Categories: Insider Trading News

Fortinet CEO Ken Xie sells shares price $4.27 million


SUNNYVALE, Calif.— Fortinet , Inc. (NASDAQ:FTNT) President and CEO Ken Xie just lately executed a collection of inventory transactions, in response to a submitting made with the Securities and Alternate Fee. On January 14 and 15, Xie bought a complete of 46,057 shares of Fortinet frequent inventory, amounting to roughly $4.27 million. The shares had been bought at costs starting from $91.9042 to $93.9214 per share. In response to InvestingPro knowledge, Fortinet maintains spectacular gross revenue margins of almost 80% and at the moment trades close to its Honest Worth.

Moreover, Xie exercised choices to accumulate 83,333 shares on the identical dates, at a value of $9.812 per share. These transactions had been performed below a pre-arranged buying and selling plan, as famous within the submitting. Following these transactions, Xie maintains direct possession of 49,039,698 shares of Fortinet frequent inventory.

These actions are a part of Xie’s ongoing administration of his holdings in Fortinet, a number one supplier of cybersecurity options.

In different latest information, Fortinet, a cybersecurity firm, confirmed mid-single-digit development within the third quarter of 2024, producing $1.66 billion in levered free money stream over the past twelve months. The corporate additionally maintains spectacular gross revenue margins of 79.71%. These developments have led to analysts’ reassessments, with Raymond (NS:RYMD) James downgrading Fortinet inventory from Outperform to Market Carry out as a consequence of growing market anticipation of a ‘supercycle’ in community safety.

Then again, Piper Sandler upgraded Fortinet’s inventory from Impartial to Obese, elevating the worth goal from $100.00 to $120.00. Equally, Baird maintained an Outperform score on Fortinet, elevating the inventory’s value goal to $105.00. KeyBanc Capital Markets additionally upgraded Fortinet’s inventory from Sector Weight to Obese, setting a brand new value goal of $115.00.

In different latest developments, Microsoft Company (NASDAQ:MSFT) reported a 16% year-on-year improve in Q1 FY2025 income, reaching $65.6 billion, with the corporate’s cloud unit, Microsoft Cloud, additionally performing robustly. Analyst companies, together with TD Cowen, Citi, Mizuho (NYSE:MFG), and Goldman Sachs, have maintained their constructive rankings on Microsoft’s inventory.

Lastly, the 2025 CIO Survey by Piper Sandler revealed a powerful outlook for IT spending, with a document 87% of respondents anticipating funds will increase in 2025. This might doubtlessly profit each Microsoft Company and Fortinet. These are among the latest developments that traders ought to take into account.

This text was generated with the help of AI and reviewed by an editor. For extra data see our T&C.

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