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June 9, 2022, 9:17 a.m. EDT

Fortinet plans previously disclosed stock split to be implemented in 2 weeks

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By Tomi Kilgore

Fortinet Inc. /zigman2/quotes/205733290/composite FTNT +0.65% said Thursday that it plans to implement the previously disclosed five-for-one stock split on June 22. The split is contingent on shareholders approving at the June 17 annual meeting a proposal to increase the number of shares outstanding so the split could take effect. The plans for the stock split were first disclosed in an 8-K filing with the Securities and Exchange Commission after the April 22 close. If the stock split takes effect, it would be the first since a 2-for-1 split in June 2011, and the second since the cybersecurity company went public in November 2009. Based on Wednesday's stock closing price of $300.53, a split would reduce the price to $60.11. The stock, which rallied 1.2% in premarket trading, has lost 1.2% since April 22 through Wednesday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.23% has lost 3.7% over the same time.

/zigman2/quotes/205733290/composite
US : U.S.: Nasdaq
$ 52.27
+0.34 +0.65%
Volume: 3.79M
Aug. 18, 2022 4:00p
P/E Ratio
64.09
Dividend Yield
N/A
Market Cap
$40.95 billion
Rev. per Employee
$374,272
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/zigman2/quotes/210599714/realtime
US : S&P US
4,283.74
+9.70 +0.23%
Volume: 2.22B
Aug. 18, 2022 5:48p
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