Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by Motley Fool Asset Management LLC

Motley Fool Asset Management LLC grew its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.4% in the 4th quarter, HoldingsChannel reports. The firm owned 23,189 shares of the software maker’s stock after acquiring an additional 554 shares during the quarter. Motley Fool Asset Management LLC’s holdings in Fortinet were worth $1,357,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Headinvest LLC acquired a new stake in Fortinet during the 3rd quarter valued at $29,000. Atwood & Palmer Inc. purchased a new stake in Fortinet in the 4th quarter worth about $29,000. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in Fortinet in the 3rd quarter worth about $37,000. Rakuten Securities Inc. acquired a new stake in shares of Fortinet during the fourth quarter worth approximately $43,000. Finally, CVA Family Office LLC acquired a new position in shares of Fortinet in the fourth quarter worth $46,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

FTNT has been the subject of a number of research reports. UBS Group lifted their price objective on Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a research report on Wednesday, January 10th. Truist Financial boosted their price target on Fortinet from $60.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, February 7th. StockNews.com cut shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday, April 18th. Morgan Stanley increased their price target on shares of Fortinet from $77.00 to $81.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 7th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $65.00 price objective on shares of Fortinet in a research note on Wednesday, April 17th. Two research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $72.19.

Fortinet Stock Performance

Shares of FTNT traded up $0.15 during trading hours on Friday, hitting $64.18. The company had a trading volume of 4,138,201 shares, compared to its average volume of 5,777,599. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $81.24. The business has a fifty day moving average of $67.96 and a 200-day moving average of $61.75. The company has a quick ratio of 1.06, a current ratio of 1.19 and a debt-to-equity ratio of 13.38. The firm has a market cap of $48.97 billion, a price-to-earnings ratio of 44.26, a PEG ratio of 2.91 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.08. The company had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.41 billion. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The firm’s quarterly revenue was up 10.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.38 EPS. Equities analysts anticipate that Fortinet, Inc. will post 1.39 EPS for the current fiscal year.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 46,084 shares of the firm’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total value of $3,183,021.88. Following the completion of the sale, the chief executive officer now directly owns 51,813,638 shares in the company, valued at $3,578,767,976.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Fortinet news, CEO Ken Xie sold 46,084 shares of the company’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total value of $3,183,021.88. Following the completion of the sale, the chief executive officer now directly owns 51,813,638 shares of the company’s stock, valued at approximately $3,578,767,976.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 38,369 shares of the firm’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 sale, the vice president now directly owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The disclosure for this sale can be found here. Insiders sold 132,139 shares of company stock worth $8,977,876 over the last three months. Company insiders own 17.54% of the company’s stock.

Fortinet 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.