Chicago Partners Investment Group LLC purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT – Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 6,520 shares of the software maker’s stock, valued at approximately $626,000.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Eastern Bank bought a new stake in shares of Fortinet in the third quarter valued at approximately $25,000. Ashton Thomas Securities LLC bought a new stake in shares of Fortinet in the third quarter valued at approximately $26,000. Private Wealth Management Group LLC raised its position in shares of Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after purchasing an additional 173 shares during the period. City State Bank raised its position in shares of Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after purchasing an additional 450 shares during the period. Finally, Paladin Wealth LLC purchased a new position in Fortinet during the third quarter valued at approximately $46,000. Institutional investors own 83.71% of the company’s stock.
Insider Transactions at Fortinet
In other news, CFO Keith Jensen sold 17,650 shares of the company’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total value of $1,688,399.00. Following the sale, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at $448,549.74. This represents a 79.01 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of the sale, the chief executive officer now directly owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 67,860 shares of company stock valued at $6,469,056 in the last three months. 18.00% of the stock is currently owned by company insiders.
Wall Street Analyst Weigh In
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Fortinet Stock Up 0.0 %
Shares of NASDAQ FTNT opened at $100.90 on Tuesday. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $102.87. The firm has a market capitalization of $77.34 billion, a PE ratio of 50.96, a price-to-earnings-growth ratio of 2.65 and a beta of 1.00. The firm has a fifty day simple moving average of $96.57 and a two-hundred day simple moving average of $83.61.
Fortinet (NASDAQ:FTNT – Get Free Report) last issued its quarterly earnings data on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, topping the consensus estimate of $0.43 by $0.13. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. The business had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.48 billion. During the same period in the prior year, the business earned $0.35 EPS. Equities analysts expect that Fortinet, Inc. will post 1.95 earnings per share for the current year.
Fortinet 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.
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