Fortinet, Inc. (NASDAQ:FTNT) Director Acquires $34,913.70 in Stock

Fortinet, Inc. (NASDAQ:FTNT) Director William H. Neukom bought 335 shares of Fortinet stock in a transaction that occurred on Friday, June 6th. The shares were acquired at an average price of $104.22 per share, with a total value of $34,913.70. Following the acquisition, the director now directly owns 301,471 shares of the company’s stock, valued at $31,419,307.62. The trade was a 0.11% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Fortinet Stock Performance

FTNT opened at $104.94 on Friday. The firm has a market cap of $80.32 billion, a P/E ratio of 46.43, a PEG ratio of 4.19 and a beta of 1.06. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The company has a 50 day simple moving average of $100.18 and a two-hundred day simple moving average of $99.84. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39.

Fortinet (NASDAQ:FTNT) last released its earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, topping 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 firm had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the previous year, the firm earned $0.43 earnings per share. The company’s quarterly revenue was up 13.8% compared to the same quarter last year. Equities analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently commented on FTNT. UBS Group reduced their target price on shares of Fortinet from $115.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, May 8th. Stifel Nicolaus cut their price target on shares of Fortinet from $115.00 to $95.00 and set a “hold” rating for the company in a research note on Thursday, May 8th. Wall Street Zen upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Tuesday, May 20th. Susquehanna increased their price target on shares of Fortinet from $90.00 to $110.00 and gave the company a “neutral” rating in a research note on Monday, February 10th. Finally, Robert W. Baird increased their price target on shares of Fortinet from $110.00 to $113.00 and gave the company a “neutral” rating in a research note on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $104.80.

Institutional Investors Weigh In On Fortinet

Hedge funds and other institutional investors have recently made changes to their positions in the company. Trilogy Capital Inc. grew its holdings in shares of Fortinet by 17.8% in the fourth quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock worth $2,220,000 after purchasing an additional 3,544 shares during the last quarter. Proficio Capital Partners LLC grew its holdings in shares of Fortinet by 18,353.2% in the fourth quarter. Proficio Capital Partners LLC now owns 547,323 shares of the software maker’s stock worth $547,000 after purchasing an additional 544,357 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Fortinet by 34.2% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 236,299 shares of the software maker’s stock worth $22,680,000 after purchasing an additional 60,249 shares during the last quarter. Apollon Wealth Management LLC grew its holdings in shares of Fortinet by 101.7% in the fourth quarter. Apollon Wealth Management LLC now owns 30,857 shares of the software maker’s stock worth $2,915,000 after purchasing an additional 15,561 shares during the last quarter. Finally, Lecap Asset Management Ltd. bought a new position in shares of Fortinet in the fourth quarter worth about $640,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

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.