Fortinet Inc (NASDAQ:FTNT) Director Sells $80,720.00 in Stock

Fortinet Inc (NASDAQ:FTNT) Director Christopher B. Paisley sold 1,000 shares of the company’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $80.72, for a total value of $80,720.00. Following the transaction, the director now directly owns 75,213 shares in the company, valued at approximately $6,071,193.36. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

FTNT stock opened at $81.75 on Friday. The business’s fifty day moving average is $83.13 and its 200-day moving average is $82.82. The company has a market cap of $13.62 billion, a P/E ratio of 72.35, a price-to-earnings-growth ratio of 3.63 and a beta of 1.08. Fortinet Inc has a twelve month low of $64.41 and a twelve month high of $96.96.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, August 1st. The software maker reported $0.58 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.30 by $0.28. The company had revenue of $521.70 million for the quarter, compared to the consensus estimate of $511.38 million. Fortinet had a return on equity of 23.96% and a net margin of 19.07%. The firm’s quarterly revenue was up 18.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.41 EPS. Analysts predict that Fortinet Inc will post 1.42 EPS for the current year.

Several hedge funds have recently bought and sold shares of the company. Vestmark Advisory Solutions Inc. bought a new stake in shares of Fortinet in the 2nd quarter valued at $208,000. Maverick Capital Ltd. bought a new stake in shares of Fortinet in the 2nd quarter valued at $4,985,000. Ladenburg Thalmann Financial Services Inc. increased its position in shares of Fortinet by 28.8% in the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 37,165 shares of the software maker’s stock valued at $2,856,000 after buying an additional 8,306 shares in the last quarter. Eaton Vance Management bought a new stake in shares of Fortinet in the 2nd quarter valued at $3,864,000. Finally, Amundi Pioneer Asset Management Inc. increased its position in shares of Fortinet by 287.2% in the 2nd quarter. Amundi Pioneer Asset Management Inc. now owns 204,148 shares of the software maker’s stock valued at $15,684,000 after buying an additional 151,423 shares in the last quarter. 71.55% of the stock is currently owned by institutional investors.

Several research analysts have issued reports on FTNT shares. Robert W. Baird reaffirmed a “hold” rating and set a $100.00 price objective on shares of Fortinet in a report on Friday, August 2nd. Monness Crespi & Hardt reaffirmed a “buy” rating and set a $102.00 price objective (up previously from $97.00) on shares of Fortinet in a report on Friday, August 2nd. Cowen started coverage on Fortinet in a report on Thursday, May 23rd. They set a “market perform” rating and a $85.00 price objective on the stock. Morgan Stanley upped their price objective on Fortinet from $77.00 to $79.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Finally, Northland Securities reaffirmed a “buy” rating and set a $100.00 price objective on shares of Fortinet in a report on Friday, May 3rd. Four investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $87.96.

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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