Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by Signet Financial Management LLC

Signet Financial Management LLC boosted its position in Fortinet, Inc. (NASDAQ:FTNT) by 24.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 48,802 shares of the software maker’s stock after buying an additional 9,521 shares during the period. Signet Financial Management LLC’s holdings in Fortinet were worth $3,334,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of FTNT. Vima LLC acquired a new stake in Fortinet during the 4th quarter worth about $25,000. Rise Advisors LLC lifted its holdings in Fortinet by 135.6% during the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after purchasing an additional 217 shares during the last quarter. Headinvest LLC acquired a new position in shares of Fortinet in the third quarter valued at $29,000. Atwood & Palmer Inc. bought a new position in shares of Fortinet in the fourth quarter valued at about $29,000. Finally, Creekmur Asset Management LLC acquired a new stake in shares of Fortinet during the 4th quarter worth about $32,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on FTNT. Wells Fargo & Company lowered their price target on shares of Fortinet from $70.00 to $62.00 and set an “equal weight” rating on the stock in a report on Friday, May 3rd. Jefferies Financial Group dropped their target price on Fortinet from $75.00 to $70.00 and set a “hold” rating for the company in a report on Thursday, April 18th. Robert W. Baird dropped their price objective on shares of Fortinet from $81.00 to $75.00 and set an “outperform” rating for the company in a research note on Friday, May 3rd. Wedbush reaffirmed an “outperform” rating and set a $78.00 target price on shares of Fortinet in a report on Wednesday, May 22nd. Finally, Scotiabank reduced their price target on Fortinet from $90.00 to $80.00 and set a “sector outperform” rating on the stock in a research report on Friday, May 3rd. Two research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and a consensus target price of $70.03.

Fortinet Stock Up 2.2 %

NASDAQ:FTNT traded up $1.28 on Thursday, hitting $59.39. The stock had a trading volume of 1,537,795 shares, compared to its average volume of 5,871,143. The company has a market cap of $45.37 billion, a PE ratio of 37.98, a P/E/G ratio of 2.87 and a beta of 0.98. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $81.24. The business’s fifty day moving average is $60.73 and its 200 day moving average is $63.64. The company has a quick ratio of 1.08, a current ratio of 1.20 and a debt-to-equity ratio of 13.38.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The business had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter in the previous year, the business earned $0.29 EPS. The company’s quarterly revenue was up 7.2% on a year-over-year basis. On average, equities research analysts expect that Fortinet, Inc. will post 1.46 EPS for the current fiscal year.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 24,235 shares of the stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $59.53, for a total transaction of $1,442,709.55. Following the completion of the sale, the chief executive officer now directly owns 48,742,483 shares of the company’s stock, valued at $2,901,640,012.99. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Ken Xie sold 24,235 shares of the stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $59.53, for a total transaction of $1,442,709.55. Following the sale, the chief executive officer now owns 48,742,483 shares of the company’s stock, valued at approximately $2,901,640,012.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Michael Xie sold 24,710 shares of the stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the completion of the sale, the vice president now directly owns 10,867,018 shares in the company, valued at $700,705,320.64. The disclosure for this sale can be found here. Insiders have sold 91,638 shares of company stock valued at $5,705,568 over the last ninety days. Corporate insiders own 18.00% of the company’s stock.

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.