Fortinet, Inc. (NASDAQ:FTNT) Shares Purchased by Simmons Bank

Simmons Bank raised its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 53.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,664 shares of the software maker’s stock after purchasing an additional 10,695 shares during the quarter. Simmons Bank’s holdings in Fortinet were worth $1,795,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the company. Nordea Investment Management AB increased its position in shares of Fortinet by 156.8% in the third quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock valued at $554,945,000 after buying an additional 5,765,174 shares in the last quarter. Morgan Stanley grew its stake in shares of Fortinet by 1.3% in the third quarter. Morgan Stanley now owns 8,664,124 shares of the software maker’s stock worth $508,411,000 after acquiring an additional 108,548 shares in the last quarter. Invesco Ltd. boosted its stake 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 valued at $328,350,000 after buying an additional 269,202 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Fortinet by 4.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,789,106 shares of the software maker’s stock worth $222,345,000 after acquiring an additional 153,119 shares during the last quarter. Finally, Van ECK Associates Corp boosted its position in shares of Fortinet by 17.6% during the 4th quarter. Van ECK Associates Corp now owns 2,926,924 shares of the software maker’s stock worth $171,313,000 after acquiring an additional 438,476 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Stock Up 1.1 %

FTNT stock traded up $0.62 during mid-day trading on Tuesday, hitting $59.43. 18,438,436 shares of the company were exchanged, compared to its average volume of 6,119,838. The firm has a fifty day simple moving average of $67.34 and a 200 day simple moving average of $61.96. The company has a market capitalization of $45.36 billion, a PE ratio of 38.44, a price-to-earnings-growth ratio of 2.60 and a beta of 1.08. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $81.24. The company has a current ratio of 1.20, a quick ratio of 1.08 and a debt-to-equity ratio of 13.38.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.05. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The firm had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same period in the previous year, the company earned $0.29 earnings per share. Fortinet’s quarterly revenue was up 7.2% on a year-over-year basis. On average, research analysts forecast that Fortinet, Inc. will post 1.4 earnings per share for the current fiscal year.

Insider Activity at Fortinet

In other Fortinet news, VP Michael Xie sold 24,710 shares of the business’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the completion of the sale, the vice president now owns 10,867,018 shares in the company, valued at $700,705,320.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Fortinet news, VP Michael Xie sold 24,710 shares of Fortinet stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total value of $1,593,300.80. Following the completion of the transaction, the vice president now directly owns 10,867,018 shares in the company, valued at $700,705,320.64. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, 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 value of $1,691,751.60. Following the sale, the chief executive officer now owns 48,625,005 shares in the company, valued at $3,471,825,357. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 118,480 shares of company stock valued at $8,021,556. Corporate insiders own 17.54% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on FTNT. Mizuho decreased their price objective on Fortinet from $70.00 to $66.00 and set a “neutral” rating for the company in a report on Friday. Capital One Financial cut Fortinet from an “overweight” rating to an “equal weight” rating in a report on Wednesday, January 17th. BMO Capital Markets reduced their price objective on shares of Fortinet from $82.00 to $70.00 and set a “market perform” rating on the stock in a research note on Friday. Truist Financial dropped their price objective on shares of Fortinet from $80.00 to $70.00 and set a “buy” rating for the company in a research note on Friday. Finally, Evercore ISI cut their price target on shares of Fortinet from $72.00 to $67.00 and set an “in-line” rating on the stock in a research note on Friday. Two investment analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $70.37.

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.