Fortinet Inc (NASDAQ:FTNT) CEO Ken Xie sold 89,423 shares of the business’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $45.08, for a total value of $4,031,188.84. Following the transaction, the chief executive officer now directly owns 12,608,811 shares in the company, valued at $568,405,199.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Shares of Fortinet Inc (FTNT) opened at $48.12 on Wednesday. Fortinet Inc has a twelve month low of $35.44 and a twelve month high of $48.16. The firm has a market capitalization of $8,370.00, a P/E ratio of 283.06, a PEG ratio of 3.77 and a beta of 0.86.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Monday, February 5th. The software maker reported $0.32 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.29 by $0.03. Fortinet had a return on equity of 11.77% and a net margin of 2.10%. The business had revenue of $416.70 million during the quarter, compared to the consensus estimate of $409.04 million. During the same period in the previous year, the business earned $0.30 EPS. The business’s quarterly revenue was up 14.9% on a year-over-year basis. sell-side analysts expect that Fortinet Inc will post 0.74 EPS for the current year.

Fortinet announced that its Board of Directors has authorized a share buyback plan on Thursday, October 26th that permits the company to repurchase $400.00 million in shares. This repurchase authorization permits the software maker to purchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

Several research firms recently commented on FTNT. UBS Group boosted their price target on Fortinet from $46.00 to $47.00 and gave the stock a “buy” rating in a research report on Friday, October 27th. JPMorgan Chase & Co. lowered Fortinet from an “overweight” rating to a “neutral” rating and set a $50.00 price target on the stock. in a research report on Tuesday, December 12th. Barclays boosted their price target on Fortinet from $48.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Tuesday, February 6th. Zacks Investment Research raised Fortinet from a “hold” rating to a “buy” rating and set a $52.00 price target on the stock in a research report on Tuesday. Finally, Deutsche Bank lowered Fortinet from a “buy” rating to a “hold” rating and set a $46.00 price target on the stock. in a research report on Tuesday, January 23rd. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the stock. Fortinet has an average rating of “Buy” and an average price target of $47.67.

Hedge funds and other institutional investors have recently modified their holdings of the company. SeaCrest Wealth Management LLC bought a new stake in shares of Fortinet in the 4th quarter valued at approximately $109,000. Cerebellum GP LLC bought a new position in Fortinet during the 4th quarter worth $125,000. First Mercantile Trust Co. bought a new position in Fortinet during the 4th quarter worth $135,000. First Republic Investment Management Inc. bought a new position in Fortinet during the 4th quarter worth $208,000. Finally, Ropes Wealth Advisors LLC grew its stake in Fortinet by 28.7% during the 3rd quarter. Ropes Wealth Advisors LLC now owns 5,935 shares of the software maker’s stock worth $213,000 after buying an additional 1,325 shares during the last quarter. Institutional investors and hedge funds own 70.68% of the company’s stock.

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About Fortinet

Fortinet, Inc is a network security company. The Company provides cyber security solutions to a range of enterprises, service providers and government organizations across the world. Its network security solution consists of FortiGate physical, virtual machine and cloud platforms, which provide integrated security and networking functions to protect data, applications and users from network-and content-level security threats.

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

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