Fortinet’s CTO Michael Xie sells $376,273 in stock

Published 05/05/2025, 23:14
Fortinet’s CTO Michael Xie sells $376,273 in stock

In recent transactions, Fortinet , Inc. (NASDAQ:FTNT), a cybersecurity giant with an $83.32 billion market cap and impressive 80.56% gross margins, saw its Vice President of Engineering and Chief Technology Officer, Michael Xie, engage in significant stock activity. On May 2, 2025, Xie sold a total of 3,546 shares of Fortinet common stock, generating proceeds of approximately $376,273. The shares were sold at prices ranging from $105.656 to $106.2378 per share. According to InvestingPro analysis, the stock is trading near its 52-week high, with an impressive 84.6% return over the past year.

Earlier, on May 1, Xie acquired 7,036 shares through the vesting of restricted stock units, which were added to his direct holdings. Additionally, a transaction involving 3,490 shares was executed to cover tax obligations resulting from the vesting of these units, valued at $104.21 per share, totaling $363,692.

Following these transactions, Xie maintains a direct ownership of 11,000,068 shares in Fortinet, reflecting his continued significant stake in the company.

In other recent news, Fortinet has integrated new artificial intelligence capabilities into its Fortinet Security Fabric platform. These enhancements are designed to protect against emerging threats and automate security operations. The company emphasizes its decade-long AI innovation and commitment to data privacy, aiming to improve operational precision and speed. Additionally, Cantor Fitzgerald has adjusted its outlook on Fortinet, reducing the stock target to $100 due to concerns about macroeconomic volatility affecting the sales pipeline. The firm still maintains a Neutral rating, reflecting cautious expectations for the upcoming quarter. Guggenheim also reiterated a Neutral rating for Fortinet, highlighting a comprehensive overhaul of its financial model, which includes projections for hardware refresh cycles expected to generate substantial product sales in the coming years. Stephens initiated coverage on Fortinet with an Equal Weight rating and a $108 price target, acknowledging the company’s market leadership and its ability to capitalize on growth trends in cybersecurity. Overall, these developments reflect a dynamic period for Fortinet as it navigates economic challenges and technological advancements.

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