Insider Selling: Fortinet Inc (FTNT) Director Sells 1,000 Shares of Stock

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Fortinet Inc (NASDAQ:FTNT) Director Christopher B. Paisley sold 1,000 shares of Fortinet stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $81.62, for a total transaction of $81,620.00. Following the completion of the transaction, the director now owns 72,621 shares of the company’s stock, valued at approximately $5,927,326.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

FTNT stock opened at $78.57 on Friday. Fortinet Inc has a fifty-two week low of $59.28 and a fifty-two week high of $96.96. The company has a market capitalization of $13.42 billion, a P/E ratio of 69.53, a P/E/G ratio of 4.19 and a beta of 0.93.

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

Hedge funds have recently bought and sold shares of the stock. Oregon Public Employees Retirement Fund grew its holdings 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 acquiring an additional 3,204,555 shares during the period. Norges Bank acquired a new stake in Fortinet during the 4th quarter worth $108,282,000. Millennium Management LLC grew its holdings in Fortinet by 747.9% during the 4th quarter. Millennium Management LLC now owns 1,689,155 shares of the software maker’s stock worth $118,967,000 after acquiring an additional 1,489,927 shares during the period. Renaissance Technologies LLC grew its holdings in Fortinet by 39.7% during the 1st quarter. Renaissance Technologies LLC now owns 3,738,700 shares of the software maker’s stock worth $313,939,000 after acquiring an additional 1,061,600 shares during the period. Finally, FMR LLC grew its holdings in Fortinet by 495.1% during the 1st quarter. FMR LLC now owns 1,243,818 shares of the software maker’s stock worth $104,444,000 after acquiring an additional 1,034,818 shares during the period. Hedge funds and other institutional investors own 72.96% of the company’s stock.

A number of research analysts have recently issued reports on FTNT shares. BidaskClub cut shares of Fortinet from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 5th. Citigroup cut shares of Fortinet from a “neutral” rating to a “sell” rating and cut their target price for the company from $84.00 to $78.00 in a research note on Friday, May 3rd. Zacks Investment Research cut shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Wednesday, February 6th. Northland Securities reiterated a “buy” rating and issued a $100.00 target price on shares of Fortinet in a research note on Friday, May 3rd. Finally, Oppenheimer lifted their target price on shares of Fortinet from $88.00 to $97.00 and gave the company an “outperform” rating in a research note on Thursday, February 7th. Three analysts have rated the stock with a sell rating, seventeen have given a hold rating and eleven have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $85.13.

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About Fortinet

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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Insider Buying and Selling by Quarter for Fortinet (NASDAQ:FTNT)

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