Ronald Blue Trust Inc. Acquires 462 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Ronald Blue Trust Inc. boosted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT – Get Rating) by 632.9% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 535 shares of the software maker’s stock after buying an additional 462 shares during the period. Ronald Blue Trust Inc.’s holdings in Fortinet were worth $30,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD boosted its stake in Fortinet by 395.4% during the second quarter. Price T Rowe Associates Inc. MD now owns 52,995,764 shares of the software maker’s stock valued at $2,998,500,000 after buying an additional 42,299,029 shares during the period. State Street Corp boosted its stake in Fortinet by 380.5% during the second quarter. State Street Corp now owns 25,872,049 shares of the software maker’s stock valued at $1,463,841,000 after buying an additional 20,487,614 shares during the period. FMR LLC boosted its stake in Fortinet by 148.6% during the second quarter. FMR LLC now owns 7,416,167 shares of the software maker’s stock valued at $419,606,000 after buying an additional 4,433,565 shares during the period. Northern Trust Corp lifted its stake in Fortinet by 363.9% during the second quarter. Northern Trust Corp now owns 6,811,189 shares of the software maker’s stock worth $385,377,000 after purchasing an additional 5,343,055 shares during the last quarter. Finally, Legal & General Group Plc lifted its stake in Fortinet by 407.8% during the second quarter. Legal & General Group Plc now owns 6,549,130 shares of the software maker’s stock worth $370,552,000 after purchasing an additional 5,259,399 shares during the last quarter. Institutional investors own 64.35% of the company’s stock.

Insider Activity at Fortinet

In other news, VP John Whittle sold 3,125 shares of the business’s stock in a transaction on Friday, November 11th. The stock was sold at an average price of $55.00, for a total value of $171,875.00. Following the completion of the transaction, the vice president now owns 12,876 shares in the company, valued at $708,180. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 18.60% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on FTNT. Wedbush dropped their price target on Fortinet from $76.00 to $64.00 in a research note on Thursday, November 3rd. Piper Sandler dropped their price target on Fortinet from $60.00 to $57.00 and set a “neutral” rating for the company in a research note on Thursday. Oppenheimer dropped their price target on Fortinet from $80.00 to $70.00 and set an “outperform” rating for the company in a research note on Thursday, November 3rd. Morgan Stanley lifted their price target on Fortinet from $66.00 to $71.00 and gave the stock an “overweight” rating in a research note on Thursday, December 22nd. Finally, Royal Bank of Canada decreased their price objective on Fortinet from $69.00 to $57.00 and set a “sector perform” rating on the stock in a report on Thursday, November 3rd. Five equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $67.38.

Fortinet Stock Performance

FTNT stock opened at $47.45 on Friday. Fortinet, Inc. has a fifty-two week low of $42.61 and a fifty-two week high of $71.52. The business’s 50 day moving average price is $51.78 and its two-hundred day moving average price is $54.76. The company has a market capitalization of $37.07 billion, a price-to-earnings ratio of 52.37, a price-to-earnings-growth ratio of 2.54 and a beta of 1.13.

Fortinet (NASDAQ:FTNT – Get Rating) last issued its quarterly earnings results on Wednesday, November 2nd. The software maker reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.08. Fortinet had a return on equity of 9,183.04% and a net margin of 18.12%. The firm had revenue of $1.15 billion for the quarter, compared to analysts’ expectations of $1.12 billion. During the same period in the previous year, the firm posted $0.15 EPS. The business’s revenue for the quarter was up 32.6% compared to the same quarter last year. Sell-side analysts forecast that Fortinet, Inc. will post 0.9 earnings per share for the current year.

Fortinet Company Profile

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Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration.