Access Financial Services Inc. Acquires New Position in Fortinet, Inc. (NASDAQ:FTNT)

Access Financial Services Inc. acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 21,281 shares of the software maker’s stock, valued at approximately $1,246,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Headinvest LLC acquired a new stake in Fortinet in the third quarter worth approximately $29,000. Atwood & Palmer Inc. acquired a new stake in Fortinet in the fourth quarter worth approximately $29,000. Retirement Group LLC acquired a new stake in Fortinet in the fourth quarter worth approximately $30,000. Resurgent Financial Advisors LLC acquired a new stake in Fortinet in the fourth quarter worth approximately $31,000. Finally, Annis Gardner Whiting Capital Advisors LLC acquired a new stake in Fortinet in the third quarter worth approximately $37,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 46,733 shares of the firm’s stock in a transaction that occurred on Tuesday, January 9th. The shares were sold at an average price of $60.12, for a total value of $2,809,587.96. Following the transaction, the chief executive officer now directly owns 51,701,091 shares of the company’s stock, valued at $3,108,269,590.92. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, VP Michael Xie sold 38,369 shares of the firm’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the sale, the vice president now directly owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Ken Xie sold 46,733 shares of the firm’s stock in a transaction on Tuesday, January 9th. The stock was sold at an average price of $60.12, for a total transaction of $2,809,587.96. Following the sale, the chief executive officer now owns 51,701,091 shares in the company, valued at $3,108,269,590.92. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 154,880 shares of company stock valued at $10,233,981. 17.54% of the stock is currently owned by insiders.

Fortinet Price Performance

FTNT opened at $68.31 on Friday. Fortinet, Inc. has a one year low of $44.12 and a one year high of $81.24. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06. The company’s 50 day simple moving average is $68.12 and its 200-day simple moving average is $60.76. The stock has a market capitalization of $52.12 billion, a P/E ratio of 47.11, a price-to-earnings-growth ratio of 2.99 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, beating 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 business had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.41 billion. During the same period in the prior year, the firm earned $0.38 earnings per share. Fortinet’s revenue was up 10.3% compared to the same quarter last year. Sell-side analysts anticipate that Fortinet, Inc. will post 1.39 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have issued reports on FTNT. BMO Capital Markets upped their price target on Fortinet from $70.00 to $82.00 and gave the company a “market perform” rating in a report on Wednesday, February 7th. Truist Financial upped their price target on Fortinet from $60.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, February 7th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $75.00 price target (up previously from $50.00) on shares of Fortinet in a report on Wednesday, February 7th. Capital One Financial cut Fortinet from an “overweight” rating to an “equal weight” rating in a report on Wednesday, January 17th. Finally, 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 note on Thursday, February 8th. Two investment analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and a consensus target price of $71.55.

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.