Fortinet Inc (FTNT) VP Sells $103,600.00 in Stock

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Fortinet Inc (NASDAQ:FTNT) VP John Whittle sold 1,250 shares of the business’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $82.88, for a total transaction of $103,600.00. Following the completion of the transaction, the vice president now owns 9,309 shares in the company, valued at approximately $771,529.92. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

John Whittle also recently made the following trade(s):

  • On Wednesday, May 1st, John Whittle sold 1,250 shares of Fortinet stock. The stock was sold at an average price of $92.44, for a total transaction of $115,550.00.
  • On Friday, May 3rd, John Whittle sold 3,691 shares of Fortinet stock. The stock was sold at an average price of $87.48, for a total transaction of $322,888.68.
  • On Monday, March 18th, John Whittle sold 1,248 shares of Fortinet stock. The stock was sold at an average price of $83.41, for a total transaction of $104,095.68.
  • On Tuesday, February 19th, John Whittle sold 1,580 shares of Fortinet stock. The stock was sold at an average price of $83.44, for a total transaction of $131,835.20.

Fortinet stock traded down $0.62 during midday trading on Friday, reaching $82.62. The company’s stock had a trading volume of 1,181,782 shares, compared to its average volume of 1,721,617. Fortinet Inc has a 52-week low of $57.76 and a 52-week high of $96.96. The stock has a market cap of $14.04 billion, a PE ratio of 73.12, a price-to-earnings-growth ratio of 4.12 and a beta of 0.93.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.26. Fortinet had a return on equity of 22.52% and a net margin of 18.64%. The firm had revenue of $472.60 million during the quarter, compared to analysts’ expectations of $471.90 million. During the same period last year, the business posted $0.33 earnings per share. The company’s revenue for the quarter was up 18.4% compared to the same quarter last year. Equities research analysts predict that Fortinet Inc will post 1.31 EPS for the current fiscal year.

Several large investors have recently made changes to their positions in FTNT. Oregon Public Employees Retirement Fund grew its position in Fortinet by 3,990.7% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 3,284,855 shares of the software maker’s stock worth $47,000 after purchasing an additional 3,204,555 shares in the last quarter. Norges Bank acquired a new stake in Fortinet in the 4th quarter worth about $108,282,000. Millennium Management LLC raised its stake in Fortinet by 747.9% in the 4th quarter. Millennium Management LLC now owns 1,689,155 shares of the software maker’s stock worth $118,967,000 after purchasing an additional 1,489,927 shares in the last quarter. Renaissance Technologies LLC raised its stake in Fortinet by 39.7% in the 1st quarter. Renaissance Technologies LLC now owns 3,738,700 shares of the software maker’s stock worth $313,939,000 after purchasing an additional 1,061,600 shares in the last quarter. Finally, FMR LLC raised its stake in Fortinet by 495.1% in the 1st quarter. FMR LLC now owns 1,243,818 shares of the software maker’s stock worth $104,444,000 after purchasing an additional 1,034,818 shares in the last quarter. Hedge funds and other institutional investors own 70.88% of the company’s stock.

Several brokerages have commented on FTNT. BidaskClub lowered Fortinet from a “buy” rating to a “hold” rating in a research report on Wednesday, May 8th. Evercore ISI reissued a “hold” rating and set a $80.00 price target on shares of Fortinet in a research report on Tuesday, May 7th. Monness Crespi & Hardt reissued a “buy” rating and set a $97.00 price target (up previously from $95.00) on shares of Fortinet in a research report on Friday, May 3rd. Citigroup downgraded Fortinet from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $84.00 to $78.00 in a research report on Friday, May 3rd. Finally, Northland Securities reissued a “buy” rating and set a $100.00 price target on shares of Fortinet in a research report on Friday, May 3rd. Three equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and eleven have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $85.13.

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Fortinet Company Profile

Fortinet, Inc provides broad, integrated, and automated cybersecurity 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; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.

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