Insider Selling: Fortinet, Inc. (NASDAQ:FTNT) Director Sells $99,320.00 in Stock

Fortinet, Inc. (NASDAQ:FTNT) Director Kenneth A. Goldman sold 1,000 shares of the stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $99.32, for a total transaction of $99,320.00. Following the sale, the director now directly owns 20,612 shares of the company’s stock, valued at approximately $2,047,183.84. The trade was a 4.63 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Fortinet Price Performance

NASDAQ:FTNT opened at $93.42 on Friday. The company has a 50 day moving average price of $102.22 and a 200-day moving average price of $91.41. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The firm has a market cap of $71.84 billion, a price-to-earnings ratio of 41.34, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39.

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

Hedge Funds Weigh In On Fortinet

Large investors have recently bought and sold shares of the business. Ashton Thomas Securities LLC purchased a new stake in shares of Fortinet in the third quarter valued at approximately $26,000. Edmond DE Rothschild Holding S.A. purchased a new stake in Fortinet in the 4th quarter worth $27,000. Oarsman Capital Inc. increased its holdings in Fortinet by 188.9% in the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock worth $39,000 after acquiring an additional 272 shares in the last quarter. Graney & King LLC acquired a new position in Fortinet during the fourth quarter worth $43,000. Finally, Banque Transatlantique SA purchased a new position in Fortinet during the fourth quarter valued at $43,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Citigroup increased their target price on shares of Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a research report on Friday, January 17th. StockNews.com lowered Fortinet from a “buy” rating to a “hold” rating in a report on Friday, March 7th. Wells Fargo & Company boosted their target price on Fortinet from $85.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Friday, February 7th. Mizuho increased their price target on Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. Finally, Cantor Fitzgerald raised their price target on Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a report on Tuesday, February 4th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $103.72.

About Fortinet

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.