Milestone Asset Management LLC purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT – Free Report) during the 4th quarter, Holdings Channel reports. The institutional investor purchased 17,890 shares of the software maker’s stock, valued at approximately $1,690,000.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FTNT. Public Sector Pension Investment Board increased its stake in Fortinet by 82.1% during the second quarter. Public Sector Pension Investment Board now owns 22,460 shares of the software maker’s stock valued at $1,354,000 after acquiring an additional 10,125 shares during the period. Susquehanna Fundamental Investments LLC acquired a new stake in Fortinet during the second quarter valued at approximately $1,314,000. Algert Global LLC acquired a new stake in Fortinet during the second quarter valued at approximately $502,000. Creative Planning boosted its holdings in Fortinet by 6.8% during the second quarter. Creative Planning now owns 163,367 shares of the software maker’s stock valued at $9,846,000 after purchasing an additional 10,365 shares in the last quarter. Finally, Truist Financial Corp boosted its holdings in Fortinet by 5.1% during the second quarter. Truist Financial Corp now owns 45,875 shares of the software maker’s stock valued at $2,765,000 after purchasing an additional 2,227 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
FTNT has been the topic of several recent analyst reports. KeyCorp raised Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 target price on the stock in a report on Thursday, December 19th. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a report on Friday, November 22nd. Jefferies Financial Group boosted their target price on Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a report on Thursday, December 19th. Royal Bank of Canada upped their price objective on Fortinet from $82.00 to $97.00 and gave the stock a “sector perform” rating in a report on Tuesday, November 19th. Finally, TD Cowen upped their price objective on Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $96.83.
Fortinet Trading Down 0.5 %
Shares of NASDAQ:FTNT opened at $99.33 on Thursday. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $101.00. The company has a market capitalization of $76.13 billion, a P/E ratio of 50.17, a price-to-earnings-growth ratio of 2.58 and a beta of 1.00. The company has a 50-day simple moving average of $96.12 and a 200 day simple moving average of $82.56. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34.
Fortinet (NASDAQ:FTNT – Get Free Report) last released its quarterly earnings results on Thursday, November 7th. The software maker reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.13. The firm had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.48 billion. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. During the same period in the prior year, the firm earned $0.35 EPS. Sell-side analysts forecast that Fortinet, Inc. will post 1.95 earnings per share for the current year.
Insider Buying and Selling at Fortinet
In related news, CFO Keith Jensen sold 17,650 shares of Fortinet stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total value of $1,688,399.00. Following the transaction, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at $448,549.74. This trade represents a 79.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of the transaction, the chief executive officer now directly owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 67,860 shares of company stock valued at $6,469,056 in the last three months. 18.00% of the stock is currently owned by company insiders.
Fortinet Company Profile
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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