinet had a net margin of 18.12% and a return on equity of 9,183.04%. The firm’s revenue for the quarter was up 32.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.15 earnings per share. On average, research analysts expect that Fortinet, Inc. will post 0.89 EPS for the current year.

Analysts Set New Price Targets

FTNT has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Fortinet from $60.00 to $63.00 in a research report on Thursday, August 4th. Barclays lowered their price objective on shares of Fortinet from $77.00 to $65.00 in a report on Tuesday, October 11th. UBS Group lowered their price objective on shares of Fortinet from $68.00 to $65.00 and set a “neutral” rating on the stock in a report on Thursday, August 4th. BTIG Research lowered their price objective on shares of Fortinet from $80.00 to $62.00 and set a “buy” rating on the stock in a report on Thursday, November 3rd. Finally, Wells Fargo & Company lowered their price objective on shares of Fortinet from $80.00 to $70.00 and set an “overweight” rating on the stock in a report on Monday, July 18th. Four research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $67.65.

Institutional Investors Weigh In On Fortinet

Institutional investors have recently added to or reduced their stakes in the business. Horizon Investments LLC purchased a new stake in Fortinet during the first quarter valued at about $1,122,000. Merit Financial Group LLC purchased a new stake in Fortinet during the first quarter valued at about $1,258,000. Lazard Asset Management LLC lifted its holdings in Fortinet by 525.3% during the second quarter. Lazard Asset Management LLC now owns 479,543 shares of the software maker’s stock valued at $27,132,000 after purchasing an additional 402,855 shares during the last quarter. DnB Asset Management AS lifted its holdings in Fortinet by 403.9% during the second quarter. DnB Asset Management AS now owns 112,060 shares of the software maker’s stock valued at $6,340,000 after purchasing an additional 89,820 shares during the last quarter. Finally, Montag A & Associates Inc. lifted its holdings in Fortinet by 440.0% during the second quarter. Montag A & Associates Inc. now owns 1,890 shares of the software maker’s stock valued at $107,000 after purchasing an additional 1,540 shares during the last quarter. 65.72% of the stock is owned by hedge funds and other institutional investors.

Fortinet Company Profile

(Get Rating)

Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. 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 wide area network acceleration.

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