Greenfield Savings Bank Sells 896 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Greenfield Savings Bank decreased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 5.9% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 14,189 shares of the software maker’s stock after selling 896 shares during the quarter. Greenfield Savings Bank’s holdings in Fortinet were worth $1,366,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Fortinet by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker’s stock valued at $6,435,550,000 after buying an additional 730,994 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Fortinet by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 15,270,913 shares of the software maker’s stock worth $1,440,648,000 after acquiring an additional 387,901 shares in the last quarter. Invesco Ltd. lifted its stake in Fortinet by 31.3% in the fourth quarter. Invesco Ltd. now owns 8,388,693 shares of the software maker’s stock worth $792,564,000 after purchasing an additional 2,000,888 shares during the last quarter. Norges Bank purchased a new stake in Fortinet during the 4th quarter valued at about $724,048,000. Finally, Arrowstreet Capital Limited Partnership boosted its stake in shares of Fortinet by 39.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker’s stock valued at $720,150,000 after purchasing an additional 2,151,811 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

NASDAQ FTNT opened at $102.88 on Wednesday. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The stock has a market cap of $78.75 billion, a price-to-earnings ratio of 45.52, a PEG ratio of 4.19 and a beta of 1.16. The company’s 50 day moving average is $99.77 and its two-hundred day moving average is $99.59.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, beating 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 period last year, the firm earned $0.43 EPS. The company’s revenue was up 13.8% on a year-over-year basis. As a group, research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms recently issued reports on FTNT. Roth Capital set a $103.00 target price on Fortinet and gave the stock a “neutral” rating in a research note on Tuesday, April 22nd. Stifel Nicolaus dropped their target price on shares of Fortinet from $115.00 to $95.00 and set a “hold” rating on the stock in a report on Thursday, May 8th. KeyCorp cut their price target on Fortinet from $120.00 to $115.00 and set an “overweight” rating on the stock in a research note on Thursday, May 8th. Scotiabank lowered their price objective on Fortinet from $135.00 to $115.00 and set a “sector outperform” rating for the company in a research note on Thursday, May 8th. Finally, Wolfe Research initiated coverage on Fortinet in a research note on Monday, May 12th. They issued a “peer perform” rating on the stock. One 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’s stock. According to data from MarketBeat, Fortinet currently has an average rating of “Hold” and an average price target of $104.80.

Insider Activity

In related news, Director William H. Neukom purchased 328 shares of Fortinet stock in a transaction on Thursday, March 6th. The shares were bought at an average cost of $106.33 per share, for a total transaction of $34,876.24. Following the acquisition, the director now owns 300,006 shares in the company, valued at approximately $31,899,637.98. The trade was a 0.11% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ken Xie sold 206,000 shares of the stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $96.93, for a total transaction of $19,967,580.00. Following the transaction, the chief executive officer now directly owns 51,391,879 shares of the company’s stock, valued at $4,981,414,831.47. This trade represents a 0.40% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 697,818 shares of company stock worth $69,539,128 over the last ninety days. Corporate insiders own 17.20% 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.