Fortinet, Inc. (NASDAQ:FTNT) Director Kenneth A. Goldman Sells 1,000 Shares of Stock

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

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $98.28 on Wednesday. The company’s fifty day moving average is $102.15 and its two-hundred day moving average is $91.36. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The company has a market cap of $75.57 billion, a P/E ratio of 43.49, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97.

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

Hedge Funds Weigh In On Fortinet

Several institutional investors and hedge funds have recently modified their holdings of the stock. Ashton Thomas Securities LLC bought a new stake in Fortinet in the third quarter worth $26,000. Edmond DE Rothschild Holding S.A. bought a new stake in Fortinet during the fourth quarter valued at about $27,000. Oarsman Capital Inc. boosted its holdings in Fortinet by 188.9% during the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock valued at $39,000 after acquiring an additional 272 shares during the period. Graney & King LLC bought a new stake in Fortinet during the fourth quarter valued at about $43,000. Finally, Banque Transatlantique SA bought a new stake in Fortinet during the fourth quarter valued at about $43,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Piper Sandler reiterated an “overweight” rating and issued a $135.00 price target (up from $120.00) on shares of Fortinet in a report on Friday, February 7th. TD Cowen boosted their price objective on Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. Morgan Stanley lifted their target price on Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. Truist Financial restated a “buy” rating and issued a $105.00 target price (up from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. Finally, StockNews.com downgraded Fortinet from a “buy” rating to a “hold” rating in a research report on Friday, March 7th. One equities research analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price 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.