William H. Neukom Buys 586 Shares of Fortinet, Inc. (NASDAQ:FTNT) Stock

Fortinet, Inc. (NASDAQ:FTNTGet Free Report) Director William H. Neukom acquired 586 shares of the company’s stock in a transaction on Thursday, June 6th. The stock was acquired at an average cost of $59.55 per share, with a total value of $34,896.30. Following the completion of the purchase, the director now directly owns 295,778 shares in the company, valued at $17,613,579.90. The purchase was disclosed in a filing with the SEC, which is available at this link.

Fortinet Trading Down 0.1 %

NASDAQ:FTNT opened at $59.72 on Friday. The firm has a 50 day moving average of $63.08 and a 200 day moving average of $62.90. The company has a quick ratio of 1.08, a current ratio of 1.20 and a debt-to-equity ratio of 13.38. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $81.24. The stock has a market capitalization of $45.62 billion, a price-to-earnings ratio of 39.03, a PEG ratio of 2.93 and a beta of 0.98.

Fortinet (NASDAQ:FTNTGet Free Report) last announced its earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.05. The company had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.34 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The firm’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.29 EPS. As a group, sell-side analysts anticipate that Fortinet, Inc. will post 1.46 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of FTNT. Vanguard Group Inc. lifted its holdings in shares of Fortinet by 1.2% during the first quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker’s stock worth $4,648,665,000 after purchasing an additional 779,271 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Fortinet by 664.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock valued at $2,400,215,000 after purchasing an additional 30,542,551 shares during the period. Nordea Investment Management AB boosted its holdings in Fortinet by 156.8% in the third quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock valued at $554,945,000 after purchasing an additional 5,765,174 shares during the last quarter. Morgan Stanley raised its stake in shares of Fortinet by 1.3% during the 3rd quarter. Morgan Stanley now owns 8,664,124 shares of the software maker’s stock valued at $508,411,000 after buying an additional 108,548 shares during the last quarter. Finally, Swedbank AB acquired a new position in shares of Fortinet in the 1st quarter valued at about $548,013,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

FTNT has been the topic of several analyst reports. Truist Financial reduced their price objective on Fortinet from $80.00 to $70.00 and set a “buy” rating on the stock in a research note on Friday, May 3rd. Rosenblatt Securities restated a “buy” rating and issued a $85.00 price target on shares of Fortinet in a research report on Friday, May 3rd. Wedbush reiterated an “outperform” rating and set a $78.00 price objective on shares of Fortinet in a research report on Wednesday, May 22nd. Jefferies Financial Group lowered their target price on shares of Fortinet from $75.00 to $70.00 and set a “hold” rating for the company in a report on Thursday, April 18th. Finally, Wells Fargo & Company reduced their price objective on shares of Fortinet from $70.00 to $62.00 and set an “equal weight” rating on the stock in a research report on Friday, May 3rd. Two equities research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, Fortinet presently has a consensus rating of “Hold” and a consensus target price of $70.10.

View Our Latest Research Report on Fortinet

About Fortinet

(Get 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.

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Insider Buying and Selling by Quarter for Fortinet (NASDAQ:FTNT)

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