OLD National Bancorp IN Makes New $10.44 Million Investment in Fortinet, Inc. (NASDAQ:FTNT)

OLD National Bancorp IN bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 134,660 shares of the software maker’s stock, valued at approximately $10,443,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sarasin & Partners LLP boosted its stake in Fortinet by 22.4% during the 2nd quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock worth $130,370,000 after purchasing an additional 395,477 shares during the last quarter. PDS Planning Inc purchased a new position in shares of Fortinet during the 1st quarter worth $200,000. Cetera Investment Advisers raised its holdings in shares of Fortinet by 543.5% during the 1st quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock worth $10,765,000 after acquiring an additional 132,871 shares during the period. Sei Investments Co. raised its holdings in shares of Fortinet by 10.5% during the 1st quarter. Sei Investments Co. now owns 138,893 shares of the software maker’s stock worth $9,488,000 after acquiring an additional 13,178 shares during the period. Finally, Magnetar Financial LLC purchased a new position in shares of Fortinet during the 1st quarter worth $3,189,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Performance

Shares of Fortinet stock opened at $81.07 on Friday. Fortinet, Inc. has a one year low of $44.12 and a one year high of $83.77. The company has a market cap of $61.93 billion, a PE ratio of 52.99, a P/E/G ratio of 2.84 and a beta of 1.00. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. The business has a 50-day simple moving average of $76.78 and a 200-day simple moving average of $66.65.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.16. The business had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The business’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.31 earnings per share. On average, equities research analysts forecast that Fortinet, Inc. will post 1.74 EPS for the current fiscal year.

Insider Activity at Fortinet

In related news, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the transaction, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the transaction, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 95,250 shares of company stock valued at $6,790,149 over the last three months. 18.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

FTNT has been the topic of several analyst reports. UBS Group lifted their price target on Fortinet from $69.00 to $70.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Guggenheim lowered Fortinet from a “buy” rating to a “neutral” rating in a report on Monday, July 29th. DZ Bank upgraded Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price target on the stock in a report on Thursday, August 8th. Hsbc Global Res upgraded shares of Fortinet from a “moderate sell” rating to a “hold” rating in a report on Wednesday, August 7th. Finally, TD Cowen boosted their price objective on shares of Fortinet from $75.00 to $90.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. One analyst has rated the stock with a sell rating, twenty-three have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $72.71.

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.