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.
Read Our Latest Stock Analysis on FTNT
Fortinet Profile
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.
See Also
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