Ken Xie Sells 22,916 Shares of Fortinet, Inc. (NASDAQ:FTNT) Stock

Fortinet, Inc. (NASDAQ:FTNT) CEO Ken Xie sold 22,916 shares of the company’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total transaction of $2,244,163.88. Following the completion of the sale, the chief executive officer now directly owns 48,983,683 shares in the company, valued at approximately $4,796,972,076.19. This represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Ken Xie also recently made the following trade(s):

• On Wednesday, October 16th, Ken Xie sold 23,307 shares of Fortinet stock. The shares were sold at an average price of $81.89, for a total transaction of $1,908,610.23.

Fortinet Stock Performance

Shares of Fortinet stock traded up $1.49 on Thursday, reaching $94.85. 4,582,498 shares of the company traded hands, compared to its average volume of 5,403,759. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The firm has a market capitalization of $72.70 billion, a PE ratio of 47.90, a PEG ratio of 2.77 and a beta of 1.00. The company has a 50 day moving average of $89.45 and a 200 day moving average of $74.94. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $100.59.

Institutional Trading of Fortinet

Large investors have recently bought and sold shares of the company. State Street Corp grew its stake in shares of Fortinet by 2.9% during the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after acquiring an additional 766,135 shares during the period. Geode Capital Management LLC raised its stake in Fortinet by 2.4% in the 3rd quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock valued at $1,151,097,000 after acquiring an additional 354,692 shares during the period. Marshall Wace LLP lifted its holdings in Fortinet by 198.5% during the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after purchasing an additional 4,148,520 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Fortinet by 10.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker’s stock worth $448,854,000 after purchasing an additional 542,727 shares during the period. Finally, Van ECK Associates Corp increased its stake in shares of Fortinet by 94.9% in the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock worth $346,890,000 after purchasing an additional 2,802,446 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FTNT has been the topic of several research analyst reports. Raymond James upped their target price on Fortinet from $85.00 to $95.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Mizuho lifted their price objective on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. Stifel Nicolaus raised their price target on shares of Fortinet from $90.00 to $103.00 and gave the stock a “hold” rating in a report on Wednesday. Jefferies Financial Group upped their price objective on shares of Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a report on Thursday. Finally, StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $92.77.

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.