Silver Oak Securities Incorporated bought a new stake in Fortinet, Inc. (NASDAQ:FTNT – Free Report) during the 1st quarter, Holdings Channel.com reports. The institutional investor bought 4,728 shares of the software maker’s stock, valued at approximately $319,000.
Several other institutional investors have also recently added to or reduced their stakes in the company. ST Germain D J Co. Inc. acquired a new position in shares of Fortinet during the fourth quarter valued at $26,000. SJS Investment Consulting Inc. boosted its stake in shares of Fortinet by 1,947.6% in the 1st quarter. SJS Investment Consulting Inc. now owns 430 shares of the software maker’s stock valued at $29,000 after purchasing an additional 409 shares during the last quarter. North Star Investment Management Corp. boosted its stake in Fortinet by 85.1% in the first quarter. North Star Investment Management Corp. now owns 435 shares of the software maker’s stock valued at $29,000 after acquiring an additional 200 shares during the last quarter. Retirement Group LLC bought a new stake in shares of Fortinet during the 4th quarter valued at $30,000. Finally, Resurgent Financial Advisors LLC acquired a new stake in shares of Fortinet during the fourth quarter worth $31,000. 64.21% of the stock is owned by institutional investors.
Insider Transactions at Fortinet
In other Fortinet news, CFO Keith Jensen sold 24,710 shares of Fortinet stock in a transaction dated Tuesday, May 23rd. The shares were sold at an average price of $68.18, for a total value of $1,684,727.80. Following the sale, the chief financial officer now owns 4,572 shares of the company’s stock, valued at $311,718.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CFO Keith Jensen sold 24,710 shares of the business’s stock in a transaction that occurred on Tuesday, May 23rd. The shares were sold at an average price of $68.18, for a total value of $1,684,727.80. Following the sale, the chief financial officer now owns 4,572 shares of the company’s stock, valued at $311,718.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Patrice Perche sold 8,923 shares of the firm’s stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $75.32, for a total transaction of $672,080.36. Following the completion of the transaction, the executive vice president now directly owns 25,730 shares of the company’s stock, valued at $1,937,983.60. The disclosure for this sale can be found here. Insiders have sold 67,163 shares of company stock worth $4,799,087 in the last 90 days. Insiders own 17.54% of the company’s stock.
Fortinet Stock Performance
NASDAQ:FTNT opened at $75.76 on Friday. The company has a quick ratio of 1.24, a current ratio of 1.34 and a debt-to-equity ratio of 86.92. The company has a fifty day moving average of $73.82 and a 200-day moving average of $65.76. The firm has a market capitalization of $59.49 billion, a P/E ratio of 62.61, a P/E/G ratio of 3.48 and a beta of 1.16. Fortinet, Inc. has a twelve month low of $42.61 and a twelve month high of $81.24.
Fortinet (NASDAQ:FTNT – Get Free Report) last posted its earnings results on Thursday, August 3rd. The software maker reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.04. Fortinet had a net margin of 20.46% and a negative return on equity of 282.54%. The company had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same quarter in the prior year, the business posted $0.18 EPS. The firm’s revenue was up 25.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Fortinet, Inc. will post 1.19 EPS for the current year.
Analyst Ratings Changes
A number of brokerages have recently commented on FTNT. Piper Sandler upped their price target on Fortinet from $64.00 to $65.00 in a research note on Friday, May 5th. Mizuho lowered their price target on Fortinet from $81.00 to $68.00 in a report on Friday. The Goldman Sachs Group boosted their price objective on Fortinet from $77.00 to $86.00 and gave the company a “buy” rating in a research report on Tuesday, July 25th. Citigroup lifted their target price on Fortinet from $67.00 to $73.00 in a research report on Monday, May 8th. Finally, Jefferies Financial Group raised their price objective on Fortinet from $70.00 to $80.00 and gave the company a “buy” rating in a report on Thursday, April 20th. Eight equities research analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the stock. According to MarketBeat.com, Fortinet currently has an average rating of “Moderate Buy” and an average target price of $75.32.
Fortinet, Inc provides cybersecurity and networking solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration.
Receive News & Ratings for Fortinet Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Fortinet and related companies with MarketBeat.com’s FREE daily email newsletter.