Drive Wealth Management LLC purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT – Free Report) during the fourth quarter, HoldingsChannel reports. The institutional investor purchased 2,348 shares of the software maker’s stock, valued at approximately $222,000.
A number of other institutional investors also recently modified their holdings of FTNT. Public Sector Pension Investment Board lifted its holdings in shares of Fortinet by 82.1% in the second quarter. Public Sector Pension Investment Board now owns 22,460 shares of the software maker’s stock valued at $1,354,000 after purchasing an additional 10,125 shares in the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Fortinet in the second quarter valued at about $1,314,000. Algert Global LLC acquired a new stake in shares of Fortinet in the second quarter valued at about $502,000. Creative Planning increased its position in shares of Fortinet by 6.8% in the second quarter. Creative Planning now owns 163,367 shares of the software maker’s stock valued at $9,846,000 after acquiring an additional 10,365 shares during the last quarter. Finally, Sunbelt Securities Inc. increased its position in shares of Fortinet by 4.1% in the second quarter. Sunbelt Securities Inc. now owns 18,774 shares of the software maker’s stock valued at $1,132,000 after acquiring an additional 744 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.
Insiders Place Their Bets
In other news, CEO Ken Xie sold 23,044 shares of the stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the transaction, the chief executive officer now directly owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. This represents a 0.05 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Keith Jensen sold 17,650 shares of the stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total value of $1,688,399.00. Following the completion of the transaction, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $448,549.74. The trade was a 79.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 67,860 shares of company stock worth $6,469,056 over the last three months. Insiders own 18.00% of the company’s stock.
Wall Street Analyst Weigh In
View Our Latest Report on Fortinet
Fortinet Stock Down 0.1 %
NASDAQ FTNT opened at $96.77 on Tuesday. The business has a fifty day moving average price of $95.80 and a two-hundred day moving average price of $82.16. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $101.00. The stock has a market capitalization of $74.17 billion, a PE ratio of 48.87, a PEG ratio of 2.58 and a beta of 1.00.
Fortinet (NASDAQ:FTNT – Get Free Report) last released its earnings results on Thursday, November 7th. The software maker reported $0.56 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.13. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same period in the prior year, the company earned $0.35 earnings per share. Equities analysts expect that Fortinet, Inc. will post 1.95 earnings per share for the current fiscal year.
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.
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