Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by Cape Cod Five Cents Savings Bank

Cape Cod Five Cents Savings Bank lifted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 64,436 shares of the software maker’s stock after acquiring an additional 1,194 shares during the quarter. Cape Cod Five Cents Savings Bank’s holdings in Fortinet were worth $4,997,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in FTNT. Manchester Capital Management LLC increased its position in shares of Fortinet by 13.5% in the fourth quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock worth $80,000 after acquiring an additional 100 shares in the last quarter. Fielder Capital Group LLC increased its position in shares of Fortinet by 1.6% in the fourth quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock worth $652,000 after acquiring an additional 111 shares in the last quarter. Sheaff Brock Investment Advisors LLC increased its position in shares of Fortinet by 1.4% in the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock worth $789,000 after acquiring an additional 114 shares in the last quarter. CIBC Private Wealth Group LLC increased its position in shares of Fortinet by 1.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker’s stock worth $902,000 after acquiring an additional 116 shares in the last quarter. Finally, Evergreen Capital Management LLC increased its position in shares of Fortinet by 2.0% in the fourth quarter. Evergreen Capital Management LLC now owns 6,240 shares of the software maker’s stock worth $590,000 after acquiring an additional 124 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Fortinet

In related news, Director William H. Neukom acquired 328 shares of the stock in a transaction that occurred on Thursday, March 6th. The shares were acquired at an average price of $106.33 per share, for a total transaction of $34,876.24. Following the completion of the purchase, the director now directly owns 300,006 shares of the company’s stock, valued at $31,899,637.98. The trade was a 0.11% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Keith Jensen sold 17,660 shares of the firm’s stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $109.18, for a total transaction of $1,928,118.80. Following the transaction, the chief financial officer now owns 4,736 shares in the company, valued at $517,076.48. This represents a 78.85% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 715,478 shares of company stock worth $71,467,247. 17.20% of the stock is owned by company insiders.

Fortinet Stock Performance

Shares of NASDAQ FTNT opened at $103.62 on Friday. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The firm’s 50-day moving average price is $99.16 and its two-hundred day moving average price is $98.85. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The stock has a market capitalization of $79.31 billion, a P/E ratio of 45.85, a P/E/G ratio of 4.19 and a beta of 1.16.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on FTNT shares. Roth Capital set a $103.00 price objective on shares of Fortinet and gave the stock a “neutral” rating in a research report on Tuesday, April 22nd. Wolfe Research began coverage on shares of Fortinet in a research note on Monday, May 12th. They issued a “peer perform” rating for the company. Wells Fargo & Company decreased their target price on shares of Fortinet from $105.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, May 8th. Piper Sandler restated an “overweight” rating and issued a $135.00 target price (up from $120.00) on shares of Fortinet in a research note on Friday, February 7th. Finally, KeyCorp decreased their target price on shares of Fortinet from $120.00 to $115.00 and set an “overweight” rating for the company in a research note on Thursday, May 8th. One analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $104.80.

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.