Texas Bank & Trust Co Takes $378,000 Position in Fortinet, Inc. (NASDAQ:FTNT)

Texas Bank & Trust Co bought a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 4,000 shares of the software maker’s stock, valued at approximately $378,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Teza Capital Management LLC increased its stake in shares of Fortinet by 86.2% in the 4th quarter. Teza Capital Management LLC now owns 29,555 shares of the software maker’s stock valued at $2,792,000 after buying an additional 13,683 shares during the period. True Wealth Design LLC grew its stake in shares of Fortinet by 12.6% during the fourth quarter. True Wealth Design LLC now owns 1,772 shares of the software maker’s stock worth $167,000 after purchasing an additional 198 shares during the period. State of Wyoming grew its stake in shares of Fortinet by 203.5% during the fourth quarter. State of Wyoming now owns 8,883 shares of the software maker’s stock worth $839,000 after purchasing an additional 5,956 shares during the period. Toronto Dominion Bank grew its stake in shares of Fortinet by 6.7% during the fourth quarter. Toronto Dominion Bank now owns 381,766 shares of the software maker’s stock worth $36,068,000 after purchasing an additional 24,132 shares during the period. Finally, Raiffeisen Bank International AG acquired a new stake in shares of Fortinet during the fourth quarter worth $1,415,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FTNT has been the subject of a number of analyst reports. StockNews.com cut Fortinet from a “buy” rating to a “hold” rating in a research note on Tuesday, April 1st. Guggenheim reiterated a “neutral” rating on shares of Fortinet in a report on Friday, February 7th. Cantor Fitzgerald reduced their target price on Fortinet from $115.00 to $100.00 and set a “neutral” rating on the stock in a report on Thursday, April 24th. Royal Bank of Canada reduced their target price on Fortinet from $110.00 to $105.00 and set a “sector perform” rating on the stock in a report on Thursday, May 8th. Finally, Piper Sandler reiterated an “overweight” rating and set a $135.00 target price (up from $120.00) on shares of Fortinet in a report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, twenty-one have issued a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $104.80.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 158,488 shares of the firm’s stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $106.10, for a total value of $16,815,576.80. Following the sale, the chief executive officer now owns 51,391,879 shares of the company’s stock, valued at approximately $5,452,678,361.90. This trade represents a 0.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Keith Jensen sold 17,660 shares of the firm’s stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $109.18, for a total value of $1,928,118.80. Following the completion of the sale, the chief financial officer now directly owns 4,736 shares in the company, valued at approximately $517,076.48. This represents a 78.85% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 738,978 shares of company stock valued at $74,135,907 over the last 90 days. 17.20% of the stock is owned by corporate insiders.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $104.59 on Monday. The firm has a market cap of $80.05 billion, a P/E ratio of 46.28, a price-to-earnings-growth ratio of 4.19 and a beta of 1.16. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The business’s 50 day moving average is $98.53 and its 200-day moving average is $98.43.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.05. The company had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The firm’s quarterly revenue was up 13.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.43 earnings per share. Equities research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

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.