Fortinet, Inc. (NASDAQ:FTNT) Shares Purchased by Blue Trust Inc.

Blue Trust Inc. grew its position in Fortinet, Inc. (NASDAQ:FTNT) by 74.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,672 shares of the software maker’s stock after acquiring an additional 3,697 shares during the quarter. Blue Trust Inc.’s holdings in Fortinet were worth $523,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Vima LLC acquired a new stake in shares of Fortinet during the 4th quarter worth approximately $25,000. Winthrop Capital Management LLC bought a new stake in Fortinet in the first quarter valued at $25,000. Rise Advisors LLC boosted its holdings in shares of Fortinet by 135.6% during the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after acquiring an additional 217 shares during the period. Creekmur Asset Management LLC acquired a new stake in shares of Fortinet in the 4th quarter worth about $32,000. Finally, American National Bank lifted its position in Fortinet by 443.6% in the 4th quarter. American National Bank now owns 598 shares of the software maker’s stock valued at $35,000 after purchasing an additional 488 shares during the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Price Performance

FTNT traded up $1.32 on Friday, reaching $74.72. 4,798,599 shares of the company traded hands, compared to its average volume of 5,910,659. The company has a market cap of $57.08 billion, a price-to-earnings ratio of 48.84, a PEG ratio of 2.79 and a beta of 0.98. The stock’s 50 day moving average price is $60.91 and its 200-day moving average price is $63.98. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $74.90.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating the consensus estimate of $0.41 by $0.16. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The business had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same period in the previous year, the company posted $0.31 EPS. Fortinet’s revenue was up 10.9% on a year-over-year basis. As a group, equities research analysts forecast that Fortinet, Inc. will post 1.47 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently weighed in on FTNT. Royal Bank of Canada lifted their price target on Fortinet from $68.00 to $72.00 and gave the company a “sector perform” rating in a report on Wednesday, August 7th. Rosenblatt Securities decreased their price target on Fortinet from $85.00 to $68.00 and set a “buy” rating for the company in a research note on Monday, August 5th. Mizuho reduced their price objective on shares of Fortinet from $70.00 to $66.00 and set a “neutral” rating for the company in a report on Friday, May 3rd. DZ Bank raised shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 target price on the stock in a research note on Thursday, August 8th. Finally, Barclays lowered their price objective on shares of Fortinet from $75.00 to $70.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 11th. Twenty-three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Fortinet currently has an average rating of “Hold” and a consensus price target of $71.31.

Insider Activity

In other Fortinet news, CFO Keith Jensen sold 18,701 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $59.68, for a total value of $1,116,075.68. Following the completion of the sale, the chief financial officer now directly owns 4,663 shares of the company’s stock, valued at $278,287.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO Keith Jensen sold 18,701 shares of the company’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the completion of the sale, the chief financial officer now owns 4,663 shares in the company, valued at approximately $278,287.84. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Ken Xie sold 24,235 shares of the stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $59.53, for a total value of $1,442,709.55. Following the transaction, the chief executive officer now directly owns 48,742,483 shares in the company, valued at approximately $2,901,640,012.99. The disclosure for this sale can be found here. Insiders sold a total of 115,608 shares of company stock worth $7,132,649 in the last three months. 18.00% of the stock is owned by insiders.

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.