Fortinet, Inc. $FTNT Position Reduced by Bank OZK

Bank OZK cut its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 3.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 47,815 shares of the software maker’s stock after selling 1,530 shares during the quarter. Fortinet makes up approximately 1.9% of Bank OZK’s portfolio, making the stock its 8th largest holding. Bank OZK’s holdings in Fortinet were worth $4,603,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Fortinet by 5.2% in the first quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker’s stock worth $6,898,223,000 after buying an additional 3,546,934 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Fortinet by 2.2% in the first quarter. Invesco Ltd. now owns 8,570,528 shares of the software maker’s stock worth $824,999,000 after buying an additional 181,835 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of Fortinet by 0.8% in the first quarter. Northern Trust Corp now owns 6,519,558 shares of the software maker’s stock worth $627,573,000 after buying an additional 49,238 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Fortinet by 3.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,990,190 shares of the software maker’s stock worth $565,953,000 after purchasing an additional 202,259 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Fortinet by 8.3% during the first quarter. Goldman Sachs Group Inc. now owns 5,106,259 shares of the software maker’s stock worth $491,528,000 after purchasing an additional 389,718 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on FTNT shares. Wells Fargo & Company lowered their target price on shares of Fortinet from $110.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 7th. TD Cowen reaffirmed a “hold” rating and issued a $105.00 target price on shares of Fortinet in a research note on Thursday, August 7th. Scotiabank lowered their target price on shares of Fortinet from $115.00 to $85.00 and set a “sector outperform” rating on the stock in a research note on Thursday, August 7th. JPMorgan Chase & Co. lowered their target price on shares of Fortinet from $105.00 to $87.00 and set a “neutral” rating on the stock in a research note on Thursday, August 7th. Finally, Citigroup reaffirmed a “neutral” rating and issued a $85.00 target price (down from $110.00) on shares of Fortinet in a research note on Monday. Two research analysts have rated the stock with a sell rating, twenty-six have issued a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $97.40.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 158,486 shares of Fortinet stock in a transaction on Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $15,607,701.28. Following the sale, the chief executive officer owned 51,391,879 shares in the company, valued at $5,061,072,243.92. The trade was a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director William H. Neukom purchased 335 shares of the business’s stock in a transaction that occurred on Friday, June 6th. The stock was bought at an average price of $104.22 per share, for a total transaction of $34,913.70. Following the acquisition, the director owned 301,471 shares of the company’s stock, valued at $31,419,307.62. This represents a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. 18.00% of the stock is currently owned by company insiders.

Fortinet Stock Up 2.1%

Shares of Fortinet stock opened at $80.76 on Tuesday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $114.82. The stock has a market capitalization of $61.88 billion, a price-to-earnings ratio of 32.18, a P/E/G ratio of 3.00 and a beta of 1.07. The company’s 50 day moving average price is $98.80 and its 200-day moving average price is $100.77.

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

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.