Marshall Financial Group LLC bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT – Free Report) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 2,645 shares of the software maker’s stock, valued at approximately $205,000.
Other institutional investors and hedge funds also recently modified their holdings of the company. Winthrop Capital Management LLC acquired a new stake in shares of Fortinet during the first quarter worth $25,000. Rise Advisors LLC grew its holdings in shares of Fortinet by 135.6% during the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after buying an additional 217 shares in the last quarter. Oakworth Capital Inc. purchased a new position in shares of Fortinet during the second quarter valued at $33,000. Versant Capital Management Inc grew its holdings in shares of Fortinet by 61.2% during the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock valued at $38,000 after buying an additional 238 shares in the last quarter. Finally, City State Bank grew its holdings in shares of Fortinet by 900.0% during the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after buying an additional 450 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling at Fortinet
In other Fortinet news, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the transaction, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO Ken Xie sold 23,307 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the transaction, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Michael Xie sold 24,712 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the transaction, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 95,250 shares of company stock valued at $6,790,149 in the last quarter. Corporate insiders own 18.00% of the company’s stock.
Fortinet Price Performance
Fortinet (NASDAQ:FTNT – Get Free Report) last posted its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating the consensus estimate of $0.41 by $0.16. The firm had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The company’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.31 EPS. Research analysts anticipate that Fortinet, Inc. will post 1.74 EPS for the current year.
Wall Street Analyst Weigh In
A number of brokerages have recently weighed in on FTNT. Hsbc Global Res upgraded Fortinet from a “moderate sell” rating to a “hold” rating in a report on Wednesday, August 7th. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a report on Wednesday, August 7th. BMO Capital Markets lifted their price target on Fortinet from $70.00 to $76.00 and gave the company a “market perform” rating in a report on Wednesday, August 7th. Wedbush reiterated an “outperform” rating and set a $78.00 price target on shares of Fortinet in a report on Wednesday, August 7th. Finally, Piper Sandler upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, twenty-three have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $72.71.
Check Out Our Latest Analysis on FTNT
About Fortinet
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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