Fortinet Inc (NASDAQ:FTNT), a global leader in broad, integrated, and automated cybersecurity solutions, has reported an insider sale according to a recent SEC filing. Chief Revenue Officer and Executive Vice President of Support, Patrice Perche, sold 7,535 shares of the company on December 21, 2023.
Patrice Perche has been active in the market over the past year, selling a total of 677,612 shares and making no purchases of the company's stock. This latest transaction is part of a series of sales by the insider, as indicated by the filing found here.
The insider transaction history for Fortinet Inc shows a pattern of more sales than purchases among insiders over the past year, with 26 insider sells and only 4 insider buys recorded.
On the valuation front, Fortinet Inc's shares were trading at $58.22 on the day of the insider's sale, bringing the company's market cap to approximately $45.514 billion. The price-earnings ratio of the stock stands at 40.88, which is above the industry median of 26.77 but below the company's historical median price-earnings ratio.
Considering the current share price and the GuruFocus Value of $82.55, Fortinet Inc is deemed to be Modestly Undervalued with a price-to-GF-Value ratio of 0.71. The GF Value is calculated based on historical trading multiples, a GuruFocus adjustment factor, and future business performance estimates provided by Morningstar analysts.
Fortinet Inc specializes in providing top-tier cybersecurity solutions that span a wide range of needs, from network security to cloud security, ensuring that businesses can protect their critical data and infrastructure from ever-evolving threats. The company's commitment to innovation and customer service has positioned it as a trusted name in the cybersecurity industry.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
