Fortinet, Inc. (NASDAQ:FTNT – Get Free Report) VP Michael Xie sold 5,885 shares of the company’s stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $75.05, for a total value of $441,669.25. Following the completion of the sale, the vice president now owns 29,727,018 shares of the company’s stock, valued at $2,231,012,700.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.
Fortinet Stock Performance
NASDAQ FTNT opened at $75.76 on Friday. The company has a quick ratio of 1.24, a current ratio of 1.34 and a debt-to-equity ratio of 86.92. The company has a market capitalization of $59.49 billion, a price-to-earnings ratio of 62.61, a PEG ratio of 3.48 and a beta of 1.16. The stock has a fifty day simple moving average of $73.82 and a 200 day simple moving average of $65.76. Fortinet, Inc. has a twelve month low of $42.61 and a twelve month high of $81.24.
Fortinet (NASDAQ:FTNT – Get Free Report) last released its quarterly earnings data on Thursday, August 3rd. The software maker reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.04. The company had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.30 billion. Fortinet had a net margin of 20.46% and a negative return on equity of 282.54%. The business’s revenue was up 25.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.18 EPS. Sell-side analysts expect that Fortinet, Inc. will post 1.19 EPS for the current year.
Hedge Funds Weigh In On Fortinet
Several large investors have recently added to or reduced their stakes in FTNT. Mirae Asset Global Investments Co. Ltd. lifted its position in Fortinet by 24.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 391,345 shares of the software maker’s stock valued at $133,738,000 after acquiring an additional 76,027 shares in the last quarter. Raymond James Trust N.A. increased its stake in Fortinet by 24.0% in the 1st quarter. Raymond James Trust N.A. now owns 2,280 shares of the software maker’s stock valued at $779,000 after buying an additional 441 shares during the last quarter. Zions Bancorporation N.A. increased its stake in Fortinet by 20.4% in the 1st quarter. Zions Bancorporation N.A. now owns 430 shares of the software maker’s stock valued at $147,000 after buying an additional 73 shares during the last quarter. Brown Brothers Harriman & Co. increased its stake in Fortinet by 209.4% in the 1st quarter. Brown Brothers Harriman & Co. now owns 1,550 shares of the software maker’s stock valued at $530,000 after buying an additional 1,049 shares during the last quarter. Finally, Covestor Ltd increased its stake in Fortinet by 53.3% in the 1st quarter. Covestor Ltd now owns 164 shares of the software maker’s stock valued at $56,000 after buying an additional 57 shares during the last quarter. Institutional investors own 64.21% of the company’s stock.
Analyst Ratings Changes
FTNT has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft boosted their target price on Fortinet from $63.00 to $65.00 in a research report on Friday, May 5th. Mizuho boosted their target price on Fortinet from $74.00 to $81.00 in a research report on Monday, July 17th. Rosenblatt Securities upped their price target on Fortinet from $80.00 to $95.00 and gave the company a “buy” rating in a research report on Tuesday, July 25th. Barclays upped their price target on Fortinet from $75.00 to $86.00 and gave the company an “overweight” rating in a research report on Friday, July 14th. Finally, Scotiabank upped their price target on Fortinet from $80.00 to $90.00 and gave the company an “outperform” rating in a research report on Tuesday, July 25th. Eight equities research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the stock. According to MarketBeat, Fortinet presently has a consensus rating of “Moderate Buy” and an average price target of $75.74.
Read Our Latest Report on Fortinet
Fortinet Company Profile
Fortinet, Inc provides cybersecurity and networking 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 wide area network acceleration.
Further Reading
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