Fortinet, Inc. $FTNT Shares Acquired by Oakworth Capital Inc.

Oakworth Capital Inc. increased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 40.0% in the 2nd quarter, HoldingsChannel reports. The firm owned 612 shares of the software maker’s stock after purchasing an additional 175 shares during the period. Oakworth Capital Inc.’s holdings in Fortinet were worth $65,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Brighton Jones LLC grew its position in shares of Fortinet by 2.2% during the fourth quarter. Brighton Jones LLC now owns 10,327 shares of the software maker’s stock worth $976,000 after buying an additional 221 shares in the last quarter. Bison Wealth LLC acquired a new position in Fortinet during the 4th quarter worth approximately $585,000. Wealth Enhancement Advisory Services LLC grew its holdings in Fortinet by 23.9% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 93,331 shares of the software maker’s stock worth $8,818,000 after acquiring an additional 18,008 shares in the last quarter. Rothschild Investment LLC grew its holdings in Fortinet by 24.9% during the 1st quarter. Rothschild Investment LLC now owns 878 shares of the software maker’s stock worth $85,000 after acquiring an additional 175 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC grew its holdings in Fortinet by 2.0% during the 1st quarter. Fifth Third Wealth Advisors LLC now owns 6,968 shares of the software maker’s stock worth $671,000 after acquiring an additional 135 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Stock Up 0.4%

Shares of NASDAQ:FTNT opened at $84.65 on Tuesday. The stock has a market cap of $64.86 billion, a P/E ratio of 33.73, a P/E/G ratio of 3.18 and a beta of 1.13. The firm has a fifty day moving average price of $84.91 and a 200 day moving average price of $95.38. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $114.82.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The firm had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.63 billion. During the same quarter in the prior year, the business earned $0.57 EPS. Fortinet’s quarterly revenue was up 13.6% compared to the same quarter last year. Sell-side analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on FTNT. Wedbush lowered their target price on shares of Fortinet from $120.00 to $100.00 and set an “outperform” rating for the company in a research note on Thursday, August 7th. Evercore ISI lowered their price objective on Fortinet from $105.00 to $78.00 and set an “in-line” rating for the company in a research report on Friday, August 8th. BMO Capital Markets lowered their price objective on Fortinet from $110.00 to $90.00 and set a “market perform” rating for the company in a research report on Thursday, August 7th. Barclays lowered their price target on Fortinet from $110.00 to $90.00 and set an “equal weight” rating for the company in a report on Thursday, August 7th. Finally, Royal Bank Of Canada lowered their price target on Fortinet from $110.00 to $95.00 and set a “sector perform” rating for the company in a report on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $97.03.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 158,486 shares of the firm’s stock in a transaction on Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $15,607,701.28. Following the completion of the sale, the chief executive officer owned 51,391,879 shares of the company’s stock, valued at approximately $5,061,072,243.92. This trade represents a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction on Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $46,935,174.08. Following the transaction, the vice president directly owned 9,730,560 shares of the company’s stock, valued at $958,265,548.80. This trade represents a 4.67% decrease in their position. The disclosure for this sale can be found here. 18.00% of the stock is owned by company insiders.

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.