US Bancorp DE reduced its stake in Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 7.6% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 254,216 shares of the software maker’s stock after selling 20,907 shares during the quarter. US Bancorp DE’s holdings in Fortinet were worth $19,216,000 as of its most recent SEC filing.
Other institutional investors also recently bought and sold shares of the company. St. Johns Investment Management Company LLC acquired a new stake in shares of Fortinet during the second quarter worth $30,000. Retirement Group LLC purchased a new position in Fortinet in the 4th quarter worth $30,000. Altshuler Shaham Ltd acquired a new stake in Fortinet during the 2nd quarter worth about $31,000. Resurgent Financial Advisors LLC purchased a new stake in Fortinet during the 4th quarter valued at about $31,000. Finally, Nvwm LLC increased its holdings in shares of Fortinet by 178.8% in the first quarter. Nvwm LLC now owns 474 shares of the software maker’s stock valued at $32,000 after purchasing an additional 304 shares during the period. 65.00% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently commented on FTNT shares. TheStreet downgraded Fortinet from a “b” rating to a “c+” rating in a report on Thursday, November 2nd. Needham & Company LLC initiated coverage on shares of Fortinet in a research note on Wednesday, October 25th. They set a “hold” rating for the company. Royal Bank of Canada cut their price objective on shares of Fortinet from $68.00 to $55.00 and set a “sector perform” rating on the stock in a research note on Friday, November 3rd. JPMorgan Chase & Co. reissued a “neutral” rating and set a $52.00 target price (down previously from $67.00) on shares of Fortinet in a report on Friday, November 3rd. Finally, HSBC reaffirmed a “hold” rating and issued a $49.00 price target (down from $75.00) on shares of Fortinet in a report on Monday, November 6th. Nineteen research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $65.90.
Insider Transactions at Fortinet
In other Fortinet news, CFO Keith Jensen sold 24,715 shares of Fortinet stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $58.99, for a total value of $1,457,937.85. Following the sale, the chief financial officer now owns 4,583 shares in the company, valued at $270,351.17. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Keith Jensen sold 24,715 shares of Fortinet stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $58.99, for a total value of $1,457,937.85. Following the completion of the transaction, the chief financial officer now owns 4,583 shares in the company, valued at $270,351.17. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William H. Neukom purchased 552 shares of the firm’s stock in a transaction on Friday, September 8th. The stock was acquired at an average cost of $63.28 per share, with a total value of $34,930.56. Following the transaction, the director now directly owns 291,551 shares in the company, valued at $18,449,347.28. The disclosure for this purchase can be found here. Insiders sold 56,233 shares of company stock worth $3,213,334 in the last 90 days. Insiders own 17.54% of the company’s stock.
Fortinet Stock Performance
FTNT opened at $51.26 on Friday. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $81.24. The firm has a market capitalization of $39.36 billion, a PE ratio of 35.35, a PEG ratio of 2.30 and a beta of 1.14. The company has a current ratio of 1.30, a quick ratio of 1.17 and a debt-to-equity ratio of 13.38. The firm’s 50-day moving average price is $56.90 and its 200 day moving average price is $64.48.
Fortinet (NASDAQ:FTNT – Get Free Report) last posted its quarterly earnings results on Thursday, November 2nd. The software maker reported $0.41 EPS for the quarter, topping the consensus estimate of $0.36 by $0.05. Fortinet had a return on equity of 3,361.82% and a net margin of 22.25%. The business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same quarter in the previous year, the firm earned $0.28 EPS. The company’s quarterly revenue was up 15.7% compared to the same quarter last year. As a group, sell-side analysts expect that Fortinet, Inc. will post 1.28 EPS for the current fiscal year.
Fortinet, Inc provides cybersecurity and networking solutions worldwide. 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.
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