Trust Co. of Oklahoma Invests $210,000 in Fortinet, Inc. (NASDAQ:FTNT)

Trust Co. of Oklahoma purchased a new position in Fortinet, Inc. (NASDAQ:FTNT) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,220 shares of the software maker’s stock, valued at approximately $210,000.

A number of other hedge funds have also made changes to their positions in the stock. Beacon Investment Advisory Services Inc. raised its position in Fortinet by 57.7% during the fourth quarter. Beacon Investment Advisory Services Inc. now owns 260,882 shares of the software maker’s stock valued at $24,648,000 after acquiring an additional 95,414 shares in the last quarter. Raleigh Capital Management Inc. raised its position in Fortinet by 63.6% during the fourth quarter. Raleigh Capital Management Inc. now owns 1,554 shares of the software maker’s stock valued at $147,000 after acquiring an additional 604 shares in the last quarter. Mutual Advisors LLC raised its position in Fortinet by 20.6% during the fourth quarter. Mutual Advisors LLC now owns 4,498 shares of the software maker’s stock valued at $423,000 after acquiring an additional 768 shares in the last quarter. Janney Montgomery Scott LLC raised its position in Fortinet by 23.4% during the fourth quarter. Janney Montgomery Scott LLC now owns 134,680 shares of the software maker’s stock valued at $12,725,000 after acquiring an additional 25,553 shares in the last quarter. Finally, Eagle Capital Management LLC raised its position in Fortinet by 1.6% during the fourth quarter. Eagle Capital Management LLC now owns 26,176 shares of the software maker’s stock valued at $2,473,000 after acquiring an additional 404 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Up 1.1 %

FTNT opened at $98.24 on Thursday. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $101.00. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The firm’s fifty day moving average price is $95.59 and its two-hundred day moving average price is $81.22. The company has a market capitalization of $75.30 billion, a P/E ratio of 49.62, a P/E/G ratio of 2.55 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, November 7th. The software maker reported $0.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.13. The company had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.48 billion. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. During the same period last year, the business earned $0.35 earnings per share. On average, analysts anticipate that Fortinet, Inc. will post 1.95 EPS for the current year.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 22,916 shares of Fortinet stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total transaction of $2,244,163.88. Following the completion of the transaction, the chief executive officer now directly owns 48,983,683 shares of the company’s stock, valued at approximately $4,796,972,076.19. This trade represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William H. Neukom purchased 355 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was acquired at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the acquisition, the director now directly owns 150,245 shares of the company’s stock, valued at $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders sold 67,860 shares of company stock valued at $6,469,056. 18.00% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages recently weighed in on FTNT. Truist Financial reaffirmed a “buy” rating and set a $105.00 price objective (up previously from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. Raymond James reaffirmed a “market perform” rating on shares of Fortinet in a research report on Tuesday, January 14th. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research report on Friday, November 22nd. Royal Bank of Canada lifted their price target on shares of Fortinet from $82.00 to $97.00 and gave the company a “sector perform” rating in a research report on Tuesday, November 19th. Finally, Morgan Stanley lifted their price target on shares of Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and a consensus price target of $96.83.

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.