Fortinet, Inc. (NASDAQ:FTNT) Shares Purchased by Blue Trust Inc.

Blue Trust Inc. boosted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNTFree Report) by 191.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,508 shares of the software maker’s stock after buying an additional 2,963 shares during the period. Blue Trust Inc.’s holdings in Fortinet were worth $265,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FTNT. Headinvest LLC purchased a new stake in Fortinet in the third quarter valued at about $29,000. Atwood & Palmer Inc. purchased a new stake in Fortinet in the fourth quarter valued at about $29,000. Retirement Group LLC purchased a new stake in Fortinet in the fourth quarter valued at about $30,000. Resurgent Financial Advisors LLC purchased a new stake in Fortinet in the fourth quarter valued at about $31,000. Finally, Annis Gardner Whiting Capital Advisors LLC purchased a new stake in Fortinet in the third quarter valued at about $37,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Stock Performance

Shares of Fortinet stock opened at $68.31 on Monday. Fortinet, Inc. has a one year low of $44.12 and a one year high of $81.24. The company has a market cap of $52.12 billion, a price-to-earnings ratio of 47.11, a PEG ratio of 3.03 and a beta of 1.08. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19. The business’s 50 day moving average price is $68.27 and its 200 day moving average price is $60.75.

Fortinet (NASDAQ:FTNTGet Free Report) last posted its earnings results on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.08. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The company had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter in the previous year, the business earned $0.38 earnings per share. The company’s revenue for the quarter was up 10.3% on a year-over-year basis. On average, research analysts predict that Fortinet, Inc. will post 1.39 EPS for the current year.

Analyst Ratings Changes

Several brokerages have recently issued reports on FTNT. Scotiabank raised their price objective on Fortinet from $70.00 to $90.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, February 7th. Wells Fargo & Company raised their price objective on Fortinet from $65.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 7th. Rosenblatt Securities raised their price objective on Fortinet from $65.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, February 7th. Daiwa Capital Markets raised Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 target price on the stock in a report on Tuesday, February 13th. Finally, Capital One Financial lowered Fortinet from an “overweight” rating to an “equal weight” rating in a report on Wednesday, January 17th. Two analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $71.55.

Check Out Our Latest Stock Report on Fortinet

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,694 shares of Fortinet stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total value of $1,691,751.60. Following the sale, the chief executive officer now owns 48,625,005 shares in the company, valued at $3,471,825,357. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total value of $1,691,751.60. Following the sale, the chief executive officer now owns 48,625,005 shares in the company, valued at approximately $3,471,825,357. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Michael Xie sold 38,369 shares of the business’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the completion of the sale, the vice president now owns 29,887,018 shares in the company, valued at approximately $1,985,992,346.10. The disclosure for this sale can be found here. Insiders have sold 154,880 shares of company stock worth $10,233,981 over the last quarter. 17.54% of the stock is currently owned by company insiders.

Fortinet Profile

(Free Report)

Fortinet, Inc provides cybersecurity and convergence of networking and security solutions worldwide. It offers secure networking solutions focus on the convergence of networking and security; network firewall solutions that consist of FortiGate data centers, hyperscale, and distributed firewalls, as well as encrypted applications; wireless LAN solutions; and secure connectivity solutions, including FortiSwitch secure ethernet switches, FortiAP wireless local area network access points, FortiExtender 5G connectivity gateways, and other products.

See Also

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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