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SUNNYVALE, CA—Jensen Keith, the Chief Financial Officer of Fortinet , Inc. (NASDAQ:FTNT), has sold a significant portion of his holdings in the company. According to a recent SEC filing, Keith sold a total of 23,500 shares of Fortinet’s common stock on February 19, 2025, through a pre-established Rule 10b5-1 trading plan. The sale comes as Fortinet’s stock trades near its 52-week high of $114.82, having delivered an impressive 75% return over the past year.
The shares were sold at prices ranging from $112.03 to $114.63 per share, resulting in a total transaction value of approximately $2.67 million. Following these transactions, Keith’s direct ownership of Fortinet shares decreased to 4,736 shares. The cybersecurity giant, currently valued at $87.36 billion, maintains impressive gross profit margins of 81% and receives a "GREAT" financial health score according to InvestingPro analysis.
These sales were executed as part of a planned strategy, allowing the CFO to manage his stock holdings in the company while adhering to regulatory guidelines. InvestingPro subscribers can access over 20 additional insights and a comprehensive Pro Research Report about Fortinet’s valuation, financial health, and growth prospects.
In other recent news, Fortinet has received multiple updates from analysts following its strong quarterly performance. Citi analyst Fatima Boolani raised the price target for Fortinet to $115, citing the company’s stable performance and significant contributions from large and mega deals. TD Cowen’s Shaul Eyal increased the price target to $135, highlighting robust demand from the end-of-service firewall refresh cycle and a record number of new logo wins. RBC Capital Markets also adjusted its outlook, raising the price target to $115, with analyst Dan Bergstrom noting momentum in large enterprise upgrades and potential upsells in various segments.
BMO Capital Markets increased their price target to $122, acknowledging Fortinet’s strong performance and exceeding operating margin expectations, though expressing caution about the company’s forward-looking guidance. Piper Sandler’s Rob Owens raised the price target to $135, emphasizing strong product growth and record margins, while also noting concerns about organic billings and management turnover. These developments reflect the analysts’ recognition of Fortinet’s recent achievements and their varying levels of optimism about the company’s future prospects.
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