Fortinet, Inc. (NASDAQ:FTNT) Director Purchases $34,913.70 in Stock

Fortinet, Inc. (NASDAQ:FTNT) Director William H. Neukom purchased 335 shares of the firm’s stock in a transaction that occurred on Friday, June 6th. The stock was acquired at an average price of $104.22 per share, with a total value of $34,913.70. Following the completion of the purchase, the director now owns 301,471 shares in the company, valued at $31,419,307.62. This represents a 0.11% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Fortinet Price Performance

NASDAQ FTNT opened at $104.94 on Friday. 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 company’s 50 day moving average is $100.18 and its two-hundred day moving average is $99.78. The stock has a market cap of $80.32 billion, a price-to-earnings ratio of 46.43, a PEG ratio of 4.19 and a beta of 1.06.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.05. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The business had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same period last year, the firm posted $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 brokerages recently issued reports on FTNT. Susquehanna increased their price target on shares of Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a research note on Monday, February 10th. Cantor Fitzgerald cut their price objective on shares of Fortinet from $115.00 to $100.00 and set a “neutral” rating on the stock in a research report on Thursday, April 24th. Rosenblatt Securities upped their target price on shares of Fortinet from $115.00 to $125.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Wells Fargo & Company lowered their target price on shares of Fortinet from $105.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 8th. Finally, Scotiabank lowered their target price 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. One analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $104.80.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Trilogy Capital Inc. grew its holdings in shares of Fortinet by 17.8% in the fourth quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock valued at $2,220,000 after purchasing an additional 3,544 shares in the last quarter. Proficio Capital Partners LLC lifted its position in shares of Fortinet by 18,353.2% during the fourth quarter. Proficio Capital Partners LLC now owns 547,323 shares of the software maker’s stock worth $547,000 after purchasing an additional 544,357 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Fortinet by 34.2% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 236,299 shares of the software maker’s stock worth $22,680,000 after purchasing an additional 60,249 shares during the last quarter. Apollon Wealth Management LLC raised its holdings in shares of Fortinet by 101.7% in the fourth quarter. Apollon Wealth Management LLC now owns 30,857 shares of the software maker’s stock valued at $2,915,000 after acquiring an additional 15,561 shares in the last quarter. Finally, Lecap Asset Management Ltd. bought a new stake in shares of Fortinet in the fourth quarter valued at about $640,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Company 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.