Fortinet, Inc. (NASDAQ:FTNT) Director William H. Neukom Acquires 328 Shares of Stock

Fortinet, Inc. (NASDAQ:FTNT) Director William H. Neukom acquired 328 shares of Fortinet stock in a transaction dated Thursday, March 6th. The shares were acquired at an average price of $106.33 per share, with a total value of $34,876.24. Following the completion of the purchase, 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 ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink.

Fortinet Stock Performance

Shares of FTNT stock opened at $101.72 on Friday. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The stock has a market capitalization of $78.22 billion, a P/E ratio of 45.01, a PEG ratio of 4.19 and a beta of 0.97. The firm’s 50 day moving average is $101.87 and its 200 day moving average is $90.57.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 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%. On average, sell-side analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Institutional Investors Weigh In On Fortinet

Large investors have recently modified their holdings of the stock. Stephens Inc. AR boosted its stake in Fortinet by 84.2% during the third quarter. Stephens Inc. AR now owns 10,811 shares of the software maker’s stock worth $838,000 after acquiring an additional 4,941 shares in the last quarter. Farther Finance Advisors LLC boosted its stake in Fortinet by 61.0% during the third quarter. Farther Finance Advisors LLC now owns 6,854 shares of the software maker’s stock worth $532,000 after acquiring an additional 2,598 shares in the last quarter. Janney Montgomery Scott LLC boosted its stake in Fortinet by 34.1% during the third quarter. Janney Montgomery Scott LLC now owns 109,127 shares of the software maker’s stock worth $8,463,000 after acquiring an additional 27,722 shares in the last quarter. Intact Investment Management Inc. bought a new stake in Fortinet during the third quarter worth about $81,000. Finally, QRG Capital Management Inc. boosted its stake in Fortinet by 5.2% during the third quarter. QRG Capital Management Inc. now owns 38,844 shares of the software maker’s stock worth $3,012,000 after acquiring an additional 1,910 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Baird R W downgraded shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. BMO Capital Markets raised their target price on shares of Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a report on Tuesday, November 19th. Piper Sandler reissued an “overweight” rating and issued a $135.00 price objective (up from $120.00) on shares of Fortinet in a research note on Friday, February 7th. HSBC raised shares of Fortinet from a “hold” rating to a “buy” rating and lifted their price objective for the company from $83.00 to $111.00 in a research note on Monday, November 11th. Finally, Morgan Stanley boosted their target price on shares of Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price 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.