Silver Oak Securities Incorporated Raises Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Silver Oak Securities Incorporated raised its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1,591.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,349 shares of the software maker’s stock after purchasing an additional 3,151 shares during the quarter. Silver Oak Securities Incorporated’s holdings in Fortinet were worth $196,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Nordea Investment Management AB grew its position in shares of Fortinet by 156.8% in the 3rd quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock worth $554,945,000 after buying an additional 5,765,174 shares during the period. Morgan Stanley grew its position in shares of Fortinet by 1.3% in the 3rd quarter. Morgan Stanley now owns 8,664,124 shares of the software maker’s stock worth $508,411,000 after buying an additional 108,548 shares during the period. Invesco Ltd. grew its position in shares of Fortinet by 5.1% in the 3rd quarter. Invesco Ltd. now owns 5,595,608 shares of the software maker’s stock worth $328,350,000 after buying an additional 269,202 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Fortinet by 4.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,789,106 shares of the software maker’s stock worth $222,345,000 after buying an additional 153,119 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp grew its position in shares of Fortinet by 6.3% in the 3rd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,583,309 shares of the software maker’s stock worth $151,589,000 after buying an additional 153,613 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Trading Up 0.6 %

Fortinet stock opened at $63.53 on Thursday. The firm has a 50 day moving average of $67.78 and a 200 day moving average of $61.87. The firm has a market capitalization of $48.49 billion, a price-to-earnings ratio of 43.81, a P/E/G ratio of 2.85 and a beta of 1.08. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $81.24. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38.

Fortinet (NASDAQ:FTNT) last released its earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.08. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The company had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.41 billion. During the same period in the prior year, the firm posted $0.38 EPS. The firm’s quarterly revenue was up 10.3% compared to the same quarter last year. As a group, research analysts predict that Fortinet, Inc. will post 1.39 earnings per share for the current year.

Analyst Ratings Changes

FTNT has been the topic of a number of recent research reports. DZ Bank downgraded shares of Fortinet from a “hold” rating to a “sell” rating and set a $60.00 target price on the stock. in a research report on Thursday, February 8th. Citigroup cut shares of Fortinet from a “buy” rating to a “neutral” rating and upped their price target for the stock from $60.00 to $62.00 in a research note on Tuesday, January 9th. Wedbush reiterated an “outperform” rating and issued a $86.00 price target on shares of Fortinet in a research note on Wednesday. Piper Sandler reiterated a “neutral” rating and issued a $75.00 price target on shares of Fortinet in a research note on Wednesday, April 3rd. Finally, HSBC cut shares of Fortinet from a “hold” rating to a “reduce” rating and set a $57.00 price target on the stock. in a research note on Wednesday, February 7th. Two analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $72.19.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,694 shares of the stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the completion of the sale, the chief executive officer now directly owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO Ken Xie sold 23,694 shares of the stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the completion of the transaction, the chief executive officer now directly owns 48,625,005 shares in the company, valued at approximately $3,471,825,357. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Michael Xie sold 38,369 shares of the stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the transaction, the vice president now owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The disclosure for this sale can be found here. Insiders sold a total of 132,139 shares of company stock valued at $8,977,876 in the last three months. 17.54% of the stock is currently owned by corporate insiders.

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.