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SUNNYVALE, CA— Fortinet , Inc. (NASDAQ:FTNT), the cybersecurity giant with a market capitalization of $82.7 billion and impressive year-to-date gains of 15%, saw its Chief Financial Officer Jensen Keith recently execute significant stock transactions, as revealed in a Form 4 filing with the Securities and Exchange Commission. According to InvestingPro analysis, the company is currently trading near its Fair Value. On February 26, Keith sold a total of 17,660 shares of Fortinet common stock, generating approximately $1.93 million. The shares were sold at prices ranging from $108.84 to $110.11 per share, amid the company’s strong performance, with a notable 43.5% price increase over the past six months.
In addition to the sales, Keith exercised stock options to acquire 17,660 shares of Fortinet stock. The exercise prices for these options were significantly lower, ranging from $34.39 to $62.11 per share. Following these transactions, Keith now holds 4,736 shares of Fortinet directly.
These transactions were conducted under a pre-established Rule 10b5-1 trading plan, which allows insiders to set up a predetermined schedule for selling company stock to avoid potential accusations of insider trading.
In other recent news, Fortinet has been the focus of several analyst updates and financial assessments. Erste Group initiated coverage on Fortinet with a Buy rating, citing the company’s strong return on equity and projected revenue increase to between $6.7 and $6.9 billion by 2025. Citi analyst Fatima Boolani adjusted the price target for Fortinet to $115, highlighting the company’s stable performance and significant contributions from large deals. TD Cowen’s Shaul Eyal raised the price target to $135, noting strong fourth-quarter results and robust demand driven by the end-of-service firewall refresh cycle. RBC Capital Markets also increased their price target to $115, emphasizing Fortinet’s solid quarterly performance and potential for future enterprise upgrades. BMO Capital Markets, while raising their target to $122, expressed some reservations about Fortinet’s future guidance, despite acknowledging the company’s strong recent quarter. These developments reflect a generally positive outlook from analysts, focusing on Fortinet’s financial health and strategic position in the cybersecurity market.
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