Aristides Capital LLC Purchases New Shares in Fortinet, Inc. (NASDAQ:FTNT)

Aristides Capital LLC acquired a new position in shares of Fortinet, Inc. (NASDAQ:FTNTFree Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 5,000 shares of the software maker’s stock, valued at approximately $301,000.

Other hedge funds have also bought and sold shares of the company. Vima LLC purchased a new stake in Fortinet in the 4th quarter worth about $25,000. Winthrop Capital Management LLC bought a new position in shares of Fortinet during the first quarter valued at approximately $25,000. Rise Advisors LLC raised its holdings in shares of Fortinet by 135.6% in the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after buying an additional 217 shares during the period. Creekmur Asset Management LLC bought a new stake in shares of Fortinet during the 4th quarter worth approximately $32,000. Finally, Oakworth Capital Inc. bought a new stake in shares of Fortinet during the 2nd quarter worth approximately $33,000. Institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In other news, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the sale, the vice president now directly owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, VP Michael Xie sold 24,712 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the transaction, the vice president now owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Ken Xie sold 23,693 shares of Fortinet stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the completion of the sale, the chief executive officer now directly owns 48,842,522 shares in the company, valued at approximately $3,568,434,657.32. The disclosure for this sale can be found here. Over the last quarter, insiders sold 96,210 shares of company stock valued at $6,337,801. Corporate insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of NASDAQ FTNT opened at $77.55 on Tuesday. The company has a 50 day simple moving average of $71.09 and a two-hundred day simple moving average of $65.45. The stock has a market cap of $59.24 billion, a price-to-earnings ratio of 50.69, a PEG ratio of 2.77 and a beta of 1.00. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $78.18.

Fortinet (NASDAQ:FTNTGet Free Report) last posted its earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping the consensus estimate of $0.41 by $0.16. The firm had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. Fortinet’s revenue for the quarter was up 10.9% compared to the same quarter last year. During the same period last year, the company earned $0.31 earnings per share. As a group, analysts predict that Fortinet, Inc. will post 1.72 earnings per share for the current year.

Analyst Upgrades and Downgrades

FTNT has been the topic of a number of recent analyst reports. Robert W. Baird increased their target price on Fortinet from $75.00 to $80.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Morgan Stanley reduced their price target on shares of Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 17th. TD Cowen raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $75.00 price objective for the company in a research report on Thursday, July 18th. Royal Bank of Canada upped their target price on shares of Fortinet from $68.00 to $72.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 7th. Finally, Scotiabank lifted their price target on shares of Fortinet from $61.00 to $75.00 and gave the company a “sector outperform” rating in a research note on Wednesday, August 7th. Twenty-three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $71.57.

Read Our Latest Report on Fortinet

Fortinet Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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