Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Bank OZK

Bank OZK trimmed its position in Fortinet, Inc. (NASDAQ:FTNT) by 1.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 49,345 shares of the software maker’s stock after selling 482 shares during the quarter. Fortinet makes up approximately 1.9% of Bank OZK’s portfolio, making the stock its 9th largest position. Bank OZK’s holdings in Fortinet were worth $4,662,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the stock. State Street Corp boosted its holdings in shares of Fortinet by 2.9% during the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after purchasing an additional 766,135 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Fortinet by 2.4% during the third quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock worth $1,151,097,000 after purchasing an additional 354,692 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Fortinet by 10.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker’s stock worth $448,854,000 after purchasing an additional 542,727 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Fortinet by 1.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,817,859 shares of the software maker’s stock worth $296,075,000 after purchasing an additional 68,852 shares during the period. Finally, FMR LLC boosted its holdings in shares of Fortinet by 276.3% during the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after purchasing an additional 2,705,767 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Fortinet news, CFO Keith Jensen sold 23,500 shares of Fortinet stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the sale, the chief financial officer now owns 4,736 shares in the company, valued at $537,820.16. The trade was a 83.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director William H. Neukom purchased 355 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were acquired at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the purchase, the director now directly owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 87,120 shares of company stock worth $8,991,409 over the last 90 days. Corporate insiders own 18.00% of the company’s stock.

Fortinet Trading Up 0.9 %

Shares of FTNT stock opened at $108.01 on Friday. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The firm’s fifty day simple moving average is $101.31 and its 200 day simple moving average is $89.75. The firm has a market capitalization of $82.78 billion, a P/E ratio of 47.79, a price-to-earnings-growth ratio of 4.19 and a beta of 1.01. 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 (NASDAQ:FTNT) last announced its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. As a group, sell-side analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Royal Bank of Canada raised their price target on shares of Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a report on Friday, February 7th. Guggenheim reaffirmed a “neutral” rating on shares of Fortinet in a research report on Friday, February 7th. Wedbush raised their price objective on shares of Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a research report on Tuesday, November 19th. Citigroup raised their price objective on shares of Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a research report on Friday, January 17th. Finally, Mizuho raised their price objective on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Fortinet presently has a consensus rating of “Hold” and a consensus price target of $103.72.

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.