2,737 Shares in Fortinet, Inc. (NASDAQ:FTNT) Purchased by NorthRock Partners LLC

NorthRock Partners LLC acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 2,737 shares of the software maker’s stock, valued at approximately $212,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Forsta AP Fonden lifted its position in shares of Fortinet by 11.8% during the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock valued at $10,508,000 after acquiring an additional 14,300 shares during the period. Sarasin & Partners LLP lifted its stake in Fortinet by 22.4% during the second quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock worth $130,370,000 after purchasing an additional 395,477 shares during the last quarter. Cetera Investment Advisers boosted its holdings in shares of Fortinet by 543.5% in the 1st quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock valued at $10,765,000 after purchasing an additional 132,871 shares in the last quarter. Sei Investments Co. increased its stake in shares of Fortinet by 10.5% in the 1st quarter. Sei Investments Co. now owns 138,893 shares of the software maker’s stock valued at $9,488,000 after purchasing an additional 13,178 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of Fortinet by 29.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 152,532 shares of the software maker’s stock worth $11,829,000 after buying an additional 34,727 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT stock opened at $80.87 on Thursday. The firm has a 50 day moving average of $78.18 and a 200-day moving average of $67.73. The company has a market cap of $61.86 billion, a price-to-earnings ratio of 47.85, a price-to-earnings-growth ratio of 2.78 and a beta of 1.00. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45. Fortinet, Inc. has a 52 week low of $47.66 and a 52 week high of $83.77.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.16. The firm had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The business’s revenue was up 10.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.31 earnings per share. On average, equities analysts forecast that Fortinet, Inc. will post 1.75 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on FTNT. Barclays lifted their target price on Fortinet from $74.00 to $85.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Royal Bank of Canada lifted their price target on shares of Fortinet from $68.00 to $72.00 and gave the company a “sector perform” rating in a report on Wednesday, August 7th. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research note on Wednesday, August 7th. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Finally, TD Cowen upped their price target on shares of Fortinet from $75.00 to $90.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Fortinet has an average rating of “Hold” and an average price target of $74.68.

Insider Activity

In other Fortinet news, CEO Ken Xie sold 23,693 shares of the stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total value of $1,731,010.58. Following the transaction, the chief executive officer now owns 48,842,522 shares in the company, valued at approximately $3,568,434,657.32. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 70,538 shares of company stock worth $5,403,559 in the last three months. Company insiders own 18.00% of the company’s stock.

Fortinet 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.