Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by Patriot Financial Group Insurance Agency LLC

Patriot Financial Group Insurance Agency LLC grew its position in Fortinet, Inc. (NASDAQ:FTNT) by 18.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,076 shares of the software maker’s stock after buying an additional 3,413 shares during the quarter. Patriot Financial Group Insurance Agency LLC’s holdings in Fortinet were worth $1,712,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of FTNT. Wealthcare Advisory Partners LLC lifted its position in shares of Fortinet by 138.1% during the first quarter. Wealthcare Advisory Partners LLC now owns 10,033 shares of the software maker’s stock worth $685,000 after purchasing an additional 5,820 shares in the last quarter. Hennion & Walsh Asset Management Inc. grew its stake in shares of Fortinet by 51.7% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 20,790 shares of the software maker’s stock worth $1,420,000 after acquiring an additional 7,086 shares in the last quarter. Trilogy Capital Inc. purchased a new stake in shares of Fortinet during the first quarter worth $415,000. Aviance Capital Partners LLC acquired a new stake in Fortinet in the 1st quarter valued at about $205,000. Finally, Oak Thistle LLC acquired a new position in shares of Fortinet during the first quarter worth about $466,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

FTNT has been the subject of several recent analyst reports. Scotiabank lifted their price objective on shares of Fortinet from $61.00 to $75.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, August 7th. JPMorgan Chase & Co. upped their price target on Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. BMO Capital Markets increased their price target on shares of Fortinet from $70.00 to $76.00 and gave the company a “market perform” rating in a research note on Wednesday, August 7th. HSBC upgraded shares of Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price objective for the company in a research report on Wednesday, August 7th. Finally, Cantor Fitzgerald increased their target price on shares of Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, twenty-two have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $73.25.

Insider Buying and Selling

In related news, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the sale, the vice president now owns 10,847,018 shares in the company, valued at $608,626,179.98. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Fortinet news, CEO Ken Xie sold 23,307 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the sale, the chief executive officer now owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the transaction, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 95,250 shares of company stock valued at $6,790,149. Corporate insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT stock traded up $0.85 during trading hours on Monday, reaching $81.19. 653,075 shares of the company’s stock were exchanged, compared to its average volume of 5,454,682. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. The company’s 50 day moving average is $77.64 and its two-hundred day moving average is $67.04. The company has a market cap of $62.10 billion, a P/E ratio of 47.54, a price-to-earnings-growth ratio of 2.92 and a beta of 1.00. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $83.77.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.16. The firm had revenue of $1.43 billion during the quarter, compared to analysts’ expectations 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 was up 10.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.31 earnings per share. Equities research analysts anticipate that Fortinet, Inc. will post 1.74 EPS for the current fiscal 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.