Keith Jensen Sells 23,500 Shares of Fortinet, Inc. (NASDAQ:FTNT) Stock

Fortinet, Inc. (NASDAQ:FTNT) CFO Keith Jensen sold 23,500 shares of the firm’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total value of $2,668,660.00. Following the completion of the sale, the chief financial officer now directly owns 4,736 shares of the company’s stock, valued at $537,820.16. This represents a 83.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Keith Jensen also recently made the following trade(s):

• On Tuesday, November 26th, Keith Jensen sold 17,650 shares of Fortinet stock. The stock was sold at an average price of $95.66, for a total value of $1,688,399.00.

Fortinet Price Performance

FTNT stock traded down $0.38 during mid-day trading on Thursday, hitting $114.19. 6,894,667 shares of the stock were exchanged, compared to its average volume of 4,658,832. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The stock has a market capitalization of $87.52 billion, a price-to-earnings ratio of 50.53, a PEG ratio of 4.19 and a beta of 1.01. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The business has a fifty day moving average price of $99.56 and a 200 day moving average price of $87.75.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. On average, sell-side analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Mackenzie Financial Corp increased its holdings in Fortinet by 135.9% during the 4th quarter. Mackenzie Financial Corp now owns 138,827 shares of the software maker’s stock valued at $13,116,000 after purchasing an additional 79,985 shares during the period. Westfuller Advisors LLC purchased a new position in shares of Fortinet during the 4th quarter worth approximately $215,000. Toronto Dominion Bank grew its holdings in shares of Fortinet by 6.7% during the 4th quarter. Toronto Dominion Bank now owns 381,766 shares of the software maker’s stock worth $36,068,000 after acquiring an additional 24,132 shares during the period. Cache Advisors LLC purchased a new position in shares of Fortinet during the 4th quarter worth approximately $688,000. Finally, GF Fund Management CO. LTD. purchased a new position in shares of Fortinet during the 4th quarter worth approximately $13,724,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analysts Set New Price Targets

FTNT has been the subject of a number of recent research reports. Rosenblatt Securities raised their target price on Fortinet from $115.00 to $125.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. UBS Group raised their target price on Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. JPMorgan Chase & Co. raised their target price on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Hsbc Global Res upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Finally, Baird R W cut Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 3rd. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $103.72.

Fortinet Company Profile

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.