Fortinet, Inc. (NASDAQ:FTNT) Director Kenneth A. Goldman Sells 2,000 Shares of Stock

Fortinet, Inc. (NASDAQ:FTNT) Director Kenneth A. Goldman sold 2,000 shares of the stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total value of $200,000.00. Following the transaction, the director now owns 18,612 shares in the company, valued at $1,861,200. The trade was a 9.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Fortinet Stock Performance

Shares of NASDAQ FTNT opened at $97.93 on Thursday. The stock has a market cap of $75.31 billion, a price-to-earnings ratio of 43.33, a P/E/G ratio of 4.19 and a beta of 0.97. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The stock’s 50-day moving average is $102.22 and its 200 day moving average is $91.41.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. On average, sell-side analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Hedge Funds Weigh In On Fortinet

Hedge funds have recently made changes to their positions in the business. First Hawaiian Bank purchased a new position in shares of Fortinet during the fourth quarter valued at approximately $670,000. LVM Capital Management Ltd. MI boosted its position in shares of Fortinet by 10.7% during the fourth quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock valued at $8,487,000 after purchasing an additional 8,707 shares in the last quarter. Apollon Wealth Management LLC boosted its position in shares of Fortinet by 7.6% during the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock valued at $1,186,000 after purchasing an additional 1,081 shares in the last quarter. Trilogy Capital Inc. boosted its position in shares of Fortinet by 17.8% during the fourth quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock valued at $2,220,000 after purchasing an additional 3,544 shares in the last quarter. Finally, Dixon Mitchell Investment Counsel Inc. boosted its position in shares of Fortinet by 129.9% during the fourth quarter. Dixon Mitchell Investment Counsel Inc. now owns 299,989 shares of the software maker’s stock valued at $28,343,000 after purchasing an additional 169,530 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Piper Sandler reiterated an “overweight” rating and issued a $135.00 target price (up from $120.00) on shares of Fortinet in a report on Friday, February 7th. BMO Capital Markets increased their target price on Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a report on Tuesday, November 19th. Truist Financial reiterated a “buy” rating and issued a $105.00 target price (up from $85.00) on shares of Fortinet in a report on Wednesday, November 20th. KeyCorp raised Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price target for the company in a research report on Thursday, December 19th. Finally, JPMorgan Chase & Co. increased their price target on Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a research report on Monday, December 16th. One 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’s stock. According to MarketBeat.com, Fortinet has a consensus 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.