820 Shares in Fortinet, Inc. (NASDAQ:FTNT) Acquired by Canton Hathaway LLC

Canton Hathaway LLC acquired a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 820 shares of the software maker’s stock, valued at approximately $79,000.

A number of other institutional investors have also added to or reduced their stakes in FTNT. Eagle Capital Management LLC increased its position in Fortinet by 1.6% during the 4th quarter. Eagle Capital Management LLC now owns 26,176 shares of the software maker’s stock worth $2,473,000 after purchasing an additional 404 shares in the last quarter. Brighton Jones LLC grew its holdings in Fortinet by 2.2% during the 4th quarter. Brighton Jones LLC now owns 10,327 shares of the software maker’s stock worth $976,000 after acquiring an additional 221 shares during the last quarter. Allworth Financial LP grew its holdings in Fortinet by 6.0% during the 4th quarter. Allworth Financial LP now owns 5,837 shares of the software maker’s stock worth $573,000 after acquiring an additional 329 shares during the last quarter. Truist Financial Corp grew its holdings in Fortinet by 17.5% during the 4th quarter. Truist Financial Corp now owns 46,429 shares of the software maker’s stock worth $4,387,000 after acquiring an additional 6,914 shares during the last quarter. Finally, Venturi Wealth Management LLC grew its holdings in Fortinet by 30.6% during the 4th quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock worth $66,000 after acquiring an additional 163 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Fortinet news, VP Michael Xie sold 3,546 shares of the firm’s stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.11, for a total transaction of $376,266.06. Following the sale, the vice president now owns 11,000,068 shares in the company, valued at $1,167,217,215.48. This trade represents a 0.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director William H. Neukom purchased 335 shares of the stock in a transaction on Friday, June 6th. The shares were purchased at an average price of $104.22 per share, for a total transaction of $34,913.70. Following the transaction, the director now directly owns 301,471 shares of the company’s stock, valued at approximately $31,419,307.62. This represents a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. 17.20% of the stock is currently owned by company insiders.

Fortinet Trading Down 1.0%

NASDAQ:FTNT opened at $99.85 on Friday. The company has a market cap of $76.43 billion, a P/E ratio of 41.09, a P/E/G ratio of 3.48 and a beta of 1.06. The stock’s fifty day moving average price is $101.86 and its two-hundred day moving average price is $100.28. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.36 and a quick ratio of 1.29.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.05. The firm had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.54 billion. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The business’s quarterly revenue was up 13.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.43 earnings per share. As a group, analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Analyst Ratings Changes

A number of research firms have weighed in on FTNT. Morgan Stanley reduced their target price on shares of Fortinet from $123.00 to $105.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Jefferies Financial Group reduced their price objective on shares of Fortinet from $115.00 to $105.00 and set a “hold” rating on the stock in a research note on Monday, March 31st. Scotiabank reduced their price objective on shares of Fortinet from $135.00 to $115.00 and set a “sector outperform” rating on the stock in a research note on Thursday, May 8th. Wall Street Zen raised shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Tuesday, May 20th. Finally, Roth Capital set a $103.00 price objective on shares of Fortinet and gave the company a “neutral” rating in a research note on Tuesday, April 22nd. One investment 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 stock. According to data from MarketBeat, Fortinet currently has a consensus rating of “Hold” and an average target price of $104.80.

About Fortinet

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.