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SUNNYVALE, Calif. — Fortinet , Inc. (NASDAQ:FTNT), a cybersecurity company currently valued at approximately $76 billion, saw its Vice President of Engineering and Chief Technology Officer Michael Xie recently report the sale of a significant portion of his shareholding. According to InvestingPro data, the stock has gained nearly 32% over the past six months despite a recent 8% weekly decline. According to a recent filing, Xie sold a total of 326,784 shares of Fortinet common stock on March 11, 2025. The transactions were executed under a pre-established Rule 10b5-1 trading plan.
The shares were sold at various prices, with the weighted average sale price ranging from $96.105 to $99.8027 per share. The total value of the transactions amounted to approximately $32.08 million. Following these sales, Xie retains direct ownership of 11,000,068 shares of Fortinet stock. The company maintains impressive gross profit margins of over 80% and has received a "GREAT" financial health rating from InvestingPro, which offers 16 additional key insights about the company’s performance.
The transactions were conducted as part of a strategic plan, and Xie continues to hold a substantial stake in the company through direct and indirect ownership, including shares held in trusts. Fortinet remains a prominent player in the cybersecurity industry, and these transactions reflect part of the ongoing corporate governance and financial planning strategies of its executives. Based on current market conditions, InvestingPro analysis suggests the stock is trading near its Fair Value.
In other recent news, Fortinet has been the subject 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 growth for 2025, estimated between $6.7 and $6.9 billion. Citi analyst Fatima Boolani raised the price target for Fortinet to $115 from $101, maintaining a Neutral rating while highlighting the company’s strong performance and significant contributions from large deals. TD Cowen’s Shaul Eyal also increased Fortinet’s price target to $135, attributing the adjustment to the company’s robust fourth-quarter performance and growth in several segments, including Unified SASE and Security Operations.
RBC Capital Markets followed suit, raising its price target to $115 from $97 and maintaining a Sector Perform rating. Analyst Dan Bergstrom noted Fortinet’s solid quarterly results and the potential for future growth through enterprise upgrades and refresh opportunities. BMO Capital Markets’ Keith Bachman increased the price target to $122 from $100, while maintaining a Market Perform rating, acknowledging Fortinet’s strong quarterly performance but expressing reservations about the company’s forward-looking guidance. These recent developments reflect a positive outlook from analysts on Fortinet’s financial health and strategic positioning in the cybersecurity industry.
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